Common use of Annual Sales Target Clause in Contracts

Annual Sales Target. “Annual Sales Target” shall mean, for each Contract Year following the Stub Year, an amount to be mutually agreed by the parties (determination of which, if necessary, will be escalated to a senior executive of each party) following good faith discussions for a reasonable period of time prior to and/or during Knicks, LLC’s budget process for the applicable Contract Year; provided, however, that, in the event that the parties are unable to agree on an Annual Sales Target for any Contract Year, the Annual Sales Target will be 103% of the Annual Sales Target for the immediately-preceding Contract Year (provided further that the Annual Sales Target for the 2020-21 Contract Year will be no less than the gross sales revenue actually received by Representative, Knicks, LLC, MSG Sports, LLC or the appropriate Knicks-specific entity without duplication, as applicable, from Team Sponsorship Assets contained in Sponsorship Agreements during the 2019-20 fiscal year (i.e., July 1, 2019 through June 30, 2020)). For clarity, the Annual Sales Target amounts shall not include Gross Revenue from the sale of Arena Game Shared Sponsorship Assets, Non-Team Sponsorship Assets and/or Playoff Sponsorship Assets.

Annual Sales Target. “Annual Sales Target” shall mean, for each Contract Year following the Stub Year, an amount to be mutually agreed by the parties (determination of which, if necessary, will be escalated to a senior executive of each party) following good faith discussions for a reasonable period of time prior to and/or during KnicksRangers, LLC’s budget process for the applicable Contract Year; provided, however, that, in the event that the parties are unable to agree on an Annual Sales Target for any Contract Year, the Annual Sales Target will be 103% of the Annual Sales Target for the immediately-immediately preceding Contract Year (provided further that the Annual Sales Target for the 2020-21 Contract Year will be no less than the gross sales revenue actually received by Representative, KnicksRangers, LLC, MSG Sports, LLC or the appropriate KnicksRangers-specific entity without duplication, as applicable, from Team Sponsorship Assets contained in Sponsorship Agreements during the 2019-20 fiscal year (i.e., July 1, 2019 through June 30, 2020)). For clarity, the Annual Sales Target amounts shall not include Gross Revenue from the sale of Arena Game Shared Sponsorship Assets, Non-Team Sponsorship Assets and/or Playoff Sponsorship Assets.