Guaranteed Minimum Royalties definition

Guaranteed Minimum Royalties means the following amounts for Contract Year 1 and each of the following Contract Years; provided that the Guaranteed Minimum Royalties for Contract Year 1 (where less than 365 days) and the last Contract Year of the Term is the amount for such Contract Year set forth in the “Amount of Guaranteed Minimum Royalties” column multiplied by the number of days in such Contract Year divided by 365: Contract Year Amount of Guaranteed Minimum Royalties Contract Year 1 $6,500,000 USD Contract Year 2 $7,000,000 USD Contract Year 3 $7,500,000 USD Contract Year 4 $7,750,000 USD Contract Year 5 $8,000,000 USD Contract Year 6 $8,250,000 USD Contract Year 7 $8,500,000 USD Contract Year 8 $9,500,000 USD Contract Year 9 $10,500,000 USD Contract Year 10 and each Contract Year thereafter $11,500,000 USD

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Guaranteed Minimum Royalties shall have the definition set forth in Section 10.3 hereof.

Guaranteed Minimum Royalties shall have the meaning set forth in Section 7.2(b).

Examples of Guaranteed Minimum Royalties in a sentence

• 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.

• 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.

• 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$[*]).

• 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.

• 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).

• Notwithstanding anything to the contrary, any sales by Licensee to International Operators in accordance with this Agreement shall be excluded from the definition of Net Sales and, as such, such sales (1) shall not be subject to payments of Royalties (but shall still be subject to the reporting requirements as set forth in Section 9); and (2) shall not count towards satisfaction of Guaranteed Minimum Royalties.

• ATMI will pay Guaranteed Minimum Royalties to IM as set forth in this Section 5.3. Within [*] days of the Addendum Effective Date, ATMI shall pre-pay Guaranteed Minimum Royalties to IM in the amount of [*]US dollars (US$[*]) (“Pre-paid Royalty”).

• No refunds shall be due in the event that the Actual Royalties for a Royalty Period are less than its Guaranteed Minimum Royalties.

• 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”).

• 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$[*]).

More Definitions of Guaranteed Minimum Royalties

Guaranteed Minimum Royalties has the meaning set forth in the License Agreement.

Guaranteed Minimum Royalties means, as applicable, (i) with respect to the Kmart Contract, the Minimum Royalties (as such term is defined in the Kmart Contract as in effect on the date hereof) payable pursuant to the Kmart Contract as in effect on the date hereof, (ii) with respect to the Canada Contract I, shall relate solely to the Minimum Royalties (as such term is defined in the Canada Contract I as in effect on the date hereof) payable pursuant to the Canada Contract I as in effect on the date hereof and (iii) with respect to the Canada Contract II, shall relate solely to the Minimum Royalties (as such term is defined in the Canada Contract II as in effect on the date hereof) payable pursuant to the Canada Contract II as in effect on the date hereof.

Guaranteed Minimum Royalties means with respect to any Annual Period the minimum royalty payments that Licensee is obligated to pay to Licensor, as set forth in Section 6(B) below.

Guaranteed Minimum Royalties means (i) with respect to the fiscal years 2003 and 2004, $1.6 million, [***].