Blocked Funds definition
Examples of Blocked Funds in a sentence
However, upon the Company's receipt of written notice from Licensor that the Licensor desires a settlement of its share of a particular item of Blocked Funds, the Company shall deposit the Licensor's share of such Blocked Funds (i.e., the License Fees) in a bank account in the applicable country, in the Licensor's name, subject to all applicable laws and regulations.
With respect to such portion of the Blocked Funds as would have been payable to Pixar hereunder, Disney shall deposit such portion into a Pixar interest bearing bank account in the same bank as Disney uses in the applicable jurisdiction.
Such deposit shall fully satisfy the Company's obligations to Licensor with respect to such Blocked Funds and Licensor's share thereof, and any taxes, expenses or other charges incurred in connection with the making of such deposit shall be deducted from Licensor's share of such Blocked Funds, or otherwise charged to or paid by Licensor in advance, if required to make such deposit.
Monies actually received by the Company outside the U.S. in any currency and not freely remittable to the Company in the U.S. in U.S. dollars shall be considered "Blocked Funds", and shall not be included in Net Revenues.
Sums derived outside the United States which are not remittable to Disney in the United States in U.S. dollars by reason of currency or other government restrictions shall be deemed "Blocked Funds" for purposes of this Agreement.
All interest earned on the Blocked Funds will accrue for the benefit of the Borrowers and shall be paid to the Borrowers on a quarterly basis, provided however, that no payment of interest on the Blocked Funds shall be made to the Borrowers to the extent that such payment would cause the amount of Blocked Funds to be less than $3,000,000 or when an Event of Default has occurred and is continuing.
The other party shall advise the Royalty Paying Party in writing of the legal means by which the Blocked Funds should be disposed in that country, including, without limitation, the deposit of Blocked Funds in a bank or similar institution in that country or the payment of the Blocked Funds to a person or persons in that country.
To the extent Disney or its Affiliates expend or utilize any Blocked Funds, including without limitation as a loan, Disney shall credit Gross Receipts with the amount of Blocked Funds so expended or utilized.
Notwithstanding any provision to the contrary contained in any other agreement (excluding any amendment to this Agreement) between any of the Parties, the Account Bank shall have no interest in the Blocked Funds except as expressly provided for in this Agreement.
The Blocked Funds shall be used solely for the purpose of making lease payments due with respect to the 60 ▇▇▇▇▇▇ Leases and the ▇▇▇ ▇▇▇ ▇▇▇▇▇▇ Lease.