Common use of Guaranteed Payment Clause in Contracts

Guaranteed Payment. Agent guarantees that Merchant shall receive an amount equal to forty-nine and one-half percent (49.5%) of the Retail Value (the "Guaranteed Payment") of the Merchandise. In the event that the aggregate value of all the Merchandise shall be less than Five Million Seven Hundred Thousand Dollars ($5,700,000), the Merchant will transfer to the Stores' inventory of a mix and quality to be agreed upon so that the inventory level is equal to or greater than $5,700,000. In addition to the Guaranteed Payment, Merchant will be entitled to sixty percent (60%) of the Net Profit of the Sale. For purposes of this Agreement, Net Profit of the Sale is the gross proceeds of the sale after payment of the Guaranteed Payment, Expenses of Sale and payment to Agent of an amount equal to one percent (1%) of the Retail Value. Merchant shall retain all amounts collected during the Sale, as well as any insurance proceeds resulting from the loss of any Merchandise subject to this Agreement (the "Proceeds"), out of which it shall pay Expenses of Sale, as set forth below, and satisfy the Guaranteed Payment. After satisfaction of the Guaranteed Payment and payment of Expenses of Sale, and subject to the sharing of the Net Profit of the Sale set forth above, Agent shall be entitled to receive its share of the Proceeds as its commission herein. As security for the Guaranteed Payment and Expenses of Sale, Agent will deliver to Merchant an irrevocable Letter of Credit, in a form attached hereto as Schedule B from Wellx Xxxgo Bank in the amount of $2,115,000 having an expiration date of not earlier than November 30, 2000. Reductions in the Letter of Credit amount will be permitted as appropriate. In the event, following the End Date, that Proceeds from the Sale are insufficient to satisfy the Guaranteed Amount and Expenses of Sale, Merchant shall be entitled to draw down upon the Letter of Credit for the amount of the deficiency.

Guaranteed Payment. Agent guarantees that Merchant shall receive an amount equal to forty-nine fifty three and one-half percent (49.553.5%) of the Retail Value (the "Guaranteed Payment") of the Merchandise. In the event that the aggregate value of all the Merchandise shall be less than Six Million Five Million Seven Hundred Thousand Dollars ($5,700,0006,500,000), the Merchant Guaranteed Payment shall be reduced in accordance with Schedule B. The Guaranteed Payment will transfer to be reduced pro rata for increments or partial increments in accordance with Schedule B. Moreover, in the Stores' inventory of a mix and quality to be agreed upon so event that Agent cannot start the inventory level is equal to or greater than $5,700,000. In addition to Sale until (i) after June 18th but before June 25th, the Guaranteed Payment, Merchant will Payment shall be entitled to sixty reduced by one half of one percent (60.5%) of the Net Profit of the Sale. For purposes of this Agreement(e.g. from 53.5% to 53%), Net Profit of the Sale is the gross proceeds of the sale (ii) after payment of June 25th but before July 2, the Guaranteed Payment, Expenses of Sale and payment to Agent of an amount equal to Payment shall be reduced by one percent (1%) of (e.g. from 53.5% to 52.5%), and (iii) after July 2 but before July 9, the Retail ValueGuaranteed Payment shall be reduced by one and one half percent (1.5%) (e.g.53.5% to 52%). The parties agree to negotiate in good faith any further reduction in the Guaranteed Payment in the event Agent is prohibited from starting the Sale until after July 9th. Merchant shall retain all amounts collected during the Sale, as well as any insurance proceeds resulting from the loss of any Merchandise subject to this Agreement (the "Proceeds"), out of which it shall pay Expenses of Sale, as set forth below, and satisfy the Guaranteed Payment. After satisfaction of the Guaranteed Payment and payment of Expenses of Sale, and subject to the sharing of the Net Profit of the Sale set forth above, Agent shall be entitled to receive its share of the all additional Proceeds as its commission herein. As security for the Guaranteed Payment and Expenses of Sale, Agent will deliver to Merchant an irrevocable Letter of Credit, in a form attached hereto as Schedule B C from Wellx Xxxgo Bank in the amount of $2,115,000 3,500,000 having an expiration date of not earlier than November September 30, 2000. Reductions in the Letter of Credit amount will be permitted as appropriate1999. In the event, following the End Date, that Proceeds from the Sale are insufficient to satisfy the Guaranteed Amount and Expenses of Sale, Merchant shall be entitled to draw down upon the Letter of Credit for the amount of the deficiency.

Guaranteed Payment. Agent guarantees that Merchant shall receive an amount equal to forty-nine fifty one and one-half percent (49.551.5%) of the Retail Value (the "Guaranteed Payment") of the Merchandise. In the event that the aggregate value of all the Merchandise shall be less than Five Three Million Seven Two Hundred Fifty Thousand Dollars ($5,700,0003,250,000), the Merchant Guaranteed Payment shall be reduced in accordance with Schedule B. The Guaranteed Payment will transfer be reduced pro rata for increments or partial increments in accordance with Schedule B. Moreover, in the event that Agent cannot start the Sale until (i) after June 18th but before June 25th, the Guaranteed Payment shall be reduced by one half of one percent (.5%) (e.g. from 51.5% to 51%), (ii) after June 25th but before July 2, the Stores' inventory of a mix Guaranteed Payment shall be reduced by one percent (1%) (e.g. from 51.5% to 50.5%), and quality (iii) after July 2 but before July 9, the Guaranteed Payment shall be reduced by one and one half percent (1.5%) (e.g. 51.5% to be agreed upon so that 50.0%). The parties agree to negotiate in good faith any further reduction in the inventory level Guaranteed Payment in the event Agent is equal to or greater than $5,700,000prohibited from starting the Sale until after July 9th. In addition to the Guaranteed Payment, Merchant will be entitled to sixty fifty percent (6050%) of the Net Profit of the Sale. For purposes of this Agreement, Net Profit of the Sale is the gross proceeds of the sale after payment of the Guaranteed Payment, Expenses of Sale and payment to Agent of an amount equal to one two percent (12%) of the Retail Value. Merchant shall retain all amounts collected during the Sale, as well as any insurance proceeds resulting from the loss of any Merchandise subject to this Agreement (the "Proceeds"), out of which it shall pay Expenses of Sale, as set forth below, and satisfy the Guaranteed Payment. After satisfaction of the Guaranteed Payment and payment of Expenses of Sale, and subject to the sharing of the Net Profit of the Sale set forth above, Agent shall be entitled to receive its share of the Proceeds as its commission herein. As security for the Guaranteed Payment and Expenses of Sale, Agent will deliver to Merchant an irrevocable Letter of Credit, in a form attached hereto as Schedule B C from Wellx Xxxgo Bank in the amount of $2,115,000 of$1,250,000 having an expiration date of not earlier than November 30, 2000. Reductions in the Letter of Credit amount will be permitted as appropriate. In the event, following the End Date, that Proceeds from the Sale are insufficient to satisfy the Guaranteed Amount and Expenses of Sale, Merchant shall be entitled to draw down upon the Letter of Credit for the amount of the deficiency.than