Common use of Consideration for Covenants Clause in Contracts

Consideration for Covenants. In consideration for the covenants to maintain the confidentiality and proprietary nature of the Confidential Information belonging to Wheeling Downs as set forth in Section 9.1 hereof and to refrain from engaging in competition with the business of Wheeling Downs in the manner described in Section 9.3 hereof, Wheeling Downs shall pay to WHX Entertainment the sum of Fifteen Million Dollars ($15,000,000.00). The foregoing consideration shall be payable in full to WHX Entertainment in immediately available funds at the Closing, by wire transfer to an account designated by WHX Entertainment.