Examples of Guaranteed Minimum Royalties in a sentence
Any sales made by Licensee during a Sell-Off Period shall not be credited towards any of Licensee’s obligations to pay Guaranteed Minimum Royalties.
Such sales shall be made subject to all of the provisions of this agreement and to an accounting for and the payment of Sales Royalty thereon but not to the payment of Guaranteed Minimum Royalties.
At the expiration of this Agreement for any reason, Licensee immediately shall pay to Licensor any and all unpaid amounts then due and owing to Licensor (including without limitation Royalties and Guaranteed Minimum Royalties for any Contract Year (or portion thereof) prior to the date of the expiration of this Agreement).
Licensee hereby acknowledges and agrees that no Royalties or CMF earned from Net Sales during the Sell-Off Period may be credited towards any Guaranteed Minimum Royalties or Minimum CMF, respectively, previously paid to Licensor during any prior Contract Year.
No refunds shall be due in the event that the Actual Royalties for a Royalty Period are less than its Guaranteed Minimum Royalties.
Said payment shall be made as set forth in the Agreement and shall be applied to the Guaranteed Minimum Royalties for the Royalty Periods defined as follows: “Royalty Period One”, consisting of the period from [*] through [*]: Guaranteed Minimum Royalties in the amount of [*] US dollars (US$[*]).
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Notwithstanding any of the foregoing, any direct payments made by a Project Company or other Person that holds a Site License to Licensor shall be applied against the Guaranteed Minimum Royalties due to Licensor hereunder.
In the event of any failure by Licensee to make timely payment of the Guaranteed Minimum Royalties, Licensor may delivery to Licensee an initial notice describing the payment default (such payment default, a “GMR Default” and such notice, an “Initial GMR Default Notice”).
The royalty periods and associated royalties for the Guaranteed Minimum Royalties in Section 5.3 of the Addendum shall be amended as follows; otherwise, the terms of Section 5.3 of the Addendum remain in full force and effect: “Royalty Period One”, consisting of the period from [*] through [*]: Guaranteed Minimum Royalties in the amount of [*] US dollars (US$[*]).