Annual Minimums. (a) Axys agrees to provide, on or before April 30, 2001, Purchase Elections carrying an aggregate purchase price of no less than the First Year Requirement (as defined below). (b) Axys separately agrees to provide, after April 30, 2001 and on or before April 30, 2002, Purchase Elections carrying an aggregate purchase price of no less than the Second Year Requirement (as defined below). (c) Axys separately agrees to provide, after April 30, 2002 and on or before April 30, 2003, Purchase Elections carrying an aggregate purchase price of no less than the difference of (i) the Total Price, minus (ii) the sum of (A) the aggregate purchase price under all Purchase Elections delivered before April 30, 2003, plus (B) the sum of any and all Makeup Payments.
Appears in 2 contracts
Sources: Compound Purchase Agreement (Axys Pharmaceuticals Inc), Compound Purchase Agreement (Discovery Partners International Inc)