Common use of Annual Minimum Payments Clause in Contracts

Annual Minimum Payments. On or at any time within ninety (90) days of the parties’ execution of this Agreement, (the “Effective date”) NCG shall pay to Owner the sum of twenty thousand dollars ($20,000.00). Following the Effective Date, NCG shall pay the following Minimum Payments to Owner: First anniversary of Effective Date $ 20,000 Second anniversary of Effective Date $ 20,000 Third anniversary of Effective Date $ 20,000 Fourth anniversary of Effective Date $ 20,000 Fifth anniversary of Effective Date $ 20,000 Sixth and any succeeding anniversary of the Effective Date $ 20,000 The initial annual minimum payment and the Minimum Payments provided in this Section shall not be credited against the Purchase Price if NCG elects to exercise the Option. NCG shall not be obligated to pay the Annual Minimum Payments referenced above, after the exercise and closing of the Option To Purchase.

Annual Minimum Payments. On or at any time within ninety (90) days of the parties’ execution of this Agreement, (the “Effective date”) ), NCG shall pay to Owner the sum of twenty thousand dollars ($20,000.00). Following the Effective Date, NCG shall pay the following Minimum Payments to Owner: First anniversary of Effective Date $ 20,000 Second anniversary of Effective Date $ 20,000 Third anniversary of Effective Date $ 20,000 Fourth anniversary of Effective Date $ 20,000 Fifth anniversary of Effective Date $ 20,000 Sixth and any succeeding anniversary of the Effective Date $ 20,000 The initial annual minimum payment and None of the above Annual Minimum Payments provided in this Section shall not be credited against the Purchase Price if NCG elects to exercise the Option. NCG shall not be obligated to pay the Annual Minimum Payments referenced above, after the exercise and closing of the Option To Purchase.

Annual Minimum Payments. On or at any time within ninety (90) days of the parties’ execution of this Agreement, (the “Effective date”) ), NCG shall pay to Owner the sum of twenty thousand dollars ($20,000.00). Following the Effective Date, NCG shall pay the following Minimum Payments to Owner: First anniversary of Effective Date $ 20,000 Second anniversary of Effective Date $ 20,000 Third anniversary of Effective Date $ 20,000 Fourth anniversary of Effective Date $ 20,000 Fifth anniversary of Effective Date $ 20,000 Sixth and any succeeding anniversary of the Effective Date $ 20,000 The initial annual minimum payment and None of the above Annual Minimum Payments provided in this Section shall not be credited against the Purchase Price if NCG elects to exercise the Option. NCG shall not be obligated to pay the Annual Minimum Payments referenced above, after the exercise and closing of the Option To Purchase.