Common use of Minimum Annual Guarantee Clause in Contracts

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.