Common use of Minimum Annual Guarantee Clause in Contracts

Minimum Annual Guarantee. Beginning on the Effective Date, the Minimum Annual Guarantee for each Agreement Year of the Extension Term and, unless declined by Lessee pursuant to Section 3.b above, the Option Years, shall be as follows: First Year of Extension Term $2,000,000 Second Year of Extension Term $2,000,000 Third Year of Extension Term $2,000,000 Option Year 1 $1,500,000 Option Year 2 $1,500,000