Minimum Annual Payments. The Annual Payment must not be less than the Minimum Amount.
Minimum Annual Payments. Licensee will pay Licensor the following minimum annual payments: Year Ending December 31 Minimum Annual Payments 2020 In the event that the annual payments to Licensor under this Agreement for any Calendar Year do not equal or exceed the amounts specified above, Licensor will have the right upon sixty (60) days notice, to terminate this Agreement, unless Licensee pays Licensor a sum equal to the difference between the minimum annual payment specified above and the amount actually paid for such year before the expiration of the sixty (60) day notice period. Failure of Licensor to give the notice as provided in this article in reference to any given year or years is not a waiver of the right to enforce this provision in any subsequent year.
Minimum Annual Payments. The parties agree that Osm Kft shall be responsible for the Initial Contract Year Minimum Payment which payment shall not be waived in the event Mallinckrodt does not obtain sufficient Manufacturing Quota for the first Contract Year or in the event Osm Kft does not obtain sufficient Procurement Quota for the first Contract Year, After the first Contract Year, the minimum payments and minimum purchase requirements for the then-current Contract Year shall terminate and be of no further force or effect if the Agreement is terminated.
Minimum Annual Payments. The Annual Payment must not be less than the “Minimum Amount”, which is the amount prescribed under the Tax Act as the minimum amount to be paid out of a RRIF each year.
Minimum Annual Payments. (i) In the event that the aggregate amount actually paid by Distributor to GDTI under this Agreement with respect to the licensing and distribution of the Products and performance of the Support Services during the twelve (12) month period commencing six (6) months from the Effective Date (“Year 1,” and such aggregate amount, the “Year 1 Actual Payment”) is less than the minimum annual payment for Year 1 shown on Schedule C (the “Year 1 Minimum Payment”), Distributor shall pay GDTI a 10% penalty on the balance not achieved in “Year 1” and the balance of the “Year 1 Minimum Payment” not achieved will be additive to the next subsequent year and the amount by which the Year 1 Minimum Payment exceeds the Year 1 Actual Payment, such payment to be made to GDTI within forty-five (45) days after the end of Year 1.
(ii) In the event that the aggregate amount actually paid by Distributor to GDTI under this Agreement with respect to the licensing and distribution of the Products and performance of the Support Services during the twelve (12) month period immediately following Year 1 (“Year 2,” and such aggregate amount, the “Year 2 Actual Payment”) is less than the minimum annual payment for Year 2 shown on Schedule C (the “Year 2 Minimum Payment”), Distributor shall pay GDTI a 10% penalty on the balance not achieved in “Year 2” and the balance of the “Year 2 Minimum Payment” not achieved will be additive to the next subsequent year and the amount by which the Year 2 Minimum Payment exceeds the Year 2 Actual Payment, such payment to be made to GDTI within forty-five (45) days after the end of Year 2.
(iii) In the event that the aggregate amount actually paid by Distributor to GDTI under this Agreement with respect to the licensing and distribution of the Products and performance of the Support Services during any twelve (12) month period after Year 2 (each such period, a “Subsequent Year,” and such aggregate amount, the “Subsequent Year Actual Payment”) is less than the minimum annual payment for each Subsequent Year shown on Schedule C (the “Subsequent Year Minimum Payment”), Distributor shall pay GDTI a 10% penalty on the balance not achieved in “Subsequent Year” and the balance of the “Subsequent Year Minimum Payment” not achieved will be additive to the next subsequent year if the agreement is mutually extended and the amount by which the Subsequent Year Minimum Payment exceeds the Subsequent Year Actual Payment for the applicable Subsequent Year, such payment to ...
Minimum Annual Payments. Licensee shall make the following minimum annual payments to Xxxxx:
(a) on the first anniversary of the Effective Date, [**************] dollars ($[******]);
(b) on the second anniversary of the Effective Date, [*******************] dollars ($[*******]); and
(c) on the third anniversary of the Effective Date and each succeeding anniversary of the Effective Date that occurs prior to the termination of the Royalty Period, [*************************] dollars ($[*******]). Each such payment shall be payable by Licensee within twenty (20) days of its receipt of Xxxxx’x invoice therefor and shall be fully creditable against any Development Milestone Payments or Royalty Payments falling due to Xxxxx during the two years following the date on which the payment is made.
Minimum Annual Payments. MATERIA agrees to pay to BC the following non-refundable payments; each such payment to be creditable against the Payments that are due under Section 6.2, below, with respect to the period beginning on the due date of that payment and ending with the day before the due date of the next following payment: Due Date Payment Amount January 1, 2004 [REDACTED] January 1, 2005 [REDACTED] January 1, 2006 and each January 1 thereafter
Minimum Annual Payments. The Annual Payments each Year cannot be less than the minimum amount (the “Minimum Amount”) prescribed under the Tax Act, as the minimum amount which must be paid out of a RRIF each Year. The Minimum Amount may be determined on the basis of the age of the Annuitant's Spouse, if the latter is younger than the Annuitant.
Minimum Annual Payments. During each twelve (12) month period of the Agreement commencing on the Effective Date, until the commencement of the Phase III Clinical Trial (including pro-rata the last 12 month period), NWBio agrees to pay Cytogen minimum annual payments of Ten Thousand Dollars ($10,000) per year.
Minimum Annual Payments. Developer acknowledges and understands the tax incremental funding, which is anticipated to be generated from the Project’s increased property tax value and sales tax generated will be used to fund assistance in development financing. Developer further acknowledges and agrees that the necessary tax increment needed to support the assistance in development financing will be maximized by the agreement of Developer, or an associated entity wholly owned, controlled by, or under common control with the Developer, to make an Minimum Annual Payment on the Property and that the Minimum Annual Payment requirement will extend to all subsequent purchasers during the life of Increment District No. 9. The Minimum Annual Payment required under this Agreement is $5,000 for the first year (2019) and $15,000 per year each subsequent year. The Minimum Annual Payment consists of two components: 1) the payment of the ad valorem taxes assessed by the Oklahoma County Assessor on the Property and in the event the amount of annual assessed ad valorem tax on the Property is less than $5,000 in the first year (2019) and $15,000 each subsequent year, then 2) an additional payment in lieu of taxes made by the Developer (or subsequent Property Owner) to the Trust within thirty (30) days of the date of the invoice submitted by the Trust. The additional payment, if necessary, shall be a payment made in lieu of taxes and will be the amount which equals the difference between minimum payment amount and the amount of annual assessed ad valorem taxes paid by the Developer on the Property. Developer further agrees the Property, as described in Exhibit A, will be subject to reassessment by the Oklahoma County Assessor as of January 1, 2019. The assessment will be as if the Property were fully improved as anticipated by this Agreement and that said Property will be subject to the additional payment in lieu of taxes if necessary. The Minimum Annual Payment requirement will begin in 2019; therefore Developer will receive its first invoice for the additional payment in lieu of taxes in February 2020, if the ad valorem taxes assessed by the Oklahoma County Assessor are below the minimum payment amount
