Common use of Annual Remediation Payments Clause in Contracts

Annual Remediation Payments. 1. Walgreens shall make fifteen (15) Annual Remediation Payments, each comprised of Base Payments and Incentive Payments as provided in this Section IV and as determined by the Settlement Fund Administrator as set forth in this Agreement, provided that the Annual Remediation Payment in Payment Year 1 shall consist solely of Base Payments. 2. The combination of the Annual Remediation Payment and the Annual Fee Payment in any given Payment Year shall not exceed one-fifteenth (1/15th) of the Total Available Amount (the “Annual Maximum”). Payments may be lower than one-fifteenth (1/15th) of the Total Available Amount due to credits and incentive eligibility. In the event that the full amount of the Annual Remediation Payment calculated by the Settlement Fund Administrator pursuant to Section IV.C exceeds the Annual Maximum, Settling States will be paid a prorated amount of payment available up to the Annual Maximum, and any unpaid amount will be due the following Payment Year and each succeeding Payment Year until the remediation is fully paid. The payment schedule for the Annual Remediation Payments is attached hereto as Exhibit M-2. The payment schedule for the Annual Fee Payments is attached hereto as Exhibit M-3.