Common use of Minimum Annual Payments Clause in Contracts

Minimum Annual Payments. Licensee will pay Licensor the following minimum annual payments: Year Ending December 31 Minimum Annual Payments 2020 2021 2022 2023 2024 2025 and thereafter In the event that the annual payments to Licensor under this Agreement for any Calendar Year do not equal or exceed the amounts specified above, Licensor will have the right upon sixty (60) days notice, to terminate this Agreement, unless Licensee pays Licensor a sum equal to the difference between the minimum annual payment specified above and the amount actually paid for such year before the expiration of the sixty (60) day notice period. Failure of Licensor to give the notice as provided in this article in reference to any given year or years is not a waiver of the right to enforce this provision in any subsequent year.

Minimum Annual Payments. Licensee will pay Licensor the following minimum annual payments: Year Ending December 31 Minimum Annual Payments 2020 2021 2022 2023 2024 2025 and thereafter In the event that the annual payments to Licensor under this Agreement for any Calendar Year calendar year do not equal or exceed the amounts specified above, Licensor will have the right upon sixty (60) days notice, to terminate this Agreement, unless Licensee pays Licensor a sum equal to the difference between the minimum annual payment specified above and the amount actually paid for such year before the expiration of the sixty (60) day notice period. Failure of Licensor to give the notice as provided in this article in reference to any given year or years is not a waiver of the right to enforce this provision in any subsequent year.