Royalty Fee. 2.1 The Operator shall pay to the Manufacturer, not more than fifteen (15) days after the end of each month, a royalty fee equal to three percent (3%) of the gross proceeds from all sales of rubber crumb, fiber, and steel from scrap tires disintegrated by the Subject TCS-1 System (the "Royalty Fee"). 2.2 For purposes of this Royalty Agreement, the term "gross proceeds" shall mean all revenues from the sale of rubber crumb, fiber and steel from scrap tires disintegrated by the Subject TCS-1 System.
Appears in 3 contracts
Samples: Equipment Lease and Purchase Agreement (Tirex America Inc), Equipment Lease and Purchase Agreement (Tirex Corp), Equipment Lease and Purchase Agreement (Tirex America Inc)
Royalty Fee. 2.1 The Operator shall pay to the Manufacturer, not more than fifteen (15) days after the end of each month, a royalty fee equal to three two percent (32%) of the gross proceeds from all sales of rubber crumb, fiber, and steel from scrap tires disintegrated by the Subject TCS-1 System (the "Royalty Fee").
2.2 For purposes of this Royalty Agreement, the term "gross proceeds" shall mean all revenues from the sale of rubber crumb, fiber and steel from scrap tires disintegrated by the Subject TCS-1 System.
Appears in 1 contract
Samples: Equipment Lease and Purchase Agreement (Tirex America Inc)
