Accrued Royalties definition
Examples of Accrued Royalties in a sentence
The Company undertakes, covenants and agrees that all sales of DVD Units (as such term is defined in the B Unit Debentures) to United States and Canadian purchasers will be undertaken by the Company on a direct market basis through Fulfillment Corporations (as such term is defined in the B Unit Debentures) at all times that any Principal Amount, Interest or B Unit Accrued Royalties (as such terms are defined in the B Unit Debenture) remain outstanding under the B Unit Debentures.
The Accrued Royalties shall carry an annual interest rate of the minimum required rate (if and to the extent required by any applicable law or regulation) from the date of accrual until actual payment is effected.
Licensee shall be entitled at any point in time to pay Accrued Royalties or any part thereof to the Licensors earlier than after the expiration of the eighteen (18) month period.
The base royalties set forth in Section C.2.1 will be reduced by the following percentages upon the accrual of the following accrued royalty amounts set forth in this Section C.2: Reduction Accrued Royalties --------- ----------------- 30% $1,500,000.00 60% $2,500,000.00 100% $4,000,000.00 (the "Maximum Royalty") Nothing in this Agreement will be interpreted as requiring Premisys to pay any royalty in excess of the Maximum Royalty, $4,000,000.00 C.
By way of illustration only, if the actual Net Worth is ($1,000,000) and Buyer's Portion of the Accrued Royalties is $2,000,000, then the Adjusted Net Worth would be ($3,000,000).
During such period of time, royalties earned by the Licensors pursuant to Section 3.1 shall be reported to the Licensors under Section 3.3 and recorded in the books of Licensee, but such accrued amount of royalties ("Accrued Royalties") shall become due and payable to the Licensors only within thirty (30) days after the expiration of the eighteen (18) months' period.
Within 30 days after initial funding, Kennecott shall specify and request in writing from BHP additional relevant materials and data necessary for Kennecott to reasonably determine the Accrued Royalties and Previous Reclamation Expenses, for purposes of a final audit of the Initial Amount (“Final Audit Materials”).
The B Unit Accrued Royalties will be paid from the B Unit Repayment Proceeds and the Additional B Unit Repayment Proceeds (each as defined below) pursuant to paragraph 6.
For the avoidance of doubt, the foregoing release only applies to the Accrued Royalties and not to any rights of LEL under any other provisions of the Agreement or any other agreement between LEL or any of its Affiliates, on the one hand, and Purdue or any of its Affiliates, on the other hand.
The Accrued Royalties shall be paid to the Lenders as described in Paragraph 7 of the Debentures (as amended by the Fifth Addendum).