Minimum Flu Payments Clause Samples

Minimum Flu Payments. Subject to Sections 3.5, 3.7 and 3.8, on January 31st of each year from and including 2008 to and including 2018, IDB shall pay to Shire an amount equal to the greater of: (a) zero, and (b) the Minimum Flu Payment for the twelve month period ending on December 31 of the previous year less (1) all Flu Principal Payments and Flu Interest paid during such period, other than: (i) amounts paid during the twelve month period ending on December 31 of the previous year pursuant to this Section 3.9; (ii) amounts repaid during the twelve month period ending on December 31 of the previous year pursuant to Section 6.4(a); and (iii) amounts paid during the twelve month period ending on December 31 of the previous year pursuant to Section 5.15 which are not applied to Flu Advances or Pipeline Advances; and (2) any Flu Principal Payments or Flu Interest paid prior to 2007 and not previously deducted pursuant to this Section 3.9. All such payments shall be applied to Flu Principal Payments according to Section 3.4.