Brand Sales Reserve

Brand Sales Reserve. Means a reserve in the amount at all times equal to the greater of (a) $500,000 or (b) the sum of 10% of the first $5,000,000 of net proceeds from the Brand Sales, plus 5% of the remaining net proceeds of the Brand Sales. As used herein, "net proceeds" means the amount of cash proceeds received (directly or indirectly) by or on behalf of Borrowers in connection with the Brand Sales after deducting therefrom only (i) reasonable fees, commissions, and expenses related thereto and required to be... paid by Borrowers to non-Affiliates in connection therewith and (ii) taxes paid or payable to any taxing authorities by Borrowers in connection with the Brand Sales. View More