Common use of License Fees Clause in Contracts

License Fees. Licensee shall pay to S&P the following annual fees on a per Indexed Fund basis: The greater of the Minimum Fee or the Variable Fee set forth below due as of the close of the IPO. Aggregate Minimum Fee: The Minimum Fee is equal to $10,000 per year. The Minimum Fee is due as of the Commencement Date and each one year anniversary thereof and payable within thirty (30) days of the date of invoice from S&P. Variable Fee: Five basis points (0.0005) multiplied by the total amount of assets raised during the initial public offering (IPO), payable at the close of such IPO. By way of example, and without limiting the generality of the foregoing, in the event that Licensee issues a mutual fund with average daily assets under management equal to $100 million on January 1, the License Fee for the period ending March 30 will be equal to $100,000,000 × 0.0005 / 4 or $12,500; OR a closed-end fund with assets raised during the IPO closing on January 1 equal to $100 million, the License Fee shall be equal to to $100,000,000 × 0.0005 or $50,000.

License Fees. Licensee shall pay to S&P the following annual fees on a per Indexed Fund basis: The greater of the Minimum Fee or the Variable Fee set forth below due as of the close of the IPO. Aggregate Minimum Fee: The Minimum Fee is equal to $10,000 per year. The Minimum Fee is due as of the Commencement Date and each one year anniversary thereof and payable within thirty (30) days of the date of invoice from S&P. Variable Fee: Five basis points (0.0005) multiplied by the total amount of assets raised during the initial public offering (IPO), payable at the close of such IPO. By way of example, and without limiting the generality of the foregoing, in the event that Licensee issues a mutual fund with average daily assets under management equal to $100 million on January 1, the License Fee for the period ending March 30 will be equal to $100,000,000 × x 0.0005 / 4 or $12,500; OR a closed-end fund with assets raised during the IPO closing on January 1 equal to $100 million, the License Fee shall be equal to to $100,000,000 × x 0.0005 or $50,000.