Section (d) Allocation of Royalty Payment. Once the Royalty Amount has been calculated as set forth in Section (b) of this Exhibit A, the royalty payable to each Holder shall be calculated by multiplying the Royalty Amount by the percentage set forth in each Holder’s Royalty Payment Rights Certificate.
Quarterly Patent Royalty Reports – LICENSEE agrees to provide HENDRICK, within thirty (30) days after the end of each calendar quarter and within ten (10) days after the expiration or termination of this Agreement, a report of the gross revenues derived from the use, offer for sale, sell, lease, rent and export of Licensed Products and Related Services, by country (if applicable) (“Quarterly Patent Royalty Reports”). LICENSEE shall commence providing HENDRICK such Quarterly Patent Royalty Reports within thirty (30) days following the end of the first calendar quarter in the Initial Term. The Quarterly Patent Royalty Reports will quantify the gross revenues derived from the use, offer for sale, sell, lease, rent and export of Licensed Products and Related Services, by country (if applicable), accrued during the previous quarter explaining the basis for such calculations. In the calendar quarter in which LICENSEE has exhausted the Annual Minimum Patent Royalty Payment, LICENSEE shall include with the Quarterly Patent Royalty Report payment for all Patent Royalties accrued for the immediately preceding quarter that are in excess of the Annual Minimum Patent Royalty Payment. Unless otherwise instructed by HENDRICK, these payments will be made by check directly to HENDRICK or her nominee at the address set out in Section 8.
(a)The Royalty shall be calculated and paid for each fiscal quarter of each calendar year during the term of this Conveyance (a “quarter”) (i.e., each succeeding three month period of a calendar year, the first quarter commencing on January 1st), commencing with the quarter (or the remainder thereof) in which the effective date of this Conveyance falls. The Royalty for each quarter shall be paid to the Holder by the Owner by certified check, bank draft or wire transfer (in the sole and absolute discretion of the Holder) in U.S. Dollars, on or before the day that is thirty (30) days after the last day of each quarter. Any adjustment to the determination of any Royalty payment shall be made on the next scheduled Royalty payment. All such Royalty and adjustment payments shall be delivered to the Holder at the Place of Delivery in such manner as specified in writing by the Holder.
There was no royalty payment received by the Trust in October 2020 for the quarter ended September30, 2020. Moreover, as noted in Note 8 of Notes to Financial Statements (Unaudited) in Part I, Item 1, Financial Statements of the Trusts Quarterly Report on Form 10-Q for the quarterly period ended March31, 2020, it was determined in that, due to a slight over estimation of December 2019s production volume included in the 2019 fourth quarter royalty payment calculation, there was an overpayment by BP Alaska of $67,450, including interest, through September30, 2020, with respect to the 2019 fourth quarter royalty payment. This overpayment would be recovered by HNS in one or more future quarters with a sufficient positive royalty payment. In the event that there are no future, or insufficient, positive payments, it is expected that HNS would explore other options it may have under the Trust Agreement, the Conveyance or otherwise to recover the amount of the 2019 fourth quarter overpayment.
(c)Mundipharma Trailing Royalty.Once the MICL Repayment Amount has been paid in full, Licensee shall no longer be required the pay the MICL Royalty Payment.Instead, Licensee will be required to pay MICL an amount equal to one percent (1%) of Net Sales of IPI-145 Product in the United States(the “MICL Trailing Royalty Payment”).For purposes of this Section 6.1.3(c) only, Net Sales of Combination Products will be calculated in accordance with Section 1.59(I) and will not be reduced by the multiplication factor reflected in Section 1.59(II).The MICL Trailing Royalty Payment shall be paid on an IPI-145 Product-by-IPI-145 Product basis until the expiration of the applicable Royalty Term in the United States.Thereafter, no further amounts shall be payable by Licensee to INFI for payment to MICL with respect to the MICL Agreements.
6.10.5 Single Royalty Payment. The obligation to pay Know-how Royalties to Orion under Section6.9 (or any royalty due under Section13.4) is imposed only once with respect to the same unit of the Product, regardless of the number of Orion Patent Rights or the non-patented Orion Proprietary Information covering the same. There shall be no obligation to pay Orion an Know-how Royalty on the sale of the Product between USL and its Affiliates, or a sublicensee (other than a private label distributor of USL, it being understood that USL shall pay Know-how royalties on its Net Sales to a private label distributor of USL, and no royalty shall be due hereunder on the subsequent sale by the Third Party private label distributor).
7.1SIIPL Royalty Payment. SIIPL shall pay Novavax with respect to SIIPL’s sale of Product a royalty in an amount equal to percent (50%) of the Revenue on a Calendar Quarter bases (the “SIIPL Royalty Payment”). All payments under this Agreement shall be made in United States Dollars. Payments pertaining to SIIPL Royalty Payment, as applicable, shall be fully paid [***] on the basis of the applicable sales of Product recognized under US GAAP for the prior Calendar Quarter.