Special Royalty Sample Clauses

Special Royalty. Notwithstanding Section 7.1, the Royalty rate on Gross Room Revenues accruing during the following periods will be as follows: 18.1.1 The Royalty shall be four and five-tenths percent (4.5%) of Gross Room Revenues for the first License Year; and 18.1.2 The Royalty shall be at the rate specified in Section 7.1 after the first License Year. 18.1.3 The Royalty rate changes set forth in this Section automatically terminate without notice or opportunity to cure, and the Royalty shall reset to the rate specified in Section 7.1, if and as of the date (i) a Termination occurs, (ii) we send you a notice of default and you fail to cure the default within the time specified, if any, in the notice of default or, (iii) after you satisfy the Improvement Obligation, the Facility receives a quality assurance inspection score of less than 425 (or its then equivalent) and the Facility fails to achieve a quality assurance inspection score of at least 425 in a reinspection to be performed not less than 30 days after the initial inspection. {THE BALANCE OF THIS PAGE IS INTENTIONALLY BLANK}