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ment (the “Business”); and
WHEREAS, Licensor is willing to grant to
Licensee a non-exclusive license to use the Trademark
and the Licensed Rights in the identification and
operation of Licensee’s Business pursuant to the provi-
sions contained in this Agreement.
NOW, THEREFORE, in consideration of the
mutual covenants and promises hereinafter set forth,
the parties, intending to be legally bound, hereby
agree as follows:
1. Grant of License.
(a) Licensor hereby grants to Licensee,
subject to the provisions of this Agreement, the non-
exclusive license to use the Trademark and such other
variations of the Trademark as may be authorized by
Licensor in the operation of a food service business
together with the Licensed Rights only at * * * 10100
Roosevelt Boulevard, Philadelphia * * * (the
“License”). * * *
(b) In consideration for the granting
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 as a con-
tinuing fee (“Royalty”) peri-
odically each year Twenty-two
and one-half percent (22.5%)
of the Gross Sales for the
yearly period September 1st
through August 31st each year.
(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
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Last modified: May 25, 2011