Common use of Minimum Annual Guarantee Clause in Contracts

Minimum Annual Guarantee. For the first Agreement Year, the Minimum Annual Guaranteed Fee or "MAG" amount payable by Licensee to the County shall equal $441,005.00. 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. For the first Agreement Year, the Minimum Annual Guaranteed Fee or "MAG" amount payable by Licensee to the County shall equal $441,005.00151,008.01. 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. For the first Agreement Year, the Minimum Annual Guaranteed Fee or "MAG" amount payable by Licensee to the County shall equal $441,005.00150,112.00. 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. For the first Agreement Year, the Minimum Annual Guaranteed Fee or "MAG" amount payable by Licensee to the County shall equal $441,005.00653,825. 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.