Amendment Letter No. 2 to Trade Mark Licence
Category: 270 Legal Recent Posts, Trademark Agreements
AMENDMENT LETTER NO.2 TO TRADE MARK LICENCE BETWEEN
VIRGIN ENTERPRISES LIMITED AND VIRGIN MEDIA LIMITED
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5. Royalties
5.1 Subject to clauses 5.2 and 5.3 below, in consideration of the rights granted under clause 2 above, the Licensee shall pay VEL a royalty the greater of:
(a) one half of one per cent (0.50%) of the Virgin 1 Revenues; or
(b) twenty five thousand pounds (£25,000), in respect of each Quarter. In respect of any part of a Quarter in respect of which royalties are payable pursuant to this Amendment Letter 2, such royalties shall be reduced pro rata in accordance with the number of days for which such royalties are due compared with the number of days in the Quarter in question.
5.2 The royalties payable pursuant to clause 5.1 shall become payable with effect from 1 October 2007.
5.3 To avoid double counting, Virgin 1 Revenues shall be deducted from the amount of Licensed Content Revenues in calculating the royalties payable pursuant to clause 3 of Amendment Letter 1.
5.5 A worked example of the calculation of royalties payable pursuant to clause 3 of Amendment Letter 1 and this clause 5, as applied to the financial years ending 2007 and 2008, is attached for illustrative purposes at Appendix 2.
5.6 The provisions of clauses 4.2 to 4.11 and 4.14 of the Virgin Media Licence shall be deemed to apply, mutatis mutandis, to the royalties payable under this Amendment Letter 2.
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