Open Territory definition
Examples of Open Territory in a sentence
If at any time prior to receiving a notice from Licensee that it intends to commence distribution of Products in a country in the Open Territory, Licensor determines to commence sales in a country, either directly or through a sublicensee, Licensor shall prompty advise Licensee.
Further, if a party shall determine that due to legal or regulatory hurdles it will take more than six months to commence sales of Products in a country in the Open Territory, it can request of the other party that it enter into discussions with a view towards extending the six month period provided above to such period as the parties deem appropriate.
Such Reverse Running Royalties shall be payable by Licensor on all sales of Licensed Products directly or indirectly made in the Open Territory, Latin America, including (without limitation) Mexico and The Caribbean Sea including (without limitation) the Bahamas, other than countries in the Open Territory from which Licensee is receiving ½ of the operating profit from the sale of Products.
Licensee shall pay to LMT running royalties ("Running Royalties") of 5% on its aggregate Net Sales during each calendar year in the Exclusive Territory and in any country of the Open Territory in which Licensee is not paying Licensor ½ of its operating profits in accordance with Section 3.02(b).