Running Royalty definition

Running Royalty or "Running Royalties" shall mean the royalty or royalties from time to time payable pursuant to Section 5.

Running Royalty and “Running Royalties” means the payments owed to Licensors based on Succinic Acid Equivalent as specified in Section A of Exhibit B.

Running Royalty shall have the meaning set forth in Section 4.1B. hereof.

Examples of Running Royalty in a sentence

• Inspections conducted under this Section shall be at CRUCELL’s expense, unless a variation or error producing an increase exceeding ten percent (10%) of the Running Royalty amount stated for any period covered by the inspection is established in the course of any such inspection, whereupon all reasonable and customary costs relating to the inspection for such period will be paid by LICENSEE.

• After the FIRST COMMERCIAL SALE of the PRODUCT on which Running Royalties are required, LICENSEE shall submit quarterly written reports to CRUCELL within ninety (90) days after the end of each calendar quarter, stating in each such report the number, description, and aggregate NET SALES of the PRODUCT sold during the calendar quarter upon which a Running Royalty is payable under Section 4 above.

• All Running Royalty payments due BDSI shall be payable in United States dollars by wire transfer to a bank account designated by BDSI from time to time.

• BND shall convert all non-U.S. dollar sales to U.S. dollars using the average exchange rates quoted in the Wall Street Journal for the final day of each month in the relevant period for which the Running Royalty is being paid.

• Such records will be open for inspection during such three (3) year period by an independent public accounting firm of national prominence retained by CRUCELL and acceptable to LICENSEE for the purpose of verifying the Running Royalty statements.

More Definitions of Running Royalty

Running Royalty shall have the meaning set forth in Section 6.1.

Running Royalty shall have the meaning set forth in Section 3.3.

Running Royalty is defined in Paragraph 3.9.

Running Royalty has the meaning ascribed to it in Section 8.1.

Running Royalty means: (a) a royalty of $0.025 per gallon of Bio-Synfined Renewable Fuels produced at the Licensed Plant. Such royalty shall be adjusted annually for inflation using the BLS. Such inflation adjustment shall begin the year following commencement of operations at the Licensed Plant; and (b) an incremental royalty of $0.025 for each gallon of Bio-Synfined Renewable Fuels produced at the Licensed Plant in excess of 110% of the output of the Licensed Plant as specified in the Process Design Package measured on a monthly basis (e.g., if the output of the Licensed Plant as specified in the Process Design Package is 210,000 gallons per day and in any month the Licensed Plant produces an average of 231,000 gallons per day, for each gallon of Bio-Synfined Renewable Fuel produced in excess of 231,000 gallons the total Running Royalty would be $.05, as adjusted for inflation pursuant to 32(a)).

Running Royalty shall have the meaning given in Section 3.01(b).

Running Royalty is defined in Article 4.01(c).