Common use of Guaranteed Minimum Royalties Clause in Contracts

Guaranteed Minimum Royalties. Beginning with the second year of the Initial Term, and for each year thereafter, Licensee shall pay to Licensor no less than the Guaranteed Minimum Royalties set forth in the following schedule. Guaranteed Minimum Royalties shall be comprised of all License Fees, royalties and Joint Venture Royalties collected by Licensee and paid to Licensor. 1998 $ 245,000.00 1999 $ 490,000.00 2000 $ 735,000.00 2001 $ 915,000.00 2002 $1,215,000.00 2003 $1,458,000.00 2004 $1,758,000.00 2005 $2,108,000.00 2006 $2,508,000.00 2007 $2,960,000.00 For all years after 2007, the Minimum Guaranteed Royalties to be paid per year shall be increased by eight (8%) per cent per year for each year the agreement remains in effect. Minimum Guaranteed Royalties shall be paid to Licensor by Licensee within thirty (30) days after the last day of each calendar quarter, beginning no later than the quarter ended December 31, 1998.