Common use of Further Payments Clause in Contracts

Further Payments. In addition to the Initial Payment, Purchaser will pay to Seller (or to Seller’s designated agent(s) for receipt of payment) (i) within thirty (30) days after the first year anniversary of Closing, One Million U.S. Dollars ($1,000,000) and (ii) within thirty (30) days after the second year anniversary of Closing, One Million U.S. Dollars ($1,000,000) (each of (i) and (ii), a “Further Payment” and together, the “Further Payments”). At its option, Purchaser may pre-pay one or more of the Further Payments. Purchaser’s obligations to make the Further Payments shall be secured under the terms of a Security Interest Addendum in the form attached as Exhibit E (the “Security Interest Addendum”). For the avoidance of doubt, neither this Agreement nor the Security Interest Addendum is a guarantee by any Affiliate of Purchaser of Purchaser’s payment obligations under this Agreement.