Royalty Year means, (i) for the year in which the First Commercial Sale occurs (the “First Royalty Year”), the period commencing with the first day of the Calendar Quarter in which the First Commercial Sale occurs and expiring on the last day of the Calendar Year in which the First Commercial Sale occurs and (ii) for each subsequent year, each successive Calendar Year.

Royalty Year means each twelve (12) month period commencing January 1 and ending December 31 during the term of this Agreement; provided however, that: (a) the first Royalty Year shall be the period of time commencing with the Effective Date and ending on December 31, 2015; and (b) the last Royalty Year shall be the period of time commencing on January 1 of the year in which this Agreement expires or is terminated, and ending on the date of expiration or termination of this Agreement.

Royalty Year means initially, the six-month period from 1st July 1985 to 31st December 1985, and thereafter the twelve month period from 1st January in one calendar year to 31st December of the same calendar year, unless otherwise agreed;

Examples of Royalty Year in a sentence

SSG shall have the right to distribute MacGregor-branded Products to all or any customers without charge as promotional premiums in connection with purchases by those customers of other products from SSG, so long as the value of such premiums (based on the lowest sales price of the MacGregor-branded Product) does not exceed 10% of SSG’s annual gross sales of MacGregor-branded Products in any single Royalty Year.
In the event of the expiration or termination of this Agreement, the minimum annual royalty for the final Minimum Annual Royalty Year shall be paid on such expiration or termination date on a pro-rata basis and shall be non-refundable and non-creditable.
For the first Retroactive Royalty Year, such retroactive payment will only apply for Sublicensee Revenues received after the effective date of filing of the application for the Retroactive Valid Claim.
An example of the calculation methodology for a sample Royalty Year is provided on Appendix B.
The amount by which the earned royalties provided for in Section 7.5 paid for a given Royalty Year (as defined below) is less than the amount of the relevant minimum annual royalty shall be paid by Firmenich to Senomyx within […***…] from the end of that Royalty Year.

More Definitions of Royalty Year

Royalty Year means each twelve (12) month period commencing January 1 and ending December 31 during the Term of this License Agreement. For the first year of this License Agreement, the Royalty Year shall be the period of time between the Effective Date and December 31.

Royalty Year means each successive period of twelve (12) months commencing on January 1 and ending on December 31.

Royalty Year means each successive twelve (12) month period ------------ commencing with the first day of the first month in which occurs the First Commercial Sale.

Royalty Year means each consecutive twelve (12) month period commencing with the Effective Date.

Royalty Year means each period of 12 months in the 15 year period of this licence starting on the date of issue of this licence;

Royalty Year means each successive twelve (12) month period commencing with the first day of the first month in which occurs the First Commercial Sale.

Royalty Year means each twelve-month period commencing January 1st and ending December 31st during the term of this Agreement. For the first year of this Agreement, the Royalty Year shall be the period of time between the signing of this Agreement and December 31st of such year.