Failure to Maintain Records. LICENSEE acknowledges that its failure to maintain the appropriate and accurate books of accounts and records required hereunder will constitute a material breach of its obligations and will cause substantial damage to GUESS. GUESS may, therefore, in addition to exercising any other rights hereunder, charge LICENSEE a fee of the greater of (a) *, or (b) * of the Trademark Royalty for the applicable Contract Year; upon LICENSEE's breach of its obligations under this Section 13. LICENSEE shall pay such fee within five (5) days of demand by GUESS. GUESS may also charge such fee against the letter of credit described in Section 13.2.
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Sources: Trademark License Agreement (Parlux Fragrances Inc), Trademark License Agreement (Parlux Fragrances Inc), Trademark License Agreement (Parlux Fragrances Inc)