Royalties Commencement Date definition
Examples of Royalties Commencement Date in a sentence
Notwithstanding the foregoing, the Seller shall retain the exclusive right to inspect and audit Licensee’s books and records at any time and from time to time, in accordance with Section 5.13 of the License Agreement, at its sole discretion and its sole expense, for payments that are paid or payable to the Seller pursuant to the License Agreement with respect to all amounts and payment obligations attributable to the period prior to the Royalties Commencement Date.
For clarity, Purchaser shall receive Royalties for sales of Product made on or after the Royalties Commencement Date and the Purchased Assets do not include the payment of Royalties for sales of Product made prior to such Royalties Commencement Date but paid to Seller after such date.
The Selling Parties shall otherwise also be responsible for the amounts of any discrepancy shown by the Audit Report for any of the calendar years after the Royalties Commencement Date that are then being reviewed between the amount of funds transferred from the Joint Concentration Account to the Purchaser Concentration Account based on information included in the applicable Quarterly Reports and what those funds should have been.
In the event of the termination of this Agreement pursuant to Section 7.01, this Agreement shall become void and of no further force and effect, except for those rights and obligations that have accrued prior to the date of such termination or relate to any period prior thereto, including the payment in accordance with the terms hereof of any Royalty relating to the period commencing on the Royalties Commencement Date and ending on the date of such termination.
The Purchaser shall be solely responsible for all the expenses of any audit, unless the Audit Report shows any discrepancy where funds transferred from the Joint Concentration Account to the Purchaser Concentration Account based on information included in the applicable Quarterly Reports were less by ten percent (10%) or more than such funds should have been for any of the calendar years after the Royalties Commencement Date then being reviewed.