Net Sales Following Assignment or Change of Control. In the event of a Change of Control of Resideo or Resideo’s assignment of this Agreement, in each case, that is approved by Licensor in accordance with Section 15.1, Resideo (in the event of a Change of Control) or the assignee (in the event of assignment) shall, following such Change of Control or assignment, be required, for each calendar year during the remainder of the Term, to achieve Net Sales of Licensed Products equal to the greater of (i) ninety (90) percent of the per-year average Net Sales of Licensed Products by all Licensees in the three (3) calendar years immediately preceding such Change of Control or assignment, as applicable (“Minimum Guaranteed Net Sales”) and (ii) the actual Net Sales during such calendar year.
Appears in 4 contracts
Samples: Trademark License Agreement (Resideo Technologies, Inc.), Trademark License Agreement (Resideo Technologies, Inc.), Trademark License Agreement (Resideo Technologies, Inc.)
