Common use of Minimum Annual Guarantee Clause in Contracts

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.