Common use of Net Royalties Clause in Contracts

Net Royalties. For purposes of this Warrant, “Net Royalties” shall mean, with respect to any calendar year, the gross aggregate royalties and other similar revenue that are both (1) earned by the Company (or any of its subsidiaries) during the applicable calendar year and (2) subject to the Company’s compliance with Section 4.1(d) below, received within 90 days after the date that such royalties or similar payments have become due and payable in accordance with the terms of the applicable royalty, licensing or other agreement between the Company (or any of its subsidiaries) and the party obligated to make such payment, in each case in respect of the licensing of the Linens ‘n Things Brand, less the commissions and other amounts payable to Earthbound LLC (“Earthbound”) pursuant to that certain Services Agreement, dated May 8, 2014, by and between LNT Brands LLC (“LNT Brands”) and Earthbound or another broker during the applicable calendar year and related to the licensing of the Linens ‘n Things Brand. For purposes of this Warrant, “Linens ‘n Things Brand” shall mean the intellectual property portfolio of registered trademarks, domain names and other intellectual property rights that encompass the “Linens ‘n Things” brand, licensed, used and exploited by LNT Brands, and its affiliates, contractual counterparties and licensees.