Guaranteed Minimum Royalty (GMR) definition
Guaranteed Minimum Royalty (GMR) means the amount that OFI shall pay to BMC during each Contract Year during Renewal Term 1 and Renewal Term 2, respectively, as minimum royalties regardless of OFI’s actual Net Sales of Licensed Products during each such Contract Year. GMR shall be applied against the Earned Royalty due to BMC each Contract Year during Renewal Term 1 and Renewal Term 2 in accordance with the provisions of Section 4.2.