Licensed Merchandise

Licensed Merchandise. Merchandise designed by or for Licensor, or subject to Licensor's prior approval, designed by or for Licensee, which is offered by Licensee by virtue of the authority granted in this Agreement which displays the Trademarks on such products, hang-tags, labels and/or other means of packaging or source identification. Merchandise purchased from Licensor's Existing Licensees is not Licensed Merchandise for which any royalties are due under this Agreement.