City and Airline Revenue Allocation Sample Clauses

City and Airline Revenue Allocation. For each Fiscal Year during the Term of this Agreement, the prior Fiscal Year’s total net revenue from the Outside Terminal Areas Cost Center, if any, shall be reduced by the sum of Seven Million Dollars ($7,000,000). Of the then remaining net revenue balance, if any, an amount equal to fifty percent (50%) thereof, which together with the aforementioned Seven Million Dollar ($7,000,000) allocation, shall be City Revenue Allocation. City Revenue Allocation for each Fiscal Year shall be applied to the Discretionary Account or to such other fund or account of the Airport System as determined by City. The Airline Revenue Allocation shall be calculated as follows from any amounts remaining in the Aviation Operating Fund if any, following any and all transfers required by Section 4.06 of the Bond Ordinance and by Sections 5.06.A and 5.06.B above: 1. During the Term of this Agreement, the Airline Revenue Allocation shall be equal to fifty percent (50%) of the prior Fiscal Year’s total net revenue from the Outside Terminal Areas Cost Center reduced by an amount of up to seven million dollars ($7,000,000), to the extent net revenue from the Outside Terminal Areas Cost Center equals or exceeds seven million dollars ($7,000,000). 2. If Project Revenues of the Outside Terminal Area Cost Center have been pledged pursuant to a Supplemental Ordinance in accordance with the Bond Ordinance, the 3. If Project Revenues of the Outside Terminal Area Cost Center have not been pledged pursuant to a Supplemental Ordinance in accordance with the Bond Ordinance, then the Airline Revenue Allocation shall be allocated on a pro rata basis to the Signatory Airlines in proportion to each individual Signatory Airline’s payment of Rents and Additional Rents for the most recent complete Fiscal Year for which data are available. 4. Such pro rata portion of the Airline Revenue Allocation shall be credited against Rents for each Signatory Airline in the subsequent Fiscal Year during the Term of this Agreement.
Sample 1
AutoNDA by SimpleDocs
City and Airline Revenue Allocation. For each Fiscal Year during the Term of this Agreement, the prior Fiscal Year’s total net revenue from the Outside Terminal Area Cost Center, if any, 1. Thirty million dollars ($30,000,000) of Outside Terminal Area net revenues generated during FY 2023 shall be deemed the Airline Revenue Allocation to be credited to the Airlines in FY 2024. 2. During the Term of this Agreement, the City Revenue Allocation shall be equal to fifty percent (50%) of the prior Fiscal Year’s total net revenue from the Outside Terminal Area Cost Center. 3. During the Term of this Agreement, the Airline Revenue Allocation shall be equal to fifty percent (50%) of the prior Fiscal Year’s total net revenue from the Outside Terminal Area Cost Center.1 4. The City Revenue Allocation for each Fiscal Year, if any, shall be applied to the Discretionary Account or to such other fund or account of the Airport System as determined by City. 5. Airline Revenue Allocation for each Fiscal Year, if any, shall be allocated to Airline Cost Centers, as follows: a. Ninety percent (90%) will be allocated to the Terminal Area b. Ten percent (10%) will be allocated to the Airfield Area 6. Such allocation of the Airline Revenue Allocation shall be credited against Rents for each Signatory Airline in the subsequent Fiscal Year during the Term of this Agreement.
Sample 1

Related to City and Airline Revenue Allocation

  • Gross Income Allocation If any Partner has a deficit Capital Account at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount such Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible; provided that an allocation pursuant to this Section 5.05(c) shall be made only if and to the extent that a Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article V have been tentatively made as if Section 5.05(b) and this Section 5.05(c) were not in this Agreement.

  • Tax Allocations Each item of income, gain, loss or deduction recognized by the Company shall be allocated among the Members for U.S. federal, state and local income tax purposes in the same manner that each such item is allocated to the Member’s Capital Accounts pursuant to Section 3.2(d) or as otherwise provided herein, provided that the Board may adjust such allocations as long as such adjusted allocations have substantial economic effect or are in accordance with the interests of the Members in the Company, in each case within the meaning of the Code and the Treasury Regulations. Tax credits and tax credit recapture shall be allocated in accordance with the Members’ interests in the Company as provided in Treasury Regulations section 1.704-1(b)(4)(ii). Items of Company taxable income, gain, loss and deduction with respect to any property (other than cash) contributed to the capital of the Company or revalued shall, solely for tax purposes, be allocated among the Members, as determined by the Board in accordance with Section 704(c) of the Code, so as to take account of any variation between the adjusted basis of such property to the Company for U.S. federal income tax purposes and its fair market value at the time of contribution or revaluation, as the case may be. All of the Members agree that the Board is authorized to select the method or convention, or to treat an item as an extraordinary item, in relation to any variation of any Member’s interest in the Company described in section 1.706-4 of the Treasury Regulations in determining the Members’ distributive shares of Company items. All matters concerning allocations for U.S. federal, state and local and non-U.S. income tax purposes, including accounting procedures, not expressly provided for by the terms of this Agreement shall be determined by the Board in its sole discretion. Each Class B Ordinary Share is intended to be treated as a profits interest for U.S. federal income tax purposes, and all of the Members agree to report consistently with, and to take any action requested by the Board to ensure, such treatment.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!