X. COMMON TRADEMARK LICENSE PROVISIONS – EXAMPLES (Contd…) 4.Initial Payment; Royalty Provisions. 4.1 A payment of $50,000 is payable to secure this A
{"Image DocumentName": "X. COMMON TRADEMARK LICENSE PROVISIONS \u2013 EXAMPLES (Cont\u2019d\u2026)\u200f", "Image ImageDescription": "4. Initial Payment; Royalty Provisions. 4.1 A payment of  50,000 is payable to secure this Agreement as a non-refundable Payment ( Advance Payment ) pursuant to the following schedule:  10, paid upon execution of this Agreement. 4.2 LICENSEE agrees to pay LICENSOR a Royalty of six percent (6%) based upon Net Sales of the Licensed Products sold in the Territory. 4.3 Net Sales shall mean gross sales of the Licensed Products by LICENSEE or its affiliates less only standard discounts and allowances provided such discounts and allowances do not exceed 5% of gross sales. No other deduction shall be made for cash or other discounts, taxes, commissions or uncollectible accounts nor for any costs incurred in the manufacture, sale, distribution or exploitation of the Licensed Products. No Royalty shall be paid by LICENSEE based on LICENSEE\u2019s usual Net Sales price on any unbilled Licensed Products used by LICENSEE or any of its affiliated companies for in-store displays. 4.4 LICENSEE has discretion to set pricing; however, all pricing shall be established by LICENSEE in a commercially reasonable manner and all Licensed Products shall be sold by LICENSEE at competitive prices not substantially more nor substantially less than the price customarily charged by LICENSEE for similar products to unaffiliated businesses. 4.5 Licensed Products may not be sold in conjunction with or bundled with any other products. 4.6 For the Initial Term commencing January 1, 2008 and terminating on September 1, 2011, LICENSEE agrees to pay LICENSOR a Guaranteed Minimum Royalty of no less than  250,000 annually, which shall be paid as follows for the Annual periods:  250,000 by October 1, 2009,  250,000 by October 1, 2010;  250,000 by October 1, For the Renewal Terms, concerning September 1, 2011, LICENSEE agrees to pay LICENSOR a Guarantee Minimum Royalty of no less than  500,000 annually which shall be paid as follows: First Renewal Term:  500,000 by October 1, 2012;  500,000 by October 1, 2013;  500,000 by October 1, Second Renewal Term:  500,000 by October 1, 2015;  500,000 by October 1, 2016;  500,000 by October 1,", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}