Examples of Take or Pay Payments in a sentence
If Misonix gains the right to have the Licensed Products manufactured under this Section 4.9 and the aggregate Minimum Gross Profit has not yet been earned by PuriCore, then the Take or Pay Payments will be made regardless of who is manufacturing and supplying the Licensed Product, but such Take or Pay Payments will be suspended until Misonix (or its designee) has been manufacturing the Licensed Products for ninety (90) days.
Termination of this Agreement shall not relieve the parties of any obligation occurring or incurred prior to such termination, nor shall it relieve Misonix from making all Take or Pay Payments and paying to PuriCore the Quarterly Minimum Gross Profit or the aggregate Minimum Gross Profit pursuant to Section 6.5, unless expressly provided otherwise under Section 6.6.
In the event that Misonix is manufacturing Licensed Products pursuant to Section 4.9(a), and after Misonix has satisfied the required Take or Pay Payments under this Agreement (as required by Section 4.9(a)), Misonix shall pay PuriCore a royalty (the “Royalty”) of [* * *] percent ([* * *]%) of Net Sales of Licensed Products.
All such suspended Take or Pay Payments will be paid by Misonix before the end of the Initial Term plus a period of time equal to the time that such Take or Pay Payments have been suspended.
If Misonix is (if ever) again permitted to sell Licensed Products, its obligations to make Take or Pay Payments and meet Quarterly Minimum Gross Profit and aggregate Minimum Gross Profit requirements will resume and all such suspended Take or Pay Payments will be paid by Misonix before the end of the Initial Term plus a period of time equal to the time that such Take or Pay Payment have been suspended.
The amount of the foregoing adjustment shall be added to amounts due, if any, under the Take or Pay Payments at the end of the Initial Term.
His Par- ents Didn’t, Until It Was Too Late, N.Y. TIMES (May 12, 2018), https://www.
In the event that PuriCore provides less than ninety percent (90%) but more than seventy percent (70%) of Licensed Products required under this Agreement in any twelve (12)-month period, the Take or Pay Payments will be adjusted to reflect the difference between the ninety percent (90%) requirement and the percentage of Licensed Products actually delivered.
Misonix agrees that it will make Take or Pay Payments no matter what (unless such payments are relieved under Section 6.6 or suspended or relieved under Section 4.9).
Misonix hereby waives its right to assert against PuriCore or its Affiliates any damage claim for or to offset against Take or Pay Payments, the Quarterly Gross Profit amounts and the aggregate Minimum Gross Profit.