Minimum Guaranteed Royalties definition
Examples of Minimum Guaranteed Royalties in a sentence
The Minimum Guaranteed Royalties for each Fiscal Year shall be $9,000,000.
Minimum Guaranteed Royalties shall be paid to Licensor by Licensee within thirty (30) days after the last day of each calendar quarter, beginning no later than the quarter ended December 31, 1998.
Starting with sublicenses entered into after January 1, 2012, the net proceeds of these sublicenses shall be divided as set forth below and the Proprietor’s Share shall be credited against the Minimum Guaranteed Royalties.
In addition, all monies due or to become due as Minimum Guaranteed Royalties hereunder shall become immediately due and payable.
Minimum Guaranteed Royalties remitted by LICENSEE shall be credited and offset against operating royalties first coming due hereunder.
Percentage Royalties and Minimum Guaranteed Royalties payable pursuant to paragraph 2.2 shall be paid to Sublicensor regardless of whether Sublicensor has received sales commissions pursuant to paragraph 1.6 in connection with sales of Sublicensed Products.
In no event will any payments of Percentage Royalties or Fees for any Annual Period be credited against the Minimum Guaranteed Royalties or Fees for such or any subsequent Annual Period.
Any amount (i.e., Royalties, Minimum Guaranteed Royalties, marketing fees, brand participation fee, etc.) not paid to Licensor when due under this Agreement shall bear a late payment charge on the unpaid balance at the rate of 1.5% per month, compounded, or the maximum amount permitted by law, whichever is less.
Upon any such termination all Minimum Guaranteed Royalties payable under paragraph 2.2 shall for the duration of the Initial Term, as liquidated damages for early termination of this Agreement and not as a penalty, accelerate and become immediately due and payable to Sublicensor.
Licensee shall pay to Licensor the Guaranteed Minimum Royalties opposite the respective Contract Years: 1 $1.5 million 2 $4 million 3 $5.0 million 4 $5.875 million 5 $6.75 million Each year of any Renewal Term $6.75 million Minimum Guaranteed Royalties will be due and payable on a Contract Quarterly basis, as more specifically set forth below.