Public Service Announcements; Annual Monetary Value. So long as Company is operating any Changeable Message Board within the city limits of City, City shall have the right to place public service announcements on any such Changeable Message Board; provided, however, that such public service announcements shall be limited to one (1) showing every minute (not to exceed 43,200 showings in any given year) on each panel ("City Announcements"). Company and City hereby agree that the monetary value ("Monetary Value") of the City's right to use each such Changeable Message Board for City Announcements shall be equal to the greater of: (i) Fifty Thousand and No/100 Dollars ($50,000.00) per year,Operational Year (as defined in Section 2.3.2 below), per Changeable Message Board, or (ii) twelve percent (12%) of the Gross Revenue (“GR”) (as hereinafter defined) per yearOperational Year, per Changeable Message Board. The "GR" shall be an amount equal to the gross advertising revenue received by Company for each such Changeable Message Board. For each yearOperational Year that City does not exercise its right to use a Changeable Message Board as permitted hereby, City shall be entitled to the Monetary Value for each such Changeable Message Board that has not been used by City (the total of the Monetary Value for which City shall be entitled each year is the "Annual Monetary Value"), which Annual Monetary Value shall be payable pursuant to Section 2.3.4 below.
Public Service Announcements; Annual Monetary Value. So long as Company is operating any Changeable Message Board within the City, City shall have the right to place public service announcements on any such Changeable Message Board; provided, however, that such public service announcements shall be limited to one (1) showing every minute (not to exceed 43,200 showings in any given year) on each Changeable Message Board (“City Announcements”). Company and City hereby agree that the monetary value (“Annual Monetary Value”) of the City’s right to use each such Changeable Message Board for City Announcements shall be equal to:
(a) Years 1 through 3: A fixed sum of Fifty Thousand and No/100 Dollars ($50,000) per year, per Changeable Message Board for the first three (3) years (thirty-six months) following Company’s construction of such Changeable Message Board.
