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-2- 4% of the preceding calendar year's gross electric Revenue (excluding industrial and municipal revenues) as paid to the Power Company by customers residing within the corporate limits of the City of Bateav'ille, Payments shall be made by the Power Company to the City in equal quarterly installments. Industrial revenues are those revenues defined by the Power Company as such and approved by the Arkansas Public Service Commission. Municipal revenues excluded shall be those covered in Section 2 hereof. It is expressly agreed and understood by the City that said payment shall constitute and be considered as complete payment and discharge by the Power Company of all license fees, charges, impositions or taxes (other than automobile license fees, special millage taxes, and the general ad valorem taxes) which are now and might in the future be imposed by the City under authority conferred upon the City by law. Section 2. Electricity furnished the City for street lighting and other purposes shall be paid by the City in accordance with the applicable rate schedules of the Power Company now on file and/or as they may in the future be filed by the Power Company and approved by the Arkansas Public Service Commission. The Power Company shall have the privilege of crediting any amount due City with any unpaid balances due said Power Company for electric service rendered to said City. It is expressly agreed and understood between the City and the Power Company if any licenses, charges, fees, impositions or taxes (other than automobile license fees, special millage taxes, and the general ad valorem taxes) be charged, imposed, or levied by the City of Batesville in the future, then in such event the obligation of the Power Company set forth in Section 11 hereof, to pay the City the sum of 4/ annually of the gross electric revenues (excluding industrial and municipal) shall immediately terminate.