Common use of Payment of the Deferred Amount Clause in Contracts

Payment of the Deferred Amount. Buyer shall pay to all of the Sellers named in The Agreements collectively, not individually, and according to the allocations contained below (paragraph) 3(b), up to TWO (2) additional payments not to exceed THREE HUNDRED THOUSAND DOLLARS ($300,000) each, and the total thereof, therefore, not to exceed SIX HUNDRED THOUSAND DOLLARS ($600,000) (the Deferred Amount), each payment to be made on the first and second anniversary of the Closing Date, said payments conditioned upon the Miners Entities collectively achieving an annual (EBITDA) of FOUR MILLION DOLLARS ($4,000,000) in each or either of fiscal years 2001 and 2002, as same is adjusted for inter-company charges. The Deferred Amount earned shall bear simple interest at EIGHT PERCENT (8%) per annum from the Closing Date until paid. Payments pursuant to this (paragraph) 3(a) shall include the Deferred Amount due, plus accrued interest.