Percentage of Gross Sample Clauses

Percentage of Gross. (vs.) MG (PG): For each contract year during the Term, Concessionaire shall pay to the City the difference between the MG provided in Subsection 4.1 above, and a percentage of the gross receipts that exceeds the amount of the MG for food and beverage sales, the sale of Beach - Related Sundries /Skin Care Products, Beach Equipment rentals, and Watersports Equipment rentals (the "Percentage of Gross" (PG)), as follows: Food and Beverage Sales 15% Beach - related Sundries/Skin Care Products Sales 20% Beach Equipment Rentals 20% Watersports Equipment Rentals 20% The payment of the PG shall be due and payable to the City no later than December 31S of each contract year. 4.3 The amount in excess of the MG due by Concessionaire for Watersports Equipment rentals for a contract year shall be waived during the time the City is conducting, or having conducted, any sand excavation project within less than one city block of the watersports channel which materially affects use of the watersports channel in Xxxxxx Park, as follows: prorated for every day that the watersports channel is materially affected, such prorated amount to be equal to the average daily revenues collected over the previous three (3) year period during those affected dates ( "Watersports Waiver "). Concessionaire agrees and acknowledges that the Watersports Waiver shall be Concessionaire's sole remedy for damages and /or other compensation from the City due to any alleged adverse impact sustained by the concession operations, and the City shall have no further liability or obligation to Concessionaire with regard to this matter. Notwithstanding the foregoing, the provisions of Subsection 4.2.1 shall be reinstated, commencing with the next applicable day, at such time as the City Manager, in his /her sole judgment and reasonable discretion, has determined that adequate beach accretion has occurred so as to render the Watersports Waiver invalid. For purposes of this Subsection 4.3 only, a Watersports channel shall be deemed "materially affected" when Concessionaire's average daily revenue resulting from the use of the affected channel is reduced by at least fifteen percent (15 %) from the amount equal to the average daily revenues collected over the previous three (3) year period for such channel. 4.4 The term "gross receipts" is understood to mean all income collected or accrued, derived by the Concessionaire under the privileges granted by this Agreement, excluding amounts of any Federal, State, or ...
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Related to Percentage of Gross

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