Additional Royalty Payment Clause Samples
Additional Royalty Payment. In the event that the Auditor concludes that additional royalties were required for the annual period under review, the additional royalty payment will be paid within [***] of the date the Auditor delivers its report to the parties so concluding that such payments were underpaid, and excess royalties paid will be reimbursed to Takeda by ▇▇▇▇▇ within [***]. The payment of additional royalties to ▇▇▇▇▇ shall bear interest as described in Section 8.5(b). The fees charged by the Auditor will be paid by ▇▇▇▇▇ unless the audit discloses an underpayment of royalties paid or payable by Takeda for the annual period under review by more than [***] of the amount due, in which case Takeda shall pay (or reimburse ▇▇▇▇▇ for) the reasonable fees and expenses charged by the Auditor.
Additional Royalty Payment. The Buyer and Seller agree by their execution of this Agreement that they shall have been deemed to have amended the License Agreement to provide for the payment as an additional royalty for the use of the Licensed M▇▇▇ (as defined in the License Agreement) on the Closing Date of the Additional Royalty Payment Amount, which amount shall be included as liability in the Asset-Liability Ratio.
Additional Royalty Payment. If for any reason it is deemed by Seller in its good faith judgement that royalties are due to Kubota Corporation, pursuant to a contract in existence at the time of Closing between Seller and Kubota Corporation, based upon Buyer's sales of a Product that contains a buibui Bt Toxin as described in Schedule 1, then Seller will notify Buyer of such royalties. Within 30 days after Seller so notifies Buyer, Buyer shall pay Seller any and all royalties due to Kubota Corporation based upon Buyer's sales of Product containing a buibui Bt Toxin. Any such Royalties shall not exceed 5% of Buyer's net sales of such Product.
Additional Royalty Payment. In addition to the provisions of Section 11.6 above and in recognition of the added, but as yet unrealized, value of Anavid’s contribution to the Company, the Company shall pay to Anavid, royalties equal to 2% (two percent) of the Company’s Revenues, derived from all sales made by the Company of its products, commencing from January 1, 2015, up to a maximum amount of US $90,000, plus VAT if applicable. Such royalty payments will be made, by means of deposit into Anavid’s account as specified in Section 11.5.3 above, no later than the 45th (forty-fifth) day following the end of each relevant calendar quarter, in respect of such revenues which are received in the immediately preceding calendar quarter.
Additional Royalty Payment. L▇▇▇▇▇▇▇ shall pay NGE an annual additional royalty payment of [*], payable on December 31 of each year.
(e) Section 9 of the Tour Operator Agreement shall be deleted in its entirety and the following provision shall be inserted in lieu thereof:
Additional Royalty Payment. (a) Upon the full and final satisfaction and payment of the Closing Purchase Price (inclusive of the Indebtedness Cancellation Amount and all Deferred Consideration payments) (the “Deferred Consideration Satisfaction Date”), the Corporation shall pay to Seller an ongoing royalty as set forth in Section 5(b) of this Agreement during the Royalty Term (the “Additional Royalty Consideration”). For purposes of this Section 5, “Royalty Term shall mean the period commencing on the day immediately following the Deferred Consideration Satisfaction Date and ending on the tenth (10th) anniversary of the Corporation’s first product sale. For the avoidance of doubt, no royalty, other than as set forth in Section 3(c) of this Agreement, shall accrue or be payable for any period prior to the Deferred Consideration Satisfaction Date, and in no event shall the Royalty Term extend beyond the tenth (10th) anniversary of the Corporation’s first product sale.
(b) During the Royalty Term, the Corporation shall pay Seller a royalty equal to [*]% of Covered Gross Revenue, “Covered Gross Revenue,” means the Corporation’s gross revenue (recognized in accordance with U.S. GAAP and the Corporation’s consistently applied revenue-recognition policies) derived from the sales of any products and from other collection or receipt of license fees, as recognized in the Corporation’s financial statements resulting from the manufacture, use, offer for sale, or importation that incorporates or use any element or derivative of the materials listed on Schedule A to the Material Purchase Agreement. Any grant, subsidy, award, or other form of non-dilutive funding received by the Corporation from any governmental authority, nonprofit entity, or similar funding source is specifically excluded from “Covered Gross Revenue” as defined herein, and shall not give rise to a royalty payment to Seller under this Agreement.
(c) Royalty payments shall be calculated on a fiscal-quarter basis and paid within thirty (30) days after the end of each fiscal quarter. On or before the due date for all payments to the Seller pursuant to this Section 5, the Corporation shall provide the Seller with a statement (“Payment Statement”) showing for the relevant quarterly period, the gross amount invoiced by the Corporation for which a royalty payment is due to the Seller pursuant to Section 5(b).
(d) Any royalty amount not paid when due under this Section 5 shall accrue interest from (and including) the original due date unt...