Exempt Airlines definition
Exempt Airlines means, as of any date of determination, each Airline that delivers such Airline’s collection of amounts due in respect of the Existing Airport Passenger Charges directly to the Existing Sponsor; provided that such Airlines collectively shall collect no more than 5% of the aggregate amounts due in respect of Existing Airport Passenger Charges during the period of twelve (12) consecutive months immediately preceding such date of determination; each, an “Exempt Airline”.