Minimum Annual Guarantee. The Contractor shall pay the following MAG amounts for each year of the Contract: Contract Year 1 $ Contract Year 2 $ Contract Year 3 $ Contract Year 4 $ Contract Year 5 $ TOTAL $ One-twelfth (1/12) of the MAG for that Contract Year shall be paid in advance and without demand on the first day of each calendar month during the Contract Term. For any period of less than one (1) calendar month, the MAG shall be prorated. Said MAG shall be deemed delinquent if payment is not received by the tenth (10th) calendar day of the month.
Minimum Annual Guarantee. “(MAG”). The MAG for the Leased Premises shall be payable accordance with the following schedule: Annual Period: December 1, 2019 to November 30, 2020 Each succeeding year December 1 to November 30. MAG: $2,772,965.24 On December 1, 2020 and on each December 1 thereafter, the MAG shall be adjusted in accordance with the provisions of Section 4.02 (REVISION OF RENT).
Minimum Annual Guarantee. Operator shall pay to Authority commencing upon the Commencement Date and on the first day of each and every month throughout the Term of this Agreement, one-twelfth (1/12) of the Minimum Annual Guarantee for the applicable Contract Year, plus applicable sales tax, without demand, deduction, holdback or setoff.
Minimum Annual Guarantee. The Minimum Annual Guarantee for the first Contract Year shall be INSERT AMOUNT ($). The Minimum Annual Guarantee for each Contract Year thereafter shall be the greater of (i) INSERT AMOUNT or (ii) seventy-five percent (75%) of the aggregate Privilege Fees due and payable for the prior Contract Year, whichever is greater, plus any applicable taxes.
Minimum Annual Guarantee. For the first Agreement Year, the Minimum Annual Guaranteed Fee or "MAG" amount payable by Licensee to the County shall equal $150,112.00. Beginning with the second (2nd) Agreement Year and continuing thereafter, the MAG shall be adjusted for each Agreement Year to equal eighty-five percent (85%) of the License Fee paid in the prior Agreement Year. Notwithstanding the foregoing, the MAG will never be less than the first Agreement Year. Although each new MAG will be effective as of the first day of each Agreement Year the County will not finalize calculation of the new MAG until sometime thereafter. Once the new MAG has been calculated by the County, based upon information supplied to the County by Licensee, the Airport Director will send Licensee written notice of the new MAG amount. Licensee shall then pay the County any additional License Fee due based on the difference between the License Fee as calculated under the previous Agreement Year’s MAG compared to the new MAG. The County will credit Licensee if there is a credit due based on that same calculation within thirty (30) days of the date of the Airport Director's written notice. Immediately upon the Licensee’s receipts of revenues from its activities hereunder, such funds representing the Minimum Annual Guarantee amounts or percentage fees, and other fees and charges payable to the County under the terms of this Agreement, shall be vested in and become the property of the County and the Licensee shall hold and be responsible for said funds as a Trustee thereof until the same are delivered to the County.
Minimum Annual Guarantee. Payment of a Minimum Annual Guarantee (“MAG”) of a fixed dollar amount by each Concession Operator. Such MAG shall be established for each year of the lease. One-twelfth (1/12) of the MAG shall be paid in advance and without demand on the first day of each calendar month. For any period less than a full calendar month, the MAG shall be prorated over the number of days in the period. The MAG shall be deemed delinquent if the Contractor does not receive payment by the tenth (10th) calendar day of the month.
Minimum Annual Guarantee. Beginning on the Effective Date, the Minimum Annual Guarantee for each Agreement Year of the Extension Term and, unless declined by Lessee pursuant to Section 3.b above, the Option Years, shall be as follows: First Year of Extension Term $2,000,000 Second Year of Extension Term $2,000,000 Third Year of Extension Term $2,000,000 Option Year 1 $1,500,000 Option Year 2 $1,500,000
Minimum Annual Guarantee. The “Minimum Annual Guarantee” or “MAG” for the first and second Lease Years is $ , pro-rated for the first Lease Year if less than 12 months. Beginning with the third Lease Year, and for each Lease Year thereafter, the Minimum Annual Guarantee will equal the greater of: 1) eighty-five percent (85%) of the total Percentage Fee payable for the preceding Lease Year and 2) the Minimum Annual Guarantee for the second Lease Year (without consideration of any pro-rationing on account of partial occupancy of the Leased Space). The Minimum Annual Guarantee applicable to the last Lease Year will be pro- rated if less than 12 months. In the event the Retail Space is comprised of two or more distinct locations, then prior to the Date of Beneficial Occupancy of the final portion of the Retail Space to be opened, MAG shall equal that portion of total MAG which the number of square feet of floor area of those portions of the Retail Space that have passed their respective Dates of Beneficial Occupancy bears to the total number of square feet of floor area of the Retail Space.
Minimum Annual Guarantee. 13.5.1. Flight Crew Members will be guaranteed a minimum of one thousand (1,000) credit hours per year, prorated daily for a partial year.
13.5.2. A Flight Crew Members minimum pay will be calculated as follows: 80 hours/month guarantee * 12 months / 365 days in a year * 14 days in a pay period = 36.822 credits.
13.5.3. During a month where the Minimum Monthly Guarantee is greater than eighty (80), the difference will be applied in the excess pay for the month. For example, ten (10) hours will be added to Januaryʼs excess pay, which is paid in February.
13.5.4. Credit count applicable to Article 13.4.1 will not include credit for work on a GDO, Vacation or Statutory Holiday.
Minimum Annual Guarantee. The MAG for each Agreement Year is listed in the chart below. The MAG shall be automatically adjusted at the close of each Agreement Year. In the event of a partial year and/or month, the MAG shall be prorated. The MAG shall be paid in accordance with the provisions provided in Section 5.A.1 above. Failure to pay the MAG shall result in a Default of this Agreement, subject to any applicable notice requirements and cure provisions. Year 1 $ 325,000.00 Year 2 $ 332,312.50 Year 3 $ 339,789.53 Year 4 $ 347,434.80 Year 5 $ 355,252.08 Year 6 $ 363,245.25 Year 7 $ 371,418.27 Year 8 $ 379,775.18 Year 9 $ 388,320.12 Year 10 $ 397,057.32 Year 11 $ 405,991.11 Year 12 $ 415,125.91 Year 13 $ 424,466.25 Year 14 $ 434,016.74 Year 15 $ 443,782.11 Year 16 $ 453,767.21 Year 17 $ 463,976.97 Year 18 $ 474,416.46 Year 19 $ 485,090.83 Year 20 $ 496,005.37 Year 21* $ 507,165.49 Year 22* $ 518,576.71 Year 23* $ 530,244.69 Year 24* $ 542,175.20 Year 25* $ 554,374.14 *Applicable only if Agreement is renewed for Renewal Term.
