Common use of Minimum Annual Concession Fee Clause in Contracts

Minimum Annual Concession Fee. a. The Minimum Annual Concession Fee shall equal the sum of the Annual Rental Fee, which is based on the fair market value of the Premises, plus the Minimum Annual Privilege Fee, which fee is paid for the grant by the Aviation Authority of a franchise to engage in the business of operating the Concession within facilities operated and controlled by the Aviation Authority. The portion of the Minimum Annual Concession Fee that consists of the Annual Rental Fee will be determined by the Aviation Authority by an appraisal prior to the Commencement Date and the Minimum Annual Privilege Fee will be calculated at that time by subtracting the Annual Rental Fee from the initial Minimum Annual Concession Fee. For the period beginning on the Commencement Date and ending on September 30th after the opening to the public of the South Terminal Complex opens to the public (the "Initial Period"), the Minimum Annual Concession Fee shall be One Million Six Hundred Fifty Thousand and No/100 Dollars ($1,650,000.00) provided, however, that if such Initial Period is longer or shorter than twelve (12) months, the Minimum Annual Concession Fee payable by Company to the Aviation Authority for such period shall be an amount determined by dividing the Minimum Annual Concession Fee by 365, and multiplying such quotient by the number of days in the Initial Period. b. Within ninety (90) calendar days of the end of the Initial Period, and each subsequent Agreement Period, effective October 1st thereof, the Minimum Annual Concession Fee shall be adjusted to equal the greater of: (1) an amount calculated by multiplying .85 times the total Concession Fees due for the prior Agreement Period, or (2) the Initial Period’s Minimum Annual Concession Fee. Any adjustment in the Minimum Annual Concession Fee associated with the provisions of Article 5.A.1.b. (1) shall result in an identical adjustment to the Minimum Annual Privilege Fee, and shall not affect the Annual Rental Fee, subject to the provision of Article 5.A.1.c., herein. Notwithstanding the foregoing, in the event Company is not open for business for the entire prior Agreement Period, or in the event the prior Agreement Period is longer or shorter than twelve

Minimum Annual Concession Fee. a. The Minimum Annual Concession Fee shall equal the sum of the Annual Rental Fee, initially, _______________ and No/100 Dollars ($__,___.00), which is based on the fair market value of the Premises, plus the Minimum Annual Privilege Fee, initially, ____________ and No/100 Dollars ($____,____.00), which fee is paid for the grant by the Aviation Authority of a franchise to engage in the business of operating the Concession within facilities operated and controlled by the Aviation Authority. The portion of the Minimum Annual Concession Fee that consists of the Annual Rental Fee will be determined by the Aviation Authority by an appraisal prior to the Commencement Date and the Minimum Annual Privilege Fee will be calculated at that time by subtracting the Annual Rental Fee from the initial Minimum Annual Concession Fee. For the period beginning on the Commencement Date and ending on September 30th after the opening to the public one-year anniversary of the South Terminal Complex opens to the public Commencement Date (the "Initial Period"), the Minimum Annual Concession Fee shall be One Million Six Three Hundred Fifty Thousand and No/100 Dollars ($1,650,000.00350,000.00) provided, however, that if such Initial Period is longer or shorter than twelve (12) months, the Minimum Annual Concession Fee payable by Company to the Aviation Authority for such period shall be an amount determined by dividing the Minimum Annual Concession Fee by 365, and multiplying such quotient by the number of days in the Initial Period. b. . Within ninety (90) calendar days of the end of the Initial Period, and each subsequent Agreement Period, effective October 1st thereof, the Minimum Annual Concession Fee shall be adjusted to equal the greater of: (1) a. an amount calculated by multiplying .85 times the total Concession Fees due for the prior Agreement Period, or (2) b. the Initial Period’s Minimum Annual Concession Fee. Any adjustment in the Minimum Annual Concession Fee associated with the provisions of Article 5.A.1.b. (1) 5.B.2. shall result in an identical adjustment to the Minimum Annual Privilege Fee, and shall not affect the Annual Rental Fee, subject to the provision of Article 5.A.1.c5.B.3., herein. Notwithstanding the foregoing, in the event Company is not open for business for the entire prior Agreement Period, or in the event the prior Agreement Period is longer or shorter than twelvetwelve (12) months, the total Concession Fees due for purposes of the calculation described in Article 5.B.2.(a) above, shall be an amount determined by dividing the total Concession Fees for such prior Agreement Period by the number of days Company was open for business at the Premises in such prior Agreement Period, and multiplying such number by 365.

Minimum Annual Concession Fee. a. The Minimum Annual Concession Fee shall equal the sum of the Annual Rental Fee, which is based on the fair market value of the Premises, plus the Minimum Annual Privilege Fee, which fee is paid for the grant by the Aviation Authority of a franchise to engage in the business of operating the Concession within facilities operated and controlled by the Aviation Authority. The portion of the Minimum Annual Concession Fee that consists of the Annual Rental Fee will be determined by the Aviation Authority by an appraisal prior to the Commencement Date and the Minimum Annual Privilege Fee will be calculated at that time by subtracting the Annual Rental Fee from the initial Minimum Annual Concession Fee. For the period beginning on the Commencement Date and ending on September 30th after the opening to the public of the South Terminal Complex opens to the public (the "Initial Period"), the Minimum Annual Concession Fee shall be One Million Six Hundred Fifty Thousand and No/100 Dollars ($1,650,000.00) 1,000,000.00), provided, however, that if such Initial Period is longer or shorter than twelve (12) months, the Minimum Annual Concession Fee payable by Company to the Aviation Authority for such period shall be an amount determined by dividing the Minimum Annual Concession Fee by 365, and multiplying such quotient by the number of days in the Initial Period. b. Within ninety (90) calendar days of the end of the Initial Period, and each subsequent Agreement Period, effective October 1st thereof, the Minimum Annual Concession Fee shall be adjusted to equal the greater of: (1) an amount calculated by multiplying .85 times the total Concession Fees due for the prior Agreement Period, or (2) the Initial Period’s Minimum Annual Concession Fee. Any adjustment in the Minimum Annual Concession Fee associated with the provisions of Article 5.A.1.b. (1) shall result in an identical adjustment to the Minimum Annual Privilege Fee, and shall not affect the Annual Rental Fee, subject to the provision of Article 5.A.1.c., herein. Notwithstanding the foregoing, in the event Company is not open for business for the entire prior Agreement Period, or in the event the prior Agreement Period is longer or shorter than twelve