Common use of Guaranteed Minimum Payments Clause in Contracts

Guaranteed Minimum Payments. LICENSEE agrees that each minimum annual payment under paragraph 4 of Article VI shall become a present obligation of LICENSEE to LICENSOR on the first day of each Market Year; and LICENSEE agrees that such minimum amounts are to be paid to LICENSOR together with the remittance made for the last accounting period of the applicable Market Year, in the event earned royalties for such Market Year do not reach the minimum amount set forth.