Second Quality Products definition

Second Quality Products are defined as Seconds and Closeouts. “Seconds” means Products produced that are (i) merchantable but not suitable for sale at list price because they contain minor production or material flaws not affecting proper usage of the Trademarks, or (ii) in any respect not identical to the Sample approved by LS&Co. [***] Indicates portions of this exhibit that have been omitted pursuant to a request for confidential treatment.
View Source

Examples of Second Quality Products in a sentence

  • Upon receipt of written notice from LS&Co. of its decision to withdraw approval, Licensee shall immediately stop selling the Product as a First Quality Product and instead sell the Product as a Second Quality Product only to those Approved Retailers of Second Quality Products.

  • Licensee may market, sell and distribute Second Quality Products only to: (i) Second Quality Approved Retailers and (ii) LS&Co. and its Affiliates.

  • Licensee shall pay First Quality Earned Royalty Rate on Second Quality Products for any Annual Period to the extent that sales of Second Quality Products (other than Involuntary Discontinuations as defined below) are greater than (redacted) of total Product sales (in terms of dollars) (the “Second Quality Cap”).

  • Licensee may market, sell and distribute Second Quality Products only to: (i) the retailers listed on Exhibit E2 as in effect at the time and (ii) LS&CO.

  • ILSI has fulfilled, or taken all actions necessary to enable it to fulfill when due, its obligations under each of such agreements.

  • For any such Annual Period, Licensee shall pay LS&CO., at the time it delivers the annual statement for that Annual Period as described in Section 9.2, an amount equal to the difference between the First Quality Earned Royalty Rate and the Second Quality Earned Royalty Rate on all Net Sales of Second Quality Products above the Second Quality Cap.

  • Licensee shall pay First Quality royalty rates on Second Quality Products for any Annual Period to the extent that sales of Second Quality Products (other than Involuntary Discontinuations) are greater than [____]* of total Product sales (in terms of dollars).

  • For any such Annual Period, Licensee shall pay LS&CO., at the time it delivers the annual statement for that Annual Period as described in Section 9.2, an amount equal to the amount during that Annual Period that the Licensee owed for royalties on Second Quality Products in excess of the amount already paid over the [____]*.