Future Payment Sample Clauses

Future Payment. IGT may, at IGT’s sole discretion, pay to SMI the sum of Four Million, Eight Hundred and Seventy-five Thousand Dollars ($4.875 million) (the “Future Payment”), which sum will be paid on or by June 29, 2007. IGT may elect to make the Future Payment on or prior to June 29, 2007. If IGT does not make the Future Payment on June 29, 2007, then SMI shall give IGT written notice thereof and IGT shall have twenty (20) additional business days to make the Future Payment. If the Future Payment is not made within said twenty (20) additional business day period, then: (a) IGT’s entire ownership interest, including the rights afforded per said ownership interest as identified in Section 3.2 in the ENPAT Patents shall immediately revert to SMI; (b) SMI shall not owe IGT for any Royalties that accrue from the ENPAT Patents after June 29,2007; (c) the SMI Covenant provision of the Three-Party Agreement as contained in Sections 6(b)(i) and 6(b)(ii) thereof shall be immediately severed from the Three-Party Agreement and such severed Sections shall be of no further force or effect; and (d) IGT shall have no further obligations and liabilities, as conveyed in this Agreement, relating to the ENPAT Patents. All other terms of this Agreement and the Three-Party Agreement shall survive this Section 5.4, including but not limited to all Scope of Product and other Covenant provisions, ownership interests in the Fishbine and ▇▇▇▇▇▇▇▇ Patents and […***…].

Future Payment. On August 31, 1999, Acquiror hereby covenants and agrees, as part of the Merger Consideration, to pay to the Stockholder $2,500,000, together with interest thereon (herein referred to as the "Future Payment"). The obligation to make such Future Payment shall be evidenced by a promissory note of Acquiror in substantially the form of Exhibit B hereto.

Future Payment. The Service may restrict the number of Future Payments allowed for a particular Payee. Also, a non-recurring Future Payment may not be scheduled more than one year in advance. If the Transmit Date for a Future Payment falls on a day other than a business day or on a day that does not exist (e.g., February 30), then the Transmit Date for the Future Payment will be rescheduled on the next following business day. For example, if you enter a Future Payment that results in a Transmit Date of August 5th, and August 5th is a Saturday, then the Transmit Date for that Future Payment would be rescheduled on August 7th (provided that August 7th is a business day). Please note that the Payment Guarantee described below does not apply to a Future Payment if there are not at least five (5) business days, or two (2) business days in the case of Payments that may be remitted electronically, between the Transmit Date and the Due Date. Certain Services in Online Banking may not permit you to schedule Future Payments. Please refer to other sections of this Agreement, applicable User’s Guides and/or on-screen help for more information about the capabilities of particular Services.

Future Payment. 5.1 No amount of the Future Payment shall be paid otherwise than in accordance with this Clause 5. 5.2 Subject as otherwise provided by this Clause 5, the amount of the Future Payment shall be paid by the Buyer to the Sellers' Solicitors (who shall be responsible for ensuring that such sum is apportioned between the Sellers after deduction of certain amounts set out in the Payment Agreements) on the first anniversary of Second Completion (the Release Date). 5.3 The amount of US Dollars three hundred thousand (US Dollars 300,000) shall be deducted from the Future Payment if the Lease of the Property at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇, as more particularly described in Schedule 8, has not been assigned, sub-let, cancelled or otherwise terminated or disposed of by the Release Date on terms that are commercially acceptable to the Buyer, acting reasonably. 5.4 If a Claim has been notified by the Buyer to the Sellers prior to the Release Date in accordance with Clause 12, no amount of the Future Payment shall be paid to the Sellers' Solicitors otherwise than in accordance with the provisions of this Clause 5. 5.5 If, prior to the Release Date, a Claim is settled and there is a Due Amount, the Buyer shall, unless such Due Amount has been paid to the Buyer, be entitled to set off against the Future Payment an amount equal to the Due Amount (which offset shall operate to reduce the amount of the Future Payment by an amount equal to the Due Amount). 5.6 As soon as practicable following the settlement of any Claim outstanding at the Release Date in respect of which there is a Due Amount, the Buyer shall, unless such Due Amount has been paid to the Buyer, be entitled to set off against the Future Payment an amount equal to the Due Amount (which offset shall operate to reduce the amount of the Future Payment by an amount equal to the Due Amount). 5.7 Following settlement of all Claims outstanding (if any) at the Release Date, the Buyer shall, as soon as practicable, pay any balance of the Future Payment to the Sellers' Solicitors (who shall be responsible for ensuring that such sum is apportioned between the Sellers). 5.8 For the avoidance of doubt any amount of the Future Payment which is not the subject of an outstanding Claim shall be paid on the Release Date to the Sellers' Solicitors in accordance with the provisions of Clause 5.2 .