Minimum Annual Payment and Security Sample Clauses

Minimum Annual Payment and Security. Notwithstanding anything to the contrary herein, Mountain Creek and a Resort Operator shall make a minimum payment to the Vernon Parties of $600,000 for years 2020, 2021, 2022 and 2023: and a minimum payment of $350,000 in years 2024 through the date on which the Sewer Agreement Obligations are paid in full (the “Minimum Payment”). The Minimum Payment shall be secured by the Vernon Letter of Credit (as defined below) and a lien on the Land as set forth in paragraphs 3(viii) and 3(ix) below in years 2020, 2021, 2022 and 2023, and by a lien on the Land as set forth in paragraph 3(ix) below for years 2024 through the date on which the Sewer Agreement Obligations are paid in full (the “Security”).