Common use of City Payments Clause in Contracts

City Payments. Commencing on the Casino Opening Date, Tenant shall make payments to the City (the "City Payments") in the amount of One Million Two Hundred Fifty Thousand Dollars ($1,250,000) for each Fiscal Year during the Term in which Gross Gaming Revenue is in the amount of Three Hundred Fifty Million Dollars ($350,000,000) or more. The City Payments are payable in monthly installments in the amount of One Hundred Four Thousand One Hundred Sixty-Seven Dollars ($104,167) each. The first such installment was payable on the Casino Opening Date and subsequent installments shall be due on the same day of each succeeding calendar month during the Term. Not later than ninety (90) days after the end of each Fiscal Year, Tenant shall submit to the City a report showing: (1) Gross Gaming Revenue for such Fiscal Year; (2) The total amount of the City Payments made and overpayment credits applied, if any, for such Fiscal Year; and (3) The amount of the City Payments due for such Fiscal Year. If the amount of the City Payments due to the City for any Fiscal Year is less than the amount paid, Tenant shall receive a credit in the amount of the overpayment only against the installments of the next year's City Payments in the order in which they become due. If Gross Gaming Revenue is less than Three Hundred Fifty Million Dollars ($350,000,000) in a Fiscal Year, the credit for the City Payments made with respect to that Fiscal Year shall continue to be carried forward to the earliest succeeding Fiscal Years for which City Payments are due until such credit is fully applied against the City Payments; provided that any such credit shall only be applied against any such City Payments and not as a credit or setoff against Rent or other Additional Charges due or to become due Landlord or the City pursuant to this Lease or otherwise. At the end of the Term or any earlier termination pursuant to the terms and conditions of this Lease, any unused credit shall be extinguished and deemed released by Tenant and neither the City nor Landlord shall have any obligation to refund to Tenant, nor shall Tenant have any claim to recover, any such unused credit. The City Payments shall be prorated for each Partial Fiscal Year during the Term. The City Payments shall not constitute or be deemed a payment for support services within the meaning of LSA R.S. 27:247, and the parties to this Lease acknowledge and agree that Tenant is responsible for payment of support services under LSA R.S. 27:247.

City Payments. Commencing on the Casino Opening Date, Tenant shall make payments to the City (the "City Payments") in the amount of One Million Two Hundred Fifty Thousand Dollars ($1,250,000) for each Fiscal Year during the Term in which Tenant receives Gross Gaming Revenue is in the amount of Three Hundred Fifty Million Dollars ($350,000,000) or more. The City Payments are shall be payable in monthly installments in the amount of One Hundred Four Thousand One Hundred Sixty-Seven Dollars ($104,167) each. The first such installment was shall be payable on the Casino Opening Date and subsequent installments shall be due on the same day of each succeeding calendar month during the Term. Not later than ninety (90) days after the end of each Fiscal Year, Tenant shall submit to the City a report showing: (1) Gross Gaming Revenue for such Fiscal Year; (2) The total amount of the City Payments made and overpayment credits applied, if any, for such Fiscal Year; and (3) The amount of the City Payments due for such Fiscal Year. If the amount of the City Payments due to the City for any Fiscal Year is less than the amount paid, Tenant shall receive a credit in the amount of the overpayment only against the installments of the next year's City Payments in the order in which they become due. If Tenant does not receive Gross Gaming Revenue is less than of Three Hundred Fifty Million Dollars ($350,000,000) or more in a Fiscal Year, the credit for the City Payments made with respect to that Fiscal Year shall continue to be carried forward to the earliest succeeding Fiscal Years Year for which City Payments are due until such credit is fully applied against the City Paymentsdue; provided that any such credit shall only be applied against any such City Payments and not as a credit or setoff against Rent or other Additional Charges due or to become due Landlord or the City pursuant to this Lease or otherwise. At the end of the Term or any earlier termination pursuant to the terms and conditions of this Lease, any unused credit shall be extinguished and deemed released by Tenant and neither the City nor Landlord shall have any obligation to refund to Tenant, nor shall Tenant have any claim to recover, any such unused credit. The City Payments shall be prorated for each Partial Fiscal Year during the Term. The City Payments shall not constitute or be deemed a payment for support services within the meaning of LSA R.S. 27:247, and the parties to this Lease acknowledge and agree that Tenant is responsible for payment of support services under LSA R.S. 27:247.a

City Payments. Commencing on i. Subject to Section 5.02 of this Agreement, the Casino Opening Date, Tenant City shall make annual payments to the City (the "City Payments") in Company of an amount measured by the amount of One Million Two Hundred Fifty Thousand Dollars new Sales Tax Revenues received by the City as a direct result of the Company’s automobile and parts sales for the period, commencing on the Effective Date and continuing for a period of four (4) years or until a total of two hundred forty thousand dollars ($1,250,000240,000) is paid to Company from the City’s portion of Sales Tax Revenues received as a consequence of the Dealership being operated as a Point of Sale within the jurisdictional boundaries of the City, whichever occurs later (“Term”). The payments shall be due annually, thirty (30) calendar days after the sales data for each Fiscal Year during the Term in which Gross Gaming Revenue preceding calendar year’s four (4) quarters of sales activity is in released. The amounts of the amount of Three Hundred Fifty Million Dollars ($350,000,000) or morepayments shall be as follows: 1. The City Payments are payable in monthly installments in shall provide annual payments (“City Payments”) to the amount Company of One Hundred Four Thousand One Hundred Sixty-Seven Dollars ($104,167) each. The first such installment was payable on the Casino Opening Date and subsequent installments shall be due on City’s portion of Sales Tax Revenues received as a consequence of the same day Dealership operating as a Point of each succeeding calendar month during Sale within the jurisdictional boundaries of the City for the Term. Not later than ninety (90) days after the end of each Fiscal Year, Tenant shall submit to the City a report showingThe payment will be calculated as follows: a. City shall retain the first sixty thousand dollars (1$60,000) Gross Gaming Revenue for such Fiscal Year;each year of the City’s portion of Sales Tax Revenues received (“First Threshold”). b. City shall pay Company the City’s portion of Sales Tax Revenues received in excess of the First Threshold up to and including an amount that is one hundred twenty thousand dollars ($120,000) received (“Second Threshold”). c. The balance of the City’s portion of Sales Tax Revenues exceeding the Second Threshold shall be retained by the City. 2) The . City Payments shall continue annually in accordance with this Section 2.02, until a total amount of two hundred forty thousand dollars ($240,000) is paid to Company from the City Payments made and overpayment credits appliedCity’s portion of Sales Tax Revenues received as a consequence of the Dealership being operated as a Point of Sale within the jurisdictional boundaries of the City. ii. Notwithstanding anything else to the contrary, if any, for such Fiscal Year; and (3) The amount of the City Payments due for such Fiscal Yearhereunder shall be payable from any source of funds legally available to the City. If the amount The determination of the City Payments due to the City for any Fiscal Year is less than the amount paid, Tenant shall receive a credit in the amount source of the overpayment only against the installments of the next year's City Payments in the order in which they become due. If Gross Gaming Revenue is less than Three Hundred Fifty Million Dollars ($350,000,000) in a Fiscal Year, the credit funds for the City Payments made with respect to shall be in the sole and absolute discretion of the City. The Company acknowledges that Fiscal Year shall continue to be carried forward the City is not making a pledge of Sales Tax Revenues, or any other particular source of funds. Sales Tax Revenues are used merely as a measure of the amount of City Payments due hereunder and as a means of computing the City’s payment obligation. Notwithstanding anything else to the earliest succeeding Fiscal Years for which contrary, the City’s obligation to make City Payments are due until such credit provided for herein is fully applied against contingent upon actual receipt by the City Payments; provided that any such credit shall only be applied against any such City Payments and not as a credit or setoff against Rent or other Additional Charges due or of the Sales Tax Revenues derived from operation of the Dealership, which revenues are paid to become due Landlord or the City pursuant by the State of California; moreover, Company acknowledges the same. The City shall not be obligated to this Lease or otherwise. At the end of the Term or make any earlier termination pursuant to the terms and conditions of this Lease, any unused credit shall be extinguished and deemed released payments hereunder if Sales Tax Revenues are not actually received by Tenant and neither the City nor Landlord shall have any obligation to refund to Tenant, nor shall Tenant have any claim to recover, any such unused creditfrom the State of California. iii. The City Payments shall be prorated made only for each Partial Fiscal Year during those years in which the TermCompany is in compliance with the Covenant and other material terms of this Agreement. The failure of the City Payments to make any payment required by this Agreement because of any Default (as defined in Section 3.01 hereof) by Company in complying with the Covenant or other requirements of this Agreement shall not constitute or be deemed a payment for support services within cause acceleration of any future payments by the meaning City to Company beyond the date of LSA R.S. 27:247, and the parties to this Lease acknowledge and agree that Tenant is responsible for payment of support services under LSA R.S. 27:247such Default.