Common use of TRADEMARK ROYALTY AND ROYALTY MINIMUM PAYMENTS Clause in Contracts

TRADEMARK ROYALTY AND ROYALTY MINIMUM PAYMENTS. Other than the First Contract Year, LICENSEE shall pay to GUESS in advance the Royalty Minimum in two equal installments per Contract Year during the Initial Term and any Renewal Term. The Minimum Trademark Royalty shall be paid as follows: the payment for January through June for each Contract Year shall be due in advance on the first day of business in January, and the payment for July through December of each Contract Year shall be due in advance on July 1 of such year. Minimum Trademark Royalty payments for the First Contract Year shall be due in advance in two equal installments, one payable on the first day of business in January, 2005 and the second payable on July 1, 2005. Within sixty (60) days of the end of each Contract Year, LICENSEE shall pay to GUESS, the amount, if any, by which the aggregate Trademark Royalty due for such Contract Year exceeds the Royalty Minimum for such Contract Year. LICENSEE will not be relieved of paying the Trademark Royalty by virtue of having met the Royalty Minimum, if LICENSEE's Net Sales yield Trademark Royalty obligations in excess of the Royalty Minimum. The obligation of LICENSEE to pay the Trademark Royalty and/or the Royalty Minimum, as the case may be, is absolute, notwithstanding any claim that LICENSEE may assert against GUESS. LICENSEE shall not have the right to set-off, compensate or make any deduction from payments of the Trademark Royalty or the Royalty Minimum for any reason whatsoever.

TRADEMARK ROYALTY AND ROYALTY MINIMUM PAYMENTS. Other than the First Contract Year, LICENSEE shall pay to GUESS in advance the Royalty Minimum in two equal installments per Contract Year quarterly during the Initial Term and any Renewal Term. The Minimum Term of this Agreement the Trademark Royalty shall be paid Royalty, as follows: the payment for January through June for January, February and March of each Contract Year year shall be due in advance on MAY 1; the first day of business in Januarypayment for April, May and June shall be due AUGUST 1; the payment for July, August and September shall be due NOVEMBER 1; and the payment for July through October, November and December of each Contract Year shall be due in advance on July 1 of such year. Minimum Trademark Royalty payments for the First Contract Year shall be due in advance in two equal installments, one payable on the first day of business in January, 2005 and the second payable on July FEBRUARY 1, 2005. Within sixty thirty (6030) days of after the end of each Contract Year, LICENSEE shall pay to GUESS, GUESS the amount, if any, by which the aggregate Trademark Royalty due Minimum (as specified in Exhibit H attached hereto) for such Contract Year exceeds the Trademark Royalty Minimum due for such Contract Year. LICENSEE will not be relieved of paying the Trademark Royalty by virtue of having met the Royalty Minimum, if LICENSEE's Net Sales yield Trademark Royalty obligations in excess of the Royalty Minimum. The obligation of LICENSEE to pay the Trademark Royalty and/or or the Royalty Minimum, as the case may be, is absolute, notwithstanding any claim that LICENSEE may assert against GUESS. LICENSEE shall not have the right to set-off, compensate or make any deduction from payments of the Trademark Royalty or the Royalty Minimum for any reason whatsoever.