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of this License, Licensee shall make the following
payments to Licensor at the times and in the manner set
out below:
(i) Licensee shall pay a one-
time fee of Ten Thousand
Dollars ($10,000.00) as
an initial License fee
which fee shall be paid
no later than the
execution of this
Agreement, at which time
it shall be deemed fully
earned, due and payable.
The initial License Fee
is not refundable under
any circumstances.
(ii) As a continuing fee
(“Royalty”) on or before
Tuesday of each week
during the term of this
Agreement, Licensee shall
pay to Licensor a sum
equal to eleven percent
(11%) of the Gross Sales
for the seven (7) day
period ending at the
close of business on the
Sunday preceding such
Tuesday.
(A) The term “Gross Sales”
means all of Licensee’s
receipts from operations,
sales, charges, fees,
orders taken, services,
concessions, business
interruption insurance and
all other revenues of any
kind and nature, whether
for cash or credit, in,
from, about or by reason of
the operation of Licensee’s
Business under the
Trademark and Licensed
Rights but excludes inter-
company transfers, bona
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Last modified: May 25, 2011