Common use of Minimum Annual Guaranty Clause in Contracts

Minimum Annual Guaranty. (a) The Minimum Annual Guaranty for the Concession Unit is shown on said Exhibit “5”, as such amount may be adjusted based on the “as built” condition of that Concession Unit as provided in Paragraph D.2 above, and subject to further adjustment as provided in Paragraph E.1(b) below (the “Minimum Annual Guaranty”). (b) On the Initial Minimum Annual Guaranty Adjustment Date (as hereafter defined in this Paragraph E.1(b)), and on each subsequent anniversary of such Initial Minimum Annual Guaranty Adjustment Date, the Minimum Annual Guaranty applicable to the Concession Unit pursuant to Paragraph E.1 above shall be increased or decreased (as applicable, and subject to the proviso at the end of this sentence) to eighty-five percent (85%) of the total Rent payable by Permittee to Port under Paragraph E above for the Concession Unit for the calendar year most recently ended prior to such anniversary of the Initial Minimum Annual Guaranty Adjustment Date; provided that the Minimum Annual Guaranty for the Concession Unit shall never be less than the amount in effect on the Rent Commencement Date. As used in this Permit, the “Initial Minimum Annual Guaranty Adjustment Date” shall occur on the July 1st immediately following the expiration of the first full calendar year that commenced on or after the Rent Commencement Date. Thus, for example, if the Rent Commencement Date occurred on May 1, 2015, the Initial Minimum Annual Guaranty Adjustment Date shall occur on July 1, 2017, the adjustment shall be based on the Rent payable by Permittee to Port under Paragraph E for the calendar year ending December 31, 2016, and subsequent adjustments shall occur on July 1, 2018 and on each subsequent July 1st during the remainder of the Term.

Minimum Annual Guaranty. (a) The Minimum Annual Guaranty for the each Concession Unit, is shown opposite that Concession Unit is shown on said Exhibit “5”, ” as such amount may be adjusted based on the “as built” condition of that Concession Unit Unit, as provided in Paragraph D.2 above, and subject to further adjustment as provided in Paragraph E.1(b) below (the “Minimum Annual Guaranty”). (b) On the Initial Minimum Annual Guaranty Adjustment Date (as hereafter defined in this Paragraph E.1(b)), and on each subsequent anniversary of such Initial Minimum Annual Guaranty Adjustment Date, the Minimum Annual Guaranty applicable to the each Concession Unit pursuant to Paragraph E.1 above above, shall be increased or decreased (as applicable, and subject to the proviso at the end of this sentence) to eighty-five percent (85%) of the total Rent payable by Permittee to Port under Paragraph E above for the each Concession Unit for the calendar year most recently ended prior to such anniversary of the Initial Minimum Annual Guaranty Adjustment Date, or the most recent anniversary thereof, as applicable; provided that the Minimum Annual Guaranty for the any Concession Unit shall never be less than the amount in effect on the Rent Commencement Date. As used in this Permit, the “Initial Minimum Annual Guaranty Adjustment Date” for a Concession Unit shall occur on mean the July 1st immediately following the expiration of the first full calendar year that commenced on or after the Rent Commencement DateDate for such Concession Unit. Thus, for example, if the Rent Commencement Date for a Concession Unit occurred on May January 1, 20152020, the Initial Minimum Annual Guaranty Adjustment Date for that Concession Unit shall occur on July 1, 20172021, the adjustment shall be based on the Rent payable by Permittee to Port under Paragraph E E.2 Percentage Of Gross Receipts; Marketing Fund; Refurbishment Fund.The percentage of Gross Receipts derived from Permittee’s business at the Airport (“Percentage Fees”) payable by Permittee for each Concession Unit is shown opposite that Concession Unit on said Exhibit “5”, including during that portion of the calendar year ending December 31, 2016Interim or Primary Term that Permittee is authorized pursuant to Paragraph B.1 above to operate food or beverage carts outside a Concession Unit. Permittee shall subtract the amount of the monthly payment of the applicable Minimum Annual Guaranty from the applicable Percentage Fees payable to Port each month for each Concession Unit, and subsequent adjustments shall occur on July 1only the amount, 2018 and on each subsequent July 1st during if any, by which the remainder applicable Percentage Fees for such Concession Unit exceeds the monthly payment of the Termapplicable Minimum Annual Guaranty for such Concession Unit shall be paid to Port as Percentage Fees.