As a further consideration for this franchise, the company shall pay to the village franchise payments in an amount equal to three percent (3%) of the gross monthly recurring revenues, exclusive of all federal and state excise taxes, from the services listed in section 11-1-16, "Appendix A", of this chapter, furnished to subscribers of the company, not including uncollectible revenues related to those services within the village of Cloudcroft. Payment shall be made in quarterly installments within sixty (60) days after the end of each calendar quarter during the term of this franchise. (Ord. 371, 3-15-2016)