Common use of Back Royalties Clause in Contracts

Back Royalties. Any royalties pursuant to the above schedule which accrued under the terms of this Agreement during the period from the time in which royalties are payable under this Agreement to the latest signature date of this Agreement shall be payable within one calendar month of such signature date together with accrued interest of ten percent (10%) per annum from the date of Sale of the AVC Royalty Product to which the royalty applies, and shall be accompanied by a royalty statement in accordance with Section 3.11 of this Agreement.

Back Royalties. Any royalties pursuant to the above schedule which were not previously paid and which accrued under the terms of this Agreement during the period from the time in which royalties are payable under this Agreement January 1, 2004 to the latest signature date of this Agreement shall be payable within one calendar month of such signature date or end of accrual period, together with accrued interest of ten percent (10%) per annum from the date of Sale of the AVC Royalty Product to which the such royalty applieswould have been payable had this Agreement been entered into on January 1, and shall be accompanied by a royalty statement in accordance with Section 3.11 of this Agreement2004.