Royalty Year definition
Royalty Year means, (i) for the year in which the First Commercial Sale occurs (the “First Royalty Year”), the period commencing with the first day of the Calendar Quarter in which the First Commercial Sale occurs and expiring on the last day of the Calendar Year in which the First Commercial Sale occurs and (ii) for each subsequent year, each successive Calendar Year.
Royalty Year means each twelve (12) month period commencing January 1 and ending December 31 during the term of this Agreement; provided however, that: (a) the first Royalty Year shall be the period of time commencing with the Effective Date and ending on December 31, 2015; and (b) the last Royalty Year shall be the period of time commencing on January 1 of the year in which this Agreement expires or is terminated, and ending on the date of expiration or termination of this Agreement.
Royalty Year means initially, the six-month period from 1st July 1985 to 31st December 1985, and thereafter the twelve month period from 1st January in one calendar year to 31st December of the same calendar year, unless otherwise agreed;
Examples of Royalty Year in a sentence
In each Royalty Year, the Licensee shall pay the Licensor either the Royalty or the Minimum Royalty, whichever amount is greater.
SSG shall have the right to distribute MacGregor-branded Products to all or any customers without charge as promotional premiums in connection with purchases by those customers of other products from SSG, so long as the value of such premiums (based on the lowest sales price of the MacGregor-branded Product) does not exceed 10% of SSG’s annual gross sales of MacGregor-branded Products in any single Royalty Year.
In the event of the expiration or termination of this Agreement, the minimum annual royalty for the final Minimum Annual Royalty Year shall be paid on such expiration or termination date on a pro-rata basis and shall be non-refundable and non-creditable.
For the first Retroactive Royalty Year, such retroactive payment will only apply for Sublicensee Revenues received after the effective date of filing of the application for the Retroactive Valid Claim.
An example of the calculation methodology for a sample Royalty Year is provided on Appendix B.
More Definitions of Royalty Year
Royalty Year means each period of 12 months, ending on 31 December; (ii) “Royalty” means the percentage of the Net Sales Price as per Schedule 5; (iii) “Net Sales Price” means in respect of the Licensed Products sold by and on behalf of the Licensee, the total amount invoiced by the Licensee for these after deducting: (a) allowances for trade discounts; (b) returns for which the Licensee has issued a credit note; and (c) sales and excise taxes (including value added tax and duties, if any), as per Schedule 5; and (iv) “Minimum Royalty” means the minimum royalty figures, as calculated between the Parties as per Schedule 5. The Licensee shall make Royalty payments to the Licensor in accordance with the payment schedule set forth in Schedule 4. Within [30] days of each Payment Date, the Licensee shall provide the Licensor with a written statement detailing: the quantity of Licensed Products sold on or before that Payment Date that have not been accounted for in previous reports; the sale price of such Licensed Products, including any discounts applied; the Net Sale Price; the Royalty amount due; and any additional details reasonably requested by the Licensor. Within [45] days following the end of each Royalty Year, the Licensee shall submit to the Licensor a certified statement from its auditors (the “Auditors’ Certificate”) confirming the total Net Sale Price of Licensed Products sold or otherwise distributed during that year and the corresponding Royalty due under Section 7.1. If the Auditors’ Certificate reveals that the total payments made for that Royalty Year are less than the amount owed under Section 7.1, the Licensee shall remit the outstanding balance to the Licensor [upon delivery OR within [seven] days of providing the Auditors’ Certificate]. The Licensee shall maintain separate and detailed records of all Licensed Product sales to allow the Licensor to verify the accuracy of royalty payments. Upon providing [ten] days’ written notice, the Licensor or its authorized representative may inspect the Licensee’s records, premises, and servers during normal business hours and obtain copies for verification purposes. This audit right shall remain in effect for [one] year following the termination of this Agreement. If the Licensee fails to make any payment required under this Agreement [by OR within [seven] days of] the due date, the overdue amount shall accrue interest at a rate of 4% per year above the federal funds rate, or 4% per year if the federal funds rate is...
Royalty Year means each successive period of twelve (12) months commencing on January 1 and ending on December 31.
Royalty Year means each successive twelve (12) month period ------------ commencing with the first day of the first month in which occurs the First Commercial Sale.
Royalty Year means each twelve (12) month period commencing January 1 and ending December 31 during the Term of this License Agreement. For the first year of this License Agreement, the Royalty Year shall be the period of time between the Effective Date and December 31.
Royalty Year means each consecutive twelve (12) month period commencing with the Effective Date.
Royalty Year means each period of 12 months in the 15 year period of this licence starting on the date of issue of this licence;
Royalty Year means for the first Royalty Year, the period commencing on earlier of the date of (i) the First Commercial Sale or (ii) Meda’s or its Affiliates’ initial receipt of Non-Royalty Sublicensing Revenue and ending on December 31st of such calendar year; and for subsequent Royalty Years, the successive calendar years thereafter.