Guaranteed Minimum Royalty. Subject to Licensor’s satisfaction of its obligations under Schedule B, Licensee shall pay Licensor a “Guaranteed Minimum Royalty”, payable in quarterly installments (except as set forth below with respect to CP1), in each contract period as follows: (i) Five Hundred Fifty Thousand Dollars ($550,000) in CP1; (ii) One Million One Hundred Thousand Dollars ($1,100,000) in CP2; and (iii) One Million Six Hundred Fifty Thousand Dollars ($1,650,000) in CP3. The Guaranteed Minimum Royalty due to Licensor in connection with CP1 shall be satisfied by the payment of an advance.
Appears in 2 contracts
Sources: License Agreement (Starco Brands, Inc.), License Agreement (Starco Brands, Inc.)