Minimum Guarantee (MG) Sample Clauses

Minimum Guarantee (MG). In consideration of the City's granting of the rights provided in this Agreement, as of the Commencement Date, Concessionaire agrees to pay the City the GREATER OF a Minimum Guaranteed Annual Concession Fee (“MG”) of Four Hundred Thousand Dollars ($400,000.00), subject to an annual 2.5% escalator effective as of the Commencement Date, or ten percent (10%) of annual gross receipts (“Percentage Rent”). The MG shall be payable in monthly installments of Thirty-Three Thousand Three Hundred and Thirty-Three Dollars and 33/100 cents ($33,333.33) ("Monthly Minimum Guarantee" or "MMG"). The MMG shall be due and payable in advance on the first day of each month throughout the Term of this Agreement.
Sample 1
AutoNDA by SimpleDocs
Minimum Guarantee (MG). In consideration of the City's execution of this Agreement and granting the rights provided herein, but subject to reduction as may (only) expressly be provided in this Agreement, Concessionaire shall pay to the City a Minimum Guaranteed Annual Concession Fee (MG), in the total amount of $686,563, for food and beverage sales, Beach Equipment rentals, the sale of Beach - Related Sundries /Skin Care Products, and Watersports Equipment Rentals. The MG is apportioned as follows: Food and Beverage Sales, Beach - Related $ 174, 524.43 Sundries and Skin Care Products Sales Beach Equipment Rentals $ 465, 398.46 Watersports Equipment Rentals $ 46, 639.84 Total $ 686, 562.73 Fifty percent (50 %) of the MG for each contract year shall be due and payable to the City on November 5 th of each such year during the Term, and the remaining fifty percent (50 %) of the MG for that contract year shall be due and payable to the City on May 5 th of each such year during the Term. 17 Commencing with the fourth contract year, and each subsequent annual anniversary of the Commencement Date during the Term, the MG shall be automatically increased by the greater of: i) an amount equal to the percent of change in the Consumer Price Index, All Urban Consumers (CPI - U.S. City Average All Items; base year 1982 -84 =100) (the "Index "), as published by the United States Department of Labor, Bureau of Labor Statistics; or ii) three percent (3 %) (the "CPI Adjustment "). 4.2
Sample 1

Related to Minimum Guarantee (MG)

  • Maximum Obligation Contract Enter total maximum obligation for total duration of this contract (or new total if Contract is being amended). $ . PROMPT PAYMENT DISCOUNTS (PPD): Commonwealth payments are issued through EFT 45 days from invoice receipt. Contractors requesting accelerated payments must identify a PPD as follows: Payment issued within 10 days % PPD; Payment issued within 15 days % PPD; Payment issued within 20 days % PPD; Payment issued within 30 days % PPD. If PPD percentages are left blank, identify reason: agree to standard 45 day cycle statutory/legal or Ready Payments (M.G.L. c. 29, § 23A); only initial payment (subsequent payments scheduled to support standard EFT 45 day payment cycle. See Prompt Pay Discounts Policy.)

  • Payment Guarantee 20.1 On Contracts where one hundred (100%) percent performance bonds and payment bonds are executed, this Article 20 does not apply.

  • Return of Performance Bank Guarantee Payment on Order Instrument

  • Performance Bank Guarantee 4.2.1 The Performance Bank Guarantee furnished by Power Producer to GUVNL shall be for guaranteeing the commissioining / commercial operation of the project up to the Contracted Capacity within SCOD.

  • Weekly Guarantee Apprentices must be employed a minimum of forty (40) hours per week.

  • QUANTITY BASIS OF CONTRACT – NO GUARANTEED QUANTITIES The contract established has no guarantee of any specific quantity and the State is obligated only to buy that quantity which is needed by its agencies.

  • Basis of Guaranteed Maximum Price The Design-Builder shall include with the GMP Proposal a written statement of its basis, which shall include:

  • Financial Guarantee 30.1 By derogation from article 30 of the General Conditions, no pre-financing guarantee is required.

  • Daily Guarantee (a) Subject to the provisions of subsection (c), an employee reporting for a scheduled shift on the call of the Employer, shall receive the employee's regular hourly rate of pay for the entire period spent at the place of work, with a minimum of two (2) hours' pay at the regular hourly rate.

  • GUARANTEE AND INDEMNITY Each Guarantor irrevocably and unconditionally jointly and severally:

Time is Money Join Law Insider Premium to draft better contracts faster.