Non-Refundable Prepayment definition

Non-Refundable Prepayment means a non-refundable, non-returnable prepayment of minimum Annual Royalty fees payable under this Agreement by Licensee to Licensor, in the form of nine million three hundred thirty-three thousand three hundred thirty-three dollars ($9,333,333) in cash. The Non-Refundable Prepayment is due on the Effective date.
View Source
Non-Refundable Prepayment has the meaning set forth in the Patent License Agreement.
View Source

Examples of Non-Refundable Prepayment in a sentence

  • The Non-Refundable Prepayment shall be applied first against any Annual Royalty payments due to Licensor until the entire Non-Refundable Prepayment has been fully used and credited by Licensor against Annual Royalty payment obligations of Licensee hereunder, and only after the full use, crediting and exhaustion of the entire Non-Refundable Prepayment shall Licensee be permitted, pursuant to Section 3.6(c), to issue Secured Notes as payment for any Annual Royalties owed by Licensee.

  • Subject to the terms and conditions of this Agreement, including the delivery and application of the Non-Refundable Prepayment, Licensor hereby grants to Licensee a non-sublicensable, worldwide, royalty-bearing license under the Licensed XSense Patents, to make or have made, use, offer for sale, sell, and import Licensed XSense Products.

  • On the first business day of each Royalty Period during the Initial Term, Licensor shall, without further action or consent of the Licensee, use, apply and credit to the extent not previously used, applied or credited, the Non-Refundable Prepayment against the Annual Royalties for the applicable Royalty Period.

  • Subject to the terms and conditions of this Agreement, including the delivery and application of the Non-Refundable Prepayment, Licensor hereby grants to Licensee a non-sublicensable, worldwide, royalty-bearing license under the Licensed FLT Patents, to make or have made, use, offer for sale, sell, and import Licensed FLT Products.

  • PEARL agrees that OOIL will be relieved of the foregoing obligations unless PEARL notifies OOIL in writing of such Action within thirty (30) days after becoming aware of such action, gives OOIL authority to proceed as contemplated herein, and gives OOIL proper and full information and assistance to settle and/or defend any such Action.

  • On the first business day of each Royalty Period during the Initial Term, Licensor shall, without further action or consent of the Licensee, use, apply and credit to the extent not previously used, applied or credited the Non-Refundable Prepayment against the Annual Royalties for the applicable Royalty Period.

Related to Non-Refundable Prepayment

  • Applicable Prepayment Premium has the meaning specified therefor in the Fee Letter.

  • Acceptable Prepayment Amount has the meaning set forth in Section 2.05(a)(v)(D)(3).

  • Partial Prepayment Amount means the amount required to prepay a portion of the Annual Special Tax obligation for an Assessor’s Parcel as described in Section H.

  • Prepayment Fee is, with respect to any Term Loan subject to prepayment prior to the Maturity Date, whether by mandatory or voluntary prepayment, acceleration or otherwise, an additional fee payable to the Lenders in amount equal to:

  • Applicable Prepayment Percentage means, at any time, for purposes of Section 4.02(e) and the definition of “Retained Excess Cash Flow Amount,” 50%; provided that, so long as no Default or Event of Default is then in existence, if the Total Leverage Ratio is less than 3.50:1.00 as at the last day of the most recently ended Fiscal Year of the U.S. Borrower (as set forth in an officer’s certificate delivered pursuant to Section 8.01(d) for the Fiscal Year of the U.S. Borrower then last ended), the Applicable Prepayment Percentage shall instead be 0%.