Royalty definition

Royalty means an interest in an oil and natural gas lease that gives the owner of the interest the right to receive a portion of the production from the leased acreage (or of the proceeds of the sale thereof) but generally does not require the owner to pay any portion of the costs of drilling or operating the wells on the leased acreage.

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Royalty means an interest, including an overriding royalty and a net profits interest, in gross production or the proceeds therefrom which does not require the owner thereof to bear any of the cost of production, development, operation or maintenance.

Royalty means an interest in an oil and gas lease that gives the owner of the interest the right to receive a portion of the production from the leased acreage (or of the proceeds of the sale thereof), but generally does not require the owner to pay any portion of the costs of drilling or operating the wells on the leased acreage. Royalties may be either landowner's royalties, which are reserved by the owner of the leased acreage at the time the lease is granted, or overriding royalties, which are usually reserved by an owner of the leasehold in connection with a transfer to a subsequent owner.

Examples of Royalty in a sentence

• If the Royalty Term pursuant to clause (i) of this Section 2.3 exceeds the Royalty Term pursuant to clause (ii), the royalty rates under Sections 2.1 and 2.2 shall each be reduced by fifty percent (50%) for the remainder of the Royalty Term, such that the new royalty rates under Section 2.1 and 2.2 shall be 0.25% each for the remainder of the Royalty Term.

• Subject to Section 8.4.8, if, on a [***] basis, it is [***] to obtain or maintain a license from any Third Party [***], Lilly may deduct from any Royalty payments to Aktis under Section 8.4.2, for such [***], an amount equal to [***] made by ▇▇▇▇▇ to such Third Party in consideration for such license.

• Following the First Commercial Sale of a Licensed Product and continuing for the remainder of the Royalty Term for such Licensed Product, within [***] after the end of each Calendar Quarter, ▇▇▇▇▇ shall deliver a report to Aktis specifying on a Licensed Product-by-Licensed Product and country-by-country basis: (a) the Net Sales in the relevant Calendar Quarter and (b) royalties payable on such Net Sales.

• Subject to Section 8.4.8, if, on a [***] basis, it is [***] to obtain or maintain a license from any Third Party [***], Lilly may deduct from any Royalty payments to Aktis under Section 8.4.2, for such [***], an amount equal to [***] made by ▇▇▇▇▇ to such Third Party in consideration for such license, provided [***].

• This Agreement is effective as of the Effective Date and unless sooner terminated under this Section 9, will expire at the end of the last to expire applicable Royalty Term.

More Definitions of Royalty

Royalty has the meaning set forth in Section 4.1.

Royalty has the meaning set forth in Section 3.

Royalty has the meaning set forth in Section 2(a).

Royalty has the meaning set forth in Section 8.4.2.

Royalty means a payment made as a consideration for the use of or the right to use—

Royalty has the meaning set forth in Section 3.1(a)(i).

Royalty shall have the meaning ascribed in Section 4 below.