Common use of Royalties and Statements Clause in Contracts

Royalties and Statements. (a) For the license granted herein, immediately upon execution of this Agreement, Licensee agrees to pay MLBPA a non-refundable fee in the amount and in the manner set forth on Schedule B ("the Promotional Rights Fee"). (b) In addition to the Promotional Rights Fee, Licensee agrees to pay to MLBPA on each of the dates set forth on Schedule B, a royalty for any premium item and/or product employing the rights and/or the trademarks in connection with the Promotion as set forth on Schedule B. (c) Notwithstanding the foregoing subsection (b), if Licensee obtains the premium item and/or product described above from a manufacturer licensed by MLBPA ("MLBPA licensee"), Licensee will not be obligated to pay MLBPA the royalties described therein, provided that Licensee obtains from such MLBPA licensee and provides to MLBPA a written agreement stating that such MLBPA licensee will pay to MLBPA the royalties described above in accordance with the terms of this Agreement (d) On each of the dates set forth on Schedule B, Licensee shall provide MLBPA with a full and complete statement (in a form satisfactory to MLBPA) with respect to any and all premium items and/or products utilized in connection with the Promotion, said statements) to be certified as accurately an officer of Licensee and to include any other information which MLBPA may reasonably request. (e) All amounts payable to MLBPA by Licensee, together with a complete and accurate statement setting forth the basis for calculation of such amounts in a form acceptable to MLBPA, shall be submitted to: Major League Baseball Players Association 00 X. 00xx Xxxxxx Xxx Xxxx, XX 00000 All payments made hereunder shall be in United States dollars drawn on a United States bank, unless otherwise specifically agreed upon by the parties. (g) Time is of the essence with respect to all payments to be made hereunder by Licensee. Interest at a rate of the lesser of the maximum rate allowed by law or one and one-half percent (1-1/2%) per month, compounded daily, shall accrue on any amount due MLBPA hereunder from and after the date upon which the payment is due until the date of receipt of payment.

Royalties and Statements. (a) For the license granted herein, immediately upon execution of this Agreement, Licensee Xxxxxxxx agrees to pay MLBPA a non-refundable fee in the amount and in the manner set forth on Schedule B ("the Promotional Rights Fee"). (b) In addition to the Promotional Rights Fee, Licensee agrees to pay to MLBPA on each of the dates set forth on Schedule B, a royalty for any premium item and/or product employing the rights and/or the trademarks in connection with the Promotion as set forth on Schedule B. B. (c) Notwithstanding the foregoing subsection (b), if Licensee obtains the premium item and/or product described above from a manufacturer licensed by MLBPA ("MLBPA licensee"), Licensee will not be obligated to pay MLBPA the royalties described therein, provided that Licensee obtains from such MLBPA licensee and provides to MLBPA a written agreement stating that such MLBPA licensee will pay to MLBPA the royalties described above in accordance with the terms of this Agreement Agreement (d) On each of the dates set forth on Schedule B, Licensee shall provide MLBPA with a full and complete statement (in a form satisfactory to MLBPA) with respect to any and all premium items and/or products utilized in connection with the Promotion, said statements) to be certified as accurately an officer of Licensee and to include any other information which MLBPA may reasonably request. (e) All amounts payable to MLBPA by Licensee, together with a complete and accurate statement setting forth the basis for calculation of such amounts in a form acceptable to MLBPA, shall be submitted to: :Major League Baseball Players Association 00 X. 00xx Xxxxxx Xxx Xxxx, XX 00000 All payments made hereunder shall be in United States dollars drawn on a United States bank, unless otherwise specifically agreed upon by the parties. (g) Time is of the essence with respect to all payments to be made hereunder by Licensee. .Interest at a rate of the lesser of the maximum rate allowed by law or one and one-half percent (1-1/2%) per month, compounded daily, shall accrue on any amount due MLBPA hereunder from and after the date upon which the payment is due until the date of receipt of payment. (h) The receipt and/or acceptance by MLBPA of any of the royalties paid hereunder to MLBPA (or the cashing of any royalty checks paid hereunder) shall not preclude MLBPA from questioning the correctness thereof at any time and, in the event that any inconsistencies or mistakes are discovered in such statements or payments, they shall immediately be rectified by Licensee and the appropriate payment shall be made by Licensee.