4.1.3 Guaranteed Minimum Royalties. In respect of each Annual Period or portion thereof during the License Period, Licensee shall pay to Cluett the minimum royalties listed below, including payments to Cluett as set forth in Section 1.1.5(e) and (f), but excluding royalties paid on sales (i) to Third Party Licensees, if any, and (ii) in breach of any provision hereof (the “Guaranteed Minimum Royalties”), in four equal installments no later than each January 1, April 1, July 1 and October 1 during the License Period for the upcoming calendar quarter commencing July 1, 2016. Notwithstanding the foregoing, the installment of the Guaranteed Minimum Royalties for any calendar quarter shall be payable only to the extent of the excess, if any, of (x) such installment plus the aggregate amounts payable under Section 4.1.1 and this Section 4.1.3 for all prior calendar quarters in respect of any Annual Period over (y) the aggregate actual payments under Section 4.1.1 and Section 4.1.3 for all prior calendar quarters in respect of such Annual Period.