Initial Royalty Rate definition

Initial Royalty Rate. With respect to sales of Product inside the Territory but outside the United States, Allergan shall pay Ista a royalty of [*] of Net Sales of Product, subject to adjustment as set forth in this Section 6.1, less the cost of Product for sale outside the United States purchased by Allergan from Ista pursuant to the Supply Agreement. The credit for cost of Product purchased by Allergan from Ista pursuant to this Section 6.1(a) shall be applied in the calendar quarter in which such purchases were made. To the extent any such credits exceed the royalty due for such quarter, such excess shall be carried forward to successive calendar quarters until fully utilized
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Initial Royalty Rate shall have the meaning set forth in Section ‎5.2(a).
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Initial Royalty Rate. The Company shall pay Axxxxx a royalty of five percent (5%) on Net Sales of products covered by the Patents, with that royalty rate continuing until a cumulative total of one million dollars ($1,000,000) in royalties has been paid to Axxxxx. Reduced Royalty Rate After $1,000,000:Following royalty payments totaling one million dollars ($1,000,000), the Company shall continue to pay royalties to “Axxxxx” at the reduced rate of two percent (2%) on Net Sales of products covered by the Patents, conditioned upon the grant by the United States Patent and Trademark Office (USPTO) of at least one patent on the Invention. The payment of royalties at this reduced rate shall continue until the total cumulative royalties paid to “Axxxxx” reaches ten million dollars ($10,000,000), after which no further royalty payments will be due.
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Examples of Initial Royalty Rate in a sentence

  • In the event that, for any Triangle fiscal quarter, the Direct Manufacturing Cost exceeds *** percent (***%) of Net Sales of Licensed Products, the Initial Royalty Rate shall be reduced by *** percent (***%) of the amount by which the Direct Manufacturing Cost exceeds *** percent (***%) but does not exceed *** percent (***%) of Net Sales of Licensed Products.

  • The Corporation shall not, without the prior written consent of the Trustee, amend the Royalty Agreement so as to increase the Initial Royalty Rate (as described therein) or amend Section 2.2 and 7.2(c) thereof.

  • The Company shall not, without the prior consent of the Holders of a majority in aggregate principal amount of the outstanding Notes, amend the Royalty Agreement so as to increase the Initial Royalty Rate (as defined therein) or amend Section 2.2 and 7.2(c) thereof.


More Definitions of Initial Royalty Rate

Initial Royalty Rate is defined in Section 6.3.1.1.
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Related to Initial Royalty Rate

  • License Fee means the amount payable by the licensee to DMRC as per rates offered by the Selected Bidder for utilization of licensed space and accepted by DMRC to be paid by the Licensee along with other charges and any kind of Central or State Taxes, local levies, statutory dues, etc. that may be payable by the licensee as per prevalent law.

  • Milestone means an event or task described in the Implementation Plan which must be completed by the corresponding date set out in such plan;

  • Net Sales means [***].