Waiver of Minimum Annual Guarantee Sample Clauses

Waiver of Minimum Annual Guarantee. During the Contract Term, the Contractor may request that the Airports Authority waive the MAG, if: (1) for any reason, the total number of General Aviation flights at the Airport during any contract year is less than seventy-five percent (75%) of the total number of such General Aviation flights (in accordance with such traffic records as are maintained by the Airports Authority) in the preceding contract year, or (2) in the reasonable opinion of the Airports Authority, the Contractor satisfactorily demonstrates that, through no fault of its own, the operation of the Contractor’s FBO operation at the Airport has been affected by shortages or other disruption in the supply of aviation fuel, or other goods necessary thereto, and said shortages or other disruption have resulted in the material diminution in the Contractor’s Gross Receipts herein for a period of at least sixty (60) Days, and said shortage or other disruption has not been caused by labor dispute with the Contractor, such diminution to be satisfactorily demonstrated by the Contractor to the Airports Authority, then, the MAG in Section 5.01 A. herein may be waived by the Airports Authority for the period of time such condition continues to exist. During said period of time, the Contractor shall continue to pay to the Airports Authority the monthly Percentage Gross Receipts Fees, Airport Reimbursable and other fees due under the Contract. The Airports Authority reserves the sole right to determine if and when the applicable MAG requirement shall be waived and reinstated.
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