Net Revenue; Definition. For purposes of determining the Royalty that may be owed to First Bitcoin under this Agreement, the term “Net Revenue” shall mean all revenue received by Petroteq from or as a result of:
(1) making the Architecture & Platform available to any Third Person, whether on or through a public or private network, either in whole or in part;
(2) any grant to any Third Person or to the public-at-large, under such terms as Petroteq may determine, of any license, lease or other right to use the Architecture & Platform or any of the services or products available thereon or thereunder, or
(3) any assignment or transfer of all or any part of Petroteq’s ownership rights or interests in the Architecture & Platform to any Third Person, including without limitation any sale, transfer and/or acquisition effectuated or achieved by (A) merger, consolidation or otherwise, or by or through the acquisition of a controlling interest in Petroteq or in connection with the acquisition of Petroteq’s business or assets, or (B) any joint venture or co-venture with respect to which this Agreement and/or any interest in the Architecture & Platform, is assigned, conveyed, licensed, leased or otherwise transferred, in whole or in part, to such joint venture or co-venture, LESS AND REDUCED BY any (x) applicable sales, ad valorem, value added or similar taxes that may be assessed against any of the above and foregoing transactions, and (y) any license fees, royalties or other amounts that Petroteq may owe or be required to pay any Third Person in connection with or as a result of any such transaction.
