GUARANTEED ANNUAL PAYMENT. (“GAP”). After Intel first receives a SIP property tax exemption pursuant to this Agreement, Intel shall pay to the County the sum of $2,870,000 on December 1 of each year starting December 1, 2025 and continuing thereafter until December 1, 2044 or the date this 2014 SIP Agreement terminates under Section 13, whichever is earlier, subject to the following. If this 2014 SIP Agreement terminates in 2044 before December 1, 2044, due to the 30th anniversary of this 2014 SIP Agreement occurring earlier in 2044, the GAP payment due in 2044 is due within thirty (30) days prior to that 30th anniversary. If this 2014 SIP Agreement terminates as provided in Section 13.2, Intel’s obligation to make GAP payments stops. GAP shall be prorated for the period December 1 to November 30 to the date of termination of this Agreement. GAP is due and payable without regard to investment levels or other circumstances once Intel first receives a SIP property tax exemption under this 2014 SIP Agreement. GAP is in addition to, and not in lieu of, any taxes or fees paid by Intel, nor is it a credit against any taxes or fees.
GUARANTEED ANNUAL PAYMENT. Guaranteed Annual Payment means the payment amount under the [Lifetime Income] Benefit, as described in Part VI.
GUARANTEED ANNUAL PAYMENT. (a) A guaranteed annual payment to Atlas and Summit of $510,000 per year (accruing daily) will be paid by Contractor for the term of production from the Ejulebe Field or, if earlier, until the Subcontract is terminated ("the Guaranteed Annual Payment").
GUARANTEED ANNUAL PAYMENT. Provided Seller is in compliance with this Agreement, in addition to other payments required to be paid to Supplier by Buyer under this Agreement, Buyer shall pay to Supplier guaranteed annual payments (the “Guaranteed Annual Payment”) as follows: US$[***Redacted] No later than thirty (30) days after execution of this Agreement US$[***Redacted] Each year thereafter on the anniversary of the effective date of this Agreement. ***Confidential treatment requested pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. Omitted portions have been filed separately with the Commission. In the event that this Agreement is terminated for any reason other than for material breach by Supplier, Buyer shall immediately pay to Supplier all the Guaranteed Annual Payments that would have been due to Supplier under the full term of this Agreement as set forth in Section 3.1. Each Guaranteed Annual Payment shall be paid to Supplier in United States dollars to an account designated by Supplier.
