Common use of License Fees Clause in Contracts

License Fees. Commencing on the Billing Commencement Date and at each three (3) month period thereafter during the first year following such Billing Commencement Date (the “Initial Year”), Licensee shall pay to S&P two thousand five hundred U.S. Dollars ($2,500) for a total annual payment of Ten Thousand U.S. Dollars ($10,000) (the “Year 1 Minimum Fee”). Following the Initial Year, Licensee shall pay S&P a minimum fee of two thousand five hundred U.S. Dollars ($2,500) for every series of the Product launched by Licensee (the “Series Minimum Fee”) after that Initial Year, provided, however that the total Series Minimum Fees in aggregate paid by Licensee to S&P for any one (1) year period shall not exceed Ten Thousand U.S. Dollars ($10,000). In addition, Licensee shall pay to S&P (a) within thirty (30) days following the end of the Initial Year, the overage (if any) between the Year 1 Minimum Fee and three basis points (0.0003) of the aggregate daily liquidation value of transactional sales (specifically excluding fee-based sales) made during the primary offering period of the Product (and every series thereof) launched in the first year and (b) within thirty (30) days following the anniversary of the Initial Year and each one (1) year period thereafter, the overage (if any) between the aggregate of all Series Minimum Fees paid in such annual period and three basis points (0.0003) of the aggregate daily liquidation value of transactional sales (specifically excluding fee-based sales) made during the primary offering period of every series of the Product launched in such annual period.