Returns Credit definition
Returns Credit means the amount credited or refunded by S&S when converted into U.S. dollars for actual returns of Distributed Work in accordance with S&S's own returns policies.
Returns Credit means any credit yielded to the L.L.C. from the non-payment of royalties and other sums on such actual returns (i.e., artist royalties, producer royalties, mechanical royalties union payments, etc.) (It is understood that all units returned or credited shall be valued at the actual price sold less any applicable discount on such unit.) N2K Royalties shall first be applied to recoup the Excess Inventory Expense before recoupment of the N2K Advances set forth in Section 3.3(b) above). Any returns of product in excess of the Expected Returns for the applicable title and any product shipped by the L.L.C. from inventory shall be solely an L.L.C. liability. [By way of illustration: the Expected Sales contained on Schedule C with respect to ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ are 24,076 units. The Expected Returns for ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ is 6,287 units. The L.L.C. shall have the right to apply such 6,287 units against the N2K Advance and N2K Royalty payable to N2K hereunder. Any units returned in excess of the Expected Returns shall be the L.L.C.'s liability.]
Returns Credit means the amount credited or refunded by MD when converted into U.S. dollars for actual returns of Licensed Product.
Examples of Returns Credit in a sentence
Buyer further agrees that Seller’s financial obligation for credits or other reimbursement for such returned Product shall terminate upon the first to occur of the date on which Seller has issued credits in the amount of or otherwise reimbursed the Maximum Returns Credit Amount or [*] years after the Closing Date (the “Returns Termination Date”).