Common use of Annual Minimums Clause in Contracts

Annual Minimums. If total amounts actually paid under Sections 2 and 3 of this Exhibit for any calendar year are less than the applicable minimum amount set forth in the following subsections (the “Annual Minimum”), Licensee will pay to ULRF an amount for that calendar year equal to the shortfall. Such payment will be made within sixty (60) days from the first day following the end of the applicable calendar year (i.e. the first payment will be due sixty (60) days from January 1, 2025). If this Agreement expires or terminates for any reason during any calendar year, the Annual Minimum for such License Year will be reduced pro-rata. 2024 Five thousand dollars ($5,000) Jan. 1, 2025 2025 Ten thousand dollars ($10,000) Jan. 1, 2026 2026 Ten thousand dollars ($10,000) Jan. 1, 2027 2027 Twenty thousand dollars ($20,000) Jan. 1, 2028 2028 and each calendar year thereafter. Fifty thousand dollars ($50,000) Jan. 1, 2029 and each Jan. 1 thereafter.

Annual Minimums. If total amounts actually paid under Sections 2 and 3 of this Exhibit for any calendar year are less than the applicable minimum amount set forth in the following subsections (the “Annual Minimum”), Licensee will pay to ULRF an amount for that calendar year equal to the shortfall. Such payment will be made within sixty (60) days from the first day following the end of the applicable calendar year (i.e. the first payment will be due sixty (60) days from January 1, 2025). If this Agreement expires or terminates for any reason during any calendar year, the Annual Minimum for such License Year will be reduced pro-rata. Calendar Year(s) Annual Minimum Due as of: 2024 Five thousand dollars ($5,000) Jan. 1, 2025 2025 Ten thousand dollars ($10,000) Jan. 1, 2026 2026 Ten thousand dollars ($10,000) Jan. 1, 2027 2027 Twenty thousand dollars ($20,000) Jan. 1, 2028 2028 and each calendar year thereafter. 2025 2025 Twenty thousand dollars ($20,000) Jan. 1, 2026 2026 Fifty thousand dollars ($50,000) Jan. 1, 2029 2027 2027 and each calendar year thereafter One hundred thousand dollars ($100,000) Jan. 1 thereafter.1, 2028