Common use of Percentage of Gross Receipts Clause in Contracts

Percentage of Gross Receipts. In addition to the Minimum Annual Guaranty payable under Paragraph E.1 hereof, Permittee shall also pay to the Port for the Term hereof not later than thirty (30) days after the end of each calendar month during the Term of this Permit, commencing after the end of the calendar month that contained the Rent Commencement Date, a sum in the amount, if any, by which the Percentage Fees due through the end of the previous calendar month exceeds the installments of the Minimum Annual Guaranty payable to the Port through the end of such month. The percentage of Gross Receipts derived from Permittee’s business at the Airport (“Percentage Fees”) payable by Permittee is shown on said Exhibit “5”. Permittee shall subtract the amount of the monthly payment of the Minimum Annual Guaranty from the Percentage Fees payable to Port each month, and only the amount, if any, by which the Percentage Fees exceed the monthly payment of the Minimum Annual Guaranty shall be paid to Port as Percentage Fees.