Sales Year definition

Sales Year means the calendar year during which the Company sold Cigarettes in a Beneficiary State requiring the deposit of QEF Principal.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Sales Year means, with respect to the first Sales Year, the twelve (12) month period commencing on the Product Launch Date and, with respect to subsequent Sales Years, each successive twelve (12) month period thereafter.

Sales Year means the calendar year during which the Tobacco Product Manufacturer sold Cigarettes in California requiring a deposit of Qualified Escrow Fund Principal or an MSA payment.

Examples of Sales Year in a sentence

• The Company shall designate to the Escrow Agent the amount to be placed in the QEF Sub-Account by Sales Year for each Beneficiary State based on the Units Sold therein in accordance with the applicable Beneficiary State’s NPM Statute.

• The Escrow Agent shall further show a Beneficiary State’s QEF Sub-Account by Sales Year to identify the amount of QEF Principal attributable to Units Sold in each Sales Year.

• This withdrawal is calculated based upon the Deposit Date, not Sales Year.

• This withdrawal is calculated based upon Sales Year, not Deposit Date.

• The final Sales Year determination and whether QEF Principal may be withdrawn from a QEF Sub-Account based upon the amount of QEF Principal deposited for a Sales Year is governed by subdivision (B)(ii)(b) of Section 5 of this Escrow Agreement.

More Definitions of Sales Year

Sales Year means the 12-month period ending on December 31 of each year.

Sales Year means any calendar year during the Term, provided that the first Sales Year shall commence on the Launch Date and end on 31 December in the same calendar year and the last Sales Year shall commence on 1 January and end on the date of expiry or termination of this Agreement.

Sales Year means the twelve (12) month period commencing with the first full calendar month after Product Launch, and each subsequent twelve (12) month period. The first Sales Year is referred to herein as “Sales Year 1,” the second Sales Year is referred to herein as “Sales Year 2,” and so on.

Sales Year means any twelve (12) month or shorter period, as the case may be, occurring during the Term that commences on the Effective Date or the anniversary of the Effective Date, as the case may be, and terminates on the earlier of the date 12 months thereafter or on the date this Agreement expires or is terminated.

Sales Year means each twelve-month period during the Term commencing on the Commencement Date and each anniversary thereof.

Sales Year. Sales Year means, with respect to ER Products, FDC Products and Other Products (each, a “Product Category”), each successive twelve (12)-month period in which a Product within such Product Category is sold; provided that, with respect to the first Sales Year for a Product Category, Sales Year means the period commencing on the date of First Commercial Launch of the first Product in such Product Category and ending on the last day of the fourth full Calendar Quarter after such First Commercial Launch (the “First Sales Year”), and for subsequent Sales Years for such Product, the period of four (4) sequential Calendar Quarters commencing on the day after the expiration of the First Sales Year or the anniversary thereof.

Sales Year means either (a) the period of twelve (12) Calendar Months commencing on the date of the Launch of the Product in the Development Indication in the United States of America and ending on the first anniversary of such Launch (the “First Sales Year”) or (b) on expiry of the First Sales Year, each subsequent period of twelve (12) Calendar Months (each a “Subsequent Sales Year”).