Raytek definition

Raytek means Raytek Corporation, its divisions and any subsidiary in which Raytek Corporation, directly or indirectly holds a controlling interest. For the purposes of this definition, a controlling interest shall be one sufficient to allow appointment of the majority of the Board of Directors or other controlling body.
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Examples of Raytek in a sentence

  • Mikron grants to Raytek, in and for the whole of the United States, its territories and possessions, and throughout the world a non-exclusive license under the Licensed Patent, to make, use, have made, sell and offer for sale the Licensed Products.

  • Raytek represents and warrants that the models of infrared two-wire temperature transmitters with linear 4-20 milliamp output listed in the Schedule which is a part of this Agreement are all of the models of such products which have been introduced by Raytek prior to the Effective Date of this Agreement.

  • In the event that Mikron shall grant a license under the Licensed Patent on more favorable terms than those set forth in this Agreement, Mikron shall give Raytek notice of such terms within ninety (90) days and allow Raytek the benefit of the more favorable terms if Raytek elects to adopt such more favorable terms.

  • Raytek shall then have a period of thirty (30) days within which to remedy the default and if such default is not remedied within such thirty (30) days period, this Agreement may be terminated by Mikron by signing notice to Raytek, termination to be effective upon the giving of such notice.

  • Mikron shall have the option and right at any reasonable time to commission an independent third party agreeable to Raytek to examine and audit such records and books of account to the extent necessary to verify the statements provided for in this Paragraph 6, such examination to be made at the expense of Mikron.

  • Raytek shall pay interest to Mikron upon any and all amounts of royalties or other payments that are at any time overdue.

  • Within sixty (60) days after the end of each fiscal year of Raytek, currently December 31, during the term of this Agreement, and within sixty (60) days after expiration or any termination of this Agreement, Raytek shall furnish to Mikron a statement of the aggregate amount of royalties due to Mikron for such fiscal year (or, as the case may be, part thereof), which statement shall be certified by a certified public accountant to be an accurate reflection of the records of Raytek for such period.

  • This Agreement and the rights hereunder shall not be assignable by Raytek without the written consent of Mikron first obtained nor shall Raytek have the right to grant any sublicenses hereunder.

  • Raytek shall keep true and accurate records and books of account showing the quantity of all Licensed Products sold or otherwise disposed of under this Agreement, and such records shall be in sufficient detail to enable the royalties payable to Mikron to be ascertained.

  • Raytek shall mark ▇▇▇manently and legibly all Licensed Products sold or otherwise disposed of by Raytek under this Agreement with the statutory patent notice: "Patent No. 4,527,896" or its equivalent.