Guaranteed Minimum Royalty. Licensee shall, during each Annual Period or portion thereof (calculated on a pro rata basis), pay to Licensor the guaranteed minimum royalties (“GMR”) set forth in Exhibit G. GMR payments shall be payable in quarterly installments in advance on the first day of each quarter during each Annual Period during the Term. In no event shall the GMR for any Annual Period be less than * of the Minimum Sales Level for that Annual Period, except that for the Annual Period ending March 31, 2010, the Guaranteed Minimum Royalty shall be * of the Minimum Sales Level.
Appears in 2 contracts
Sources: License Agreement, License Agreement (Movado Group Inc)