Net Royalties. If the Facility Operator licenses to a Licensee, Facility Operator’s obligation to make Annual Royalty Payments to the Sponsor shall commence from the date that the Net Royalties calculation is positive. Annual Royalty Payments are payable in annual installments and are due the first day of March for Net Royalties calculations made and Annual Royalty Payments collected for the Facility Operator’s prior fiscal year. The Facility Operator is responsible for notifying the Sponsor, on an annual basis, of Net Royalties received as a result of its licensing of intellectual property under this Agreement. Net Revenues. If the Facility Operator is the licensee, the Facility Operator’s obligation to make payments to the Commission shall commence upon the first sale of the Licensed Product. Payments are payable in annual installments and are due the first day of March for the prior fiscal year of the Facility Operator and extend until ten (10) years from the Agreement’s end date. Facility Operator agrees to pay an amount equivalent to 10% of the Net Revenues by check made payable to the California Energy Commission, EPIC Fund. Facility Operator agrees to pay Sponsor Annual Royalty Payments in an amount equivalent to 10% of the total annual Net Royalties calculated for the prior fiscal year from each intellectual property in each license that is subject to Net Royalties in this Agreement. Annual Royalty Payments shall be made by check, made payable to the California Energy Commission, EPIC Fund. Annual Royalty Payments from Net Revenues and Net Royalties received resulting from the sale, license, or assignment of each Subject Invention, Copyrighted Project Work or Other Intellectual Property right shall extend for a period of ten (10) years from the Agreement’s end date that funded the licensed intellectual property or until the underlying patent, copyright, or Other Intellectual Property protection expires, whichever occurs first. Unless an early buyout is made, total royalty payments under this Agreement for all licensed intellectual property will be limited to three (3) times the amount of funds paid by the Energy Commission under the Agreement. If a Licensed Product, Subject Inventions, Copyrightable Works or Generated Information were developed in part with Match Funds or non-Energy Commission funds (e.g., federal funds) during the Agreement term, the Net Revenues or Net Royalties payment will be reduced in accordance with the percentage of development activities...
Net Royalties. Alter recovery of expenses by the University as provided in subparagraph (b), the remaining royalties will be designated Net Royalties.
Net Royalties. For purposes of this Warrant, “Net Royalties” shall mean, with respect to any calendar year, the gross aggregate royalties and other similar revenue that are both (1) earned by the Company (or any of its subsidiaries) during the applicable calendar year and (2) subject to the Company’s compliance with Section 4.1(d) below, received within 90 days after the date that such royalties or similar payments have become due and payable in accordance with the terms of the applicable royalty, licensing or other agreement between the Company (or any of its subsidiaries) and the party obligated to make such payment, in each case in respect of the licensing of the Linens ‘n Things Brand, less the commissions and other amounts payable to Earthbound LLC (“Earthbound”) pursuant to that certain Services Agreement, dated May 8, 2014, by and between LNT Brands LLC (“LNT Brands”) and Earthbound or another broker during the applicable calendar year and related to the licensing of the Linens ‘n Things Brand. For purposes of this Warrant, “Linens ‘n Things Brand” shall mean the intellectual property portfolio of registered trademarks, domain names and other intellectual property rights that encompass the “Linens ‘n Things” brand, licensed, used and exploited by LNT Brands, and its affiliates, contractual counterparties and licensees.
Net Royalties. The University’s obligation to make payments to the Commission shall commence from the date that the Net Royalties calculation is positive and extend until ten (10) years from the Agreement’s end date. Payments are payable in annual installments and are due the first day of March for Net Royalties calculation made for the University’s prior fiscal year. University agrees to pay to Commission an amount equivalent to 10% of the total cumulative Net Royalties, less payments made by University to Commission in previous years when Net Royalties were positive. Payments shall be made by check and made payable to the California Energy Commission.
Net Royalties. If the Facility Operator licenses to a Licensee, such a Licensee’s obligation to make payments to the Sponsor shall commence from the date that the Net Royalties calculation is positive. Payments are payable in annual installments and are due the first day of March for Net Royalties calculations made for the Facility Operator’s prior fiscal year. The Facility Operator is responsible for notifying the Sponsor, on an annual basis, of Net Royalties received as a result of its licensing of intellectual property under this Agreement. Each Licensee shall agree to pay Sponsor an amount equivalent to 15% of the total cumulative Net Royalties, less any payments already made by such Licensee to the Sponsor in the previous years when Net Royalties were positive. Payments shall be made by check, made payable to the California Energy Commission, PIER Fund. Royalty payments resulting from the sale, license, or assignment of each Subject Invention, Copyrighted Project Work or Other Intellectual Property right shall extend for a period of 15 years or until the underlying patent, copyright, or Other Intellectual Property protection expires, whichever occurs first.
Net Royalties. Purchaser shall pay or cause to be paid to QLTI up to Five Million Dollars ($5,000,000) with respect to each calendar year commencing January 1, 2013 and up to Fifteen Million Dollars ($15,000,000) of Net Royalties in the aggregate as follows:
(i) Purchaser shall be entitled to retain the first Eight Million Five Hundred Thousand Dollars ($8,500,000) of Net Royalties with respect to each calendar year, (ii) QLTI shall be entitled to receive from Purchaser the next Five Million Dollars ($5,000,000) of Net Royalties with respect to such calendar year and (iii) Purchaser shall be entitled to retain all Net Royalties in excess of Thirteen Million Five Hundred Thousand Dollars ($13,500,000) with respect to such calendar year. “Net Royalties” shall mean all royalties or similar payments received by Purchaser, its Affiliates, assigns or successors either (a) pursuant to the Novartis License Agreement from Novartis or (b) from any third party in respect of any sales of the Product outside of the United States, net of any royalties paid or payable by Purchaser (and which are not reimbursed to Purchaser by Novartis or such third party) to either (i) The University of British Columbia or its assigns pursuant to the terms of the Amended and Restated License Agreement dated December 14, 2007 (without giving effect to any increased royalty rate under any amendments to such license agreement the Purchaser may agree to after the Closing Date), or (ii) Massachusetts Eye and Ear Infirmary pursuant to the Final Judgment in Civil Action N. 00-10783-WGY rendered on July 10, 2007, in each case only in respect of the same Product sales outside of the United States to which such royalty payment from Novartis or such third party actually relates. If the Purchaser, its Affiliates, assigns or successors sell directly (rather than through Novartis or another third party licensee(s)) the Product in one or more countries outside of the United States, then, for the purpose of determining the amounts payable to QLTI under this Section 2.10, in addition to amounts calculated in accordance with the foregoing sentence, “Net Royalties” shall be deemed to be increased by the amount that Novartis would have paid the Purchaser on such sales if those sales had been made by Novartis and royalties had been actually received thereon by Purchaser from Novartis under the terms of the Novartis License Agreement. Purchaser agrees that it shall use commercially reasonable efforts to collect all royaltie...
