Percentage Privilege Fee (PPF. The PPF is five (5%) percent of Company’s monthly Gross Receipts, as defined below, for the previous month as presented in Company's Monthly Statement of Gross Receipts. For any month that the PPF is greater than the MAPF, Company is responsible for paying the PPF amount in excess of the MAPF to Authority within 15 days from the date of Authority's invoice, commencing on the month following the first month of the Agreement. In the event the PPF does not exceed one-twelfth (1/12th) of the MAPF during any month in the term hereof, no PPF will be due and payable for that month.
Appears in 4 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
