Guaranteed Advertising Royalty. Section 6.1 of the Magazine Agreement is hereby amended so as to add the following: iVillage guarantees that the Royalty payable to Hearst hereunder will be no less than one million one hundred thousand dollars ($1,100,000) in the twelve month period following the effective date of this Amendment and no less than one million four hundred thousand dollars ($1,400,000) during each consecutive twelve month period thereafter throughout the Initial Term (the foregoing amounts referred to as the "Guaranteed Advertising Royalty"). The Guaranteed Advertising Royalty is subject to reduction in the event Hearst fails to expend the Production Commitment as set forth at Section 4 herein above. Within sixty (60) days following the conclusion of each three month period following the Effective Date hereof (each a "Quarter"), iVillage will pay to Hearst the greater of one-quarter of the Guaranteed Advertising Royalty or the actual earned Royalty pursuant to Section 6 of the Magazine Agreement (unless the total amount of the Guaranteed Advance Royalty owed in that twelve month period has been paid in which case iVillage would only be required to pay the actual earned Royalty for such Quarter). If at the completion of the fourth Quarter, the total fees due to Hearst do not exceed the Guaranteed Advertising Royalty, then the fees paid to Hearst for the fourth Quarter will equal the difference between Guaranteed Advertising Royalty and the fees paid to date for that twelve month period.
Guaranteed Advertising Royalty. Section 6.1 of the Magazine Agreement is hereby amended so as to add the following:
