All merchandise bearing any Marks must be produced by a licensed vendor and be approved by Anangpuria’s Trademark Licensing Office. The Trademark Licensing Office will issue or approve all licenses, issues guidelines governing the production, sale and other distribution of licensed merchandise, and manage Anangpuria’s trademark licensing program. All merchandise produced for sale will be royalty bearing royalty-bearing at the rate established by the Trademark Licensing Office. Copying, Reproduction or redistribution of trademarks, without the written permission of Anangpuria, is prohibited.