Close-Out Sales definition

Close-Out Sales shall have the meaning assigned to such term in Paragraph 5.7(a) hereof.

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Close-Out Sales means sales of Licensed Articles which Licensee has determined to be “close-out goods” (as defined in Section 9(j) of this Agreement) at prices less than Licensee’s cost of such Licensed Articles plus twenty percent (20%). For purposes of this definition, “cost” of the Licensed Articles means the direct manufacturing cost of goods paid by Licensee, including the costs of eyeglass cases, plus freight, transit insurance and delivery charges of the Licensed Articles to Licensee’s executive offices or a designated warehouse.

Close-Out Sales means Sales of Licensed Merchandise for less than 50% of its regular wholesale price made to the following approved retailers: M▇▇▇▇▇▇▇’▇, ▇.▇.▇axx, L▇▇▇▇▇▇’▇, ▇▇▇▇ Stores, Syms, Daffy’s, Century 21, Filene’s Basement, and Luggage Factory Outlet, as well as to such other discount retailers as LICENSOR shall hereafter approve in its sole discretion in writing.

Examples of Close-Out Sales in a sentence

Such sales shall constitute Net Sales for purposes of computing Minimum Net Sales, shall not be considered Close-Out Sales for purposes of Section 6(i) below and shall not be subject to any Royalty and no Earned Advertising Payment shall be due thereon.
The Quarterly Report shall include an itemized statement identifying all Close-Out Sales and quantities sold and showing how the royalty payments were calculated.
The Licensed Articles sold as Close-Out Sales shall be deemed sold when shipped or billed (whichever occurs first) by Licensee to Customers.
SMUs shall not be considered Close-Out Sales and shall not be sold at Close-Out Price and are subject to the Royalty Rate.
Licensee: For Quarter Ending: Quarter 1 Quarter 2 Quarter 3 Quarter 4 TOTAL Gross Sales $ $ $ $ $ Returns $ $ $ $ $ Trade Discounts $ $ $ $ $ Total Net Sales $ $ $ $ $ Net Sales of Licensed Products (excluding Close-Outs) $ $ $ $ $ = Earned Royalty $ $ $ $ $ Close-Out Net Sales $ $ $ $ $ = Earned Royalty for Close-Outs $ $ $ $ $ Close-Out Sales % of Total Net Sales % Additional Royalty on Closeout Sales (if any) $ Total Earned Royalty $ $ $ $ $ I certify that the above information is complete and accurate.
Close-Out Sales may only be distributed or sold to the Off Price Channels of Distribution.
Sales by Licensee to the Licensor, cancellations and sales of physically defective Licensed Products shall not count as Close-Out Sales hereunder even if sold at less than eighty percent (80%) of the established price.
Further, Close-Out Sales may occur only for the purpose of liquidating Licensee’s inventory of certain Licensed Articles and shall not include promotional sales or giveaways of Licensed Articles.
Close-Out Sales may not exceed [***] of Licensee’s total gross sales of Licensed Articles during any AMR Period.

More Definitions of Close-Out Sales

Close-Out Sales as used herein shall mean sales of Licensed Products by SEL-LEB for less than 75% of its regular wholesale price to discount retailers with the consent of KOBRA.

Close-Out Sales means all sales of Licensed Products sold at a Close-Out Price.

Close-Out Sales means Net Sales from the sale of Licensed Merchandise consisting of eyeglass and sunglass frames at a sales price equal to or less than 100% of the cost to Licensee of such Licensed Merchandise. The cost of Licensed Merchandise shall include direct manufacturing costs and taxes, freight and insurance in the delivery of such Licensed Merchandise to Licensee at its principal executive offices or warehouse facility.