Alcoholic beverage profits Sample Clauses

Alcoholic beverage profits. OPERATOR shall retain all Net Profits from the sale of alcoholic beverages at the Golf Course; provided, however, that the Base Management Fee shall be reduced by the amount equal to the Net Profits retained by OPERATOR. As used herein, the term “Net Profits” shall mean the gross receipts attributable to the sale of alcoholic beverages at the Food Service Facilities less (i) Employee Compensation (as defined in Section 4.02.2) for Food Service Facilities employees, (ii) payments under equipment leases for the Food Service Facilities, (iii) costs incurred to purchase alcoholic beverages for service or sale, and (iv) any applicable Food Service Facilities-related state and federal taxes, but specifically excluding OPERATOR’s income taxes in respect of Net Profits retained by OPERATOR pursuant hereto. OPERATOR shall provide CITY with an accounting of Net Profits each month, at the time of submission of OPERATOR’s Base Management Fee invoice.
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