Common use of Guaranteed Minimum Royalty Clause in Contracts

Guaranteed Minimum Royalty. In consideration of both the license granted and the services to be performed by Ms. P▇▇▇▇ ▇▇▇▇▇▇ hereunder, Licensee shall pay to Licensor an annual Guaranteed Minimum Royalty during the initial Term of the Agreement of $ * per Annual Period, with payment of 50% for the first Annual Period due upon execution hereof and the balance of the Guaranteed Minimum Royalties payable as specified below: TOTAL ANNUAL ANNUAL PERIOD ANNUAL MIN. ROYALTY DUE GUARANTEED MIN ROYALTY --------------------------- ----------------------- ---------------------- First: Execution to 1/15/07 $ * upon execution; $ * $ * on 7/15/05 Second: 1/16/07 to 1/15/08 1/16/07 $ * Third: 1/16/08 to 1/15/09 1/16/08 $ * Fourth: 1/16/09 to 1/15/10 1/16/09 $ * Fifth: 1/16/10 to 1/15/11 1/16/10 $ * In the event that the Initial Term of this Agreement is extended for an additional five-year term (January 16, 2011 through January 15, 2016, the "Extended Term") the Guaranteed Minimum Royalty for each Annual Period of the Extended Term shall be $ *. The Guaranteed Minimum Royalty payable to Licensor for each Annual Period in the Extended Term shall be payable upfront on January 16th of the beginning of each Annual Period in the Extended Term. For example, the Guaranteed Minimum Royalty payable for the Annual Period from January 16, 2011 through January 15, 2012 shall be payable $ * on January 16, 2011. Subject to the exception in Article 9(C) below, the Guaranteed Minimum Royalty for each Annual Period shall be credited against the Sales Royalty for only the same Annual Period as provided in Article 9 below.