Modified Adjusted Gross Receipts definition
Modified Adjusted Gross Receipts means the total of all monies actually received by the Company or its controlled subsidiaries, less all applicable third party out-of-pocket distribution and delivery fees, charges and expenses, commissions, taxes, including, without limitation, withholding or VAT taxes, rebates, refunds, credits, discounts, and similar adjustments made by the Company or its affiliates for legitimate business accounting reasons, monies received from any foreign subsidies or similar receipts, monies received for rights licensed with respect to musical compositions based upon or contained in the intellectual property; and advance payments received by Company from any distributor or third party, but shall be included in the definition once earned and any all sums received by Company from third-party financiers; provided, however, (i) if an intellectual property project which is a co-production (or similar structure) is controlled by Company or its affiliates, and then sold/licensed to a third party and/or sold/licensed by such third party or by or at the direction or under supervision of Employee, any monies actually received by the Company (subject to the deductions set forth herein), shall be included in the definition herein or (ii) if an intellectual property project which is a co-production (or similar structure) is not controlled by the Company or its affiliates (e.g. brought to the Company or its affiliates by a third party), only such monies actually received by the Company (subject to the deductions set forth herein) which were the result of a sale/license by or at the direction or under supervision of Employee, shall be included in the definition herein. Notwithstanding anything to the contrary contained herein, if Company or its affiliates are entitled to a royalty or other payment in connection with, or a participation in revenues derived in any way from, the exploitation of any other ancillary rights (i.e. merchandising rights/print publication rights), any collective bargaining agreement, or otherwise, then no sums received by Company or its affiliates from the licensing or other exploitation of such particular type of rights shall be included in Modified Adjusted Gross Receipts. In addition, computation of Modified Adjusted Gross Receipts shall not include monies paid in foreign currencies, unless and until received in the United States in United States dollars; and such monies shall be computed at the exchange rate prevailing at the time of receipt in the Unit...
Examples of Modified Adjusted Gross Receipts in a sentence
Employee’s quarterly bonus shall be three percent (3%) of all Modified Adjusted Gross Receipts from the sale/license of intellectual property to unaffiliated third parties (“Third Party Sales”).