Third Party Licensing Fee Account Sample Clauses

Third Party Licensing Fee Account. On or prior to the Closing Date, the Servicer will establish and maintain an account designated as the “Third Party Licensing Fee Account” in the name and for the benefit of the Master Issuer. On each Weekly Allocation Date, in accordance with the Weekly Collections Allocation Priority, the Servicer will withdraw available amounts on deposit in the Concentration Account for deposit to the Third Party Licensing Fee Account in an amount equal to the royalties, licensing fees or other similar amounts payable to third parties in connection with the sale and use of their products in Franchised U.S. Restaurants, Company-Owned U.S. Restaurants and Post-Closing U.S. Restaurants to the extent that such amounts are not deposited directly to the Third Party Licensing Fee Account by Franchisees. As of the initial Closing Date, such royalties, licensing fees or other similar amounts will be limited to the licensing fees payable on a quarterly basis to Weight Watchers International, Inc. pursuant to the Weight Watchers Agreement (referred to herein as the “Weight Watchers Fees”). The Servicer will apply amounts on deposit in the Third Party Licensing Fee Account to pay the Weight Watchers Fees to Weight Watchers International, Inc. or to pay the applicable royalties, licensing fees or other similar amounts to such other applicable third party licensors on a periodic basis as may be required from time to time under the applicable license agreement; provided, that if the amount on deposit in the Third Party Licensing Fee Account is not sufficient to pay the minimum Weight Watchers Fees (as provided in the Weight Watchers Agreement) or such other royalties, licensing fees or other similar amounts to such other applicable third party licensors as may be required from time to time under the applicable license agreement, the amount of such deficiency may be paid out of the Advertising Fees Account (to the extent the Franchisees have agreed thereto in their respective Franchise Agreements). On each Weekly Allocation Date, the Servicer may apply any available amount on deposit in the Concentration Account in accordance with the Weekly Collections Allocation Priority to make deposits to the Third Party Licensing Fee Account for subsequent payment to third parties in connection with such other agreements pursuant to which royalty fees, licensing fees or other similar fees may be payable to third parties from time to time in the future. The Third Party Licensing Fee Account and th...