Common use of Annual Minimums Clause in Contracts

Annual Minimums. If total amounts actually paid under Sections 2 and 3 of this Exhibit for any License Year are less than the applicable minimum amount set forth in the following table (the “Annual Minimum”), Licensee will pay to ULRF an amount for that License Year equal to the shortfall. Such payment will be made within sixty (60) days of the end of the applicable License Year. If this Agreement expires or terminates for any reason during any year, the Annual Minimum for such License Year will be reduced pro-rata. License Year(s) corresponding with calendar year(s) Annual Minimum 2020 $ 25,000 2021-2022 $ 75,000 2023 and each License Year thereafter $ 150,000

Annual Minimums. If total amounts actually paid under Sections 2 and 3 of this Exhibit for any License Year are less than the applicable minimum amount set forth in the following table subsections (the “Annual Minimum”), Licensee will pay to ULRF an amount for that License Year equal to the shortfall. Such payment will be made within sixty (60) days of the end of the applicable License YearYear (i.e. the first payment will be due sixty (60) days from January 1, 2020). If this Agreement expires or terminates for any reason during any year, the Annual Minimum for such License Year will be reduced pro-rata. License Year(s2019-2021 Ten thousand dollars ($10,000) corresponding with calendar year(s2022 Twenty thousand dollars ($20,000) Annual Minimum 2020 $ 25,000 2021-2022 $ 75,000 2023 and each License Year thereafter $ 150,000Fifty thousand dollars ($50,000)