Common use of Cumulative Calculated Amount Clause in Contracts

Cumulative Calculated Amount. (a) Within ninety (90) days after the last day of each Lease Year (each such last day, an “Annual Determination Date”), Tenant shall calculate and report to Landlord the Cumulative Calculated Amount as of the Annual Determination Date. Each such report by Tenant to Landlord shall be in reasonable detail, and Tenant shall supply Landlord with such additional information as Landlord may reasonably request with respect to any aspect of any calculation reported. (b) In the event that the Cumulative Calculated Amount determined as of any Annual Determination Date shall exceed $0, Tenant shall, concurrently with its report of that Cumulative Calculated Amount to Landlord under Section 4.3(a), pay to Landlord an amount that is equal to the excess (if any) of (x) Landlord’s cumulative share of that Cumulative Calculated Amount determined in accordance with Section 4.3(c), over (y) the total of all payments previously made to Landlord by Tenant under this subsection (b) and the total of all payments previously made to Commission by Tenant under this section in the Prior Agreement). (c) Landlord’s cumulative share of the Cumulative Calculated Amount determined as of any Annual Determination Date is: (i) five percent (5%) of the first $2.5 million thereof; plus (ii) ten percent (10%) of the next $2.5 million thereof; plus (iii) fifteen percent (15%) of the next $2.5 million thereof, plus (iv) twenty percent (20%) of all amounts thereof in excess of $7.5 million; provided, each of the $2.5 million (and $7.5 million total) threshold amounts referenced in preceding clauses (i) through (iv) shall be adjusted at each Annual Determination Date to reflect the percentage change, if any, in the CPI most recently published prior to the Annual Determination Date as compared to the CPI most recently published prior to the Commencement Date of the Prior Agreement. (d) Examples of the application of Sections 4.3(b) and (c) are set forth in (e) Tenant shall maintain a separate account for the revenue and expenditures associated with the Coliseum Property in order to provide the reports and statements required under Sections 4.3(a) and 14.1 below. (f) Landlord agrees and acknowledges that Tenant may impose a ticket surcharge for Tenant Events in order to fund capital improvements and operating expenses. The amount of such ticket surcharge shall be Excluded Receipts to the extent such funds are applied to capital improvements, but the cost of any capital improvements funded by the ticket surcharge shall be included as Capital Improvement Items for the purposes of determining the Cumulative Calculated Amount. Tenant shall have the sole right to determine and adjust the amount of the ticket surcharge imposed from time to time; provided that (i) the average ticket price (excluding the ticket surcharge) for the applicable Event remains at a rate that is comparable to the rates then being charged by other venues and sponsors of similar athletic and other events; and (ii) without limitation of the requirement set forth in clause (i) above, Tenant agrees that the average ticket price for USC Home Football Games shall be no less than $50 during the Term. Landlord acknowledges and agrees that as of the Commencement Date of the Prior Agreement, (A) Tenant charges different prices per ticket for season tickets and single tickets, and ticket prices vary from game to game during each season; and (B) Tenant calculates the average ticket price by dividing the total of the ticket prices (other than Student/Staff Tickets) for each USC Home Football Game by the number of USC Home Football Games (e.g. $45, $45, $50, $50, $55, and $55 divided by 6 games equals an average ticket price of $50). In the future, Tenant may calculate its average ticket price by dividing the total amount of ticket revenues by the total amount of tickets sold in a season, or by any other commercially reasonable method of calculating the average ticket price. (g) Landlord’s share of the Cumulative Calculated Amount paid by Tenant for each Lease Year shall be deposited in the Exposition Park Improvement Fund pursuant to Food and Agricultural Code section 4106, subd. (c) and shall be expended pursuant to Food and Agricultural Code section 4106, subd. (d).

Cumulative Calculated Amount. (a) Within ninety (90) days after the last day of each Lease Year (each such last day, an “Annual Determination Date”), Tenant shall calculate and report to Landlord the Cumulative Calculated Amount as of the Annual Determination Date. Each such report by Tenant to Landlord shall be in reasonable detail, and Tenant shall supply Landlord with such additional information as Landlord may reasonably request with respect to any aspect of any calculation reported. (b) In the event that the Cumulative Calculated Amount determined as of any Annual Determination Date shall exceed $0, Tenant shall, concurrently with its report of that Cumulative Calculated Amount to Landlord under Section 4.3(a), pay to Landlord an amount that is equal to the excess (if any) of (x) Landlord’s cumulative share of that Cumulative Calculated Amount determined in accordance with Section 4.3(c), over (y) the total of all payments previously made to Landlord by Tenant under this subsection (b) and the total of all payments previously made to Commission by Tenant under this section in the Prior Agreement). (c) Landlord’s cumulative share of the Cumulative Calculated Amount determined as of any Annual Determination Date is: (i) five percent (5%) of the first $2.5 million thereof; plus (ii) ten percent (10%) of the next $2.5 million thereof; plus (iii) fifteen percent (15%) of the next $2.5 million thereof, plus (iv) twenty percent (20%) of all amounts thereof in excess of $7.5 million; provided, each of the $2.5 million (and $7.5 million total) threshold amounts referenced in preceding clauses (i) through (iv) shall be adjusted at each Annual Determination Date to reflect the percentage change, if any, in the CPI most recently published prior to the Annual Determination Date as compared to the CPI most recently published prior to the Commencement Date of the Prior Agreement. (d) Examples of the application of Sections 4.3(b) and (c) are set forth inin Schedule 4.3(d). These examples are hypothetical and for purposes of illustration only. For purposes of determining the Cumulative Calculated Amount, calculation shall include determinations made pursuant to the Prior Agreement. (e) Tenant shall maintain a separate account for the revenue and expenditures associated with the Coliseum Property in order to provide the reports and statements required under Sections 4.3(a) and 14.1 below. (f) Landlord agrees and acknowledges that Tenant may impose a ticket surcharge for Tenant Events in order to fund capital improvements and operating expenses. The amount of such ticket surcharge shall be Excluded Receipts to the extent such funds are applied to capital improvements, but the cost of any capital improvements funded by the ticket surcharge shall be included as Capital Improvement Items for the purposes of determining the Cumulative Calculated Amount. Tenant shall have the sole right to determine and adjust the amount of the ticket surcharge imposed from time to time; provided that (i) the average ticket price (excluding the ticket surcharge) for the applicable Event remains at a rate that is comparable to the rates then being charged by other venues and sponsors of similar athletic and other events; and (ii) without limitation of the requirement set forth in clause (i) above, Tenant agrees that the average ticket price for USC Home Football Games shall be no less than $50 during the Term. Landlord acknowledges and agrees that as of the Commencement Date of the Prior Agreement, (A) Tenant charges different prices per ticket for season tickets and single tickets, and ticket prices vary from game to game during each season; and (B) Tenant calculates the average ticket price by dividing the total of the ticket prices (other than Student/Staff Tickets) for each USC Home Football Game by the number of USC Home Football Games (e.g. $45, $45, $50, $50, $55, and $55 divided by 6 games equals an average ticket price of $50). In the future, Tenant may calculate its average ticket price by dividing the total amount of ticket revenues by the total amount of tickets sold in a season, or by any other commercially reasonable method of calculating the average ticket price. (g) Landlord’s share of the Cumulative Calculated Amount paid by Tenant for each Lease Year shall be deposited in the Exposition Park Improvement Fund pursuant to Food and Agricultural Code section 4106, subd. (c) and shall be expended pursuant to Food and Agricultural Code section 4106, subd. (d). (h) Within thirty (30) days of Landlord’s request, Tenant shall provide to Landlord copies of each of the annual reports of the Cumulative Calculated Amount delivered by Tenant to Commission under the Prior Agreement.

Cumulative Calculated Amount. (a) Within ninety (90) days after the last day of each Lease Year (each such last day, an “Annual Determination Date”), Tenant shall calculate and report to Landlord the Cumulative Calculated Amount as of the Annual Determination Date. Each such report by Tenant to Landlord shall be in reasonable detail, and Tenant shall supply Landlord with such additional information as Landlord may reasonably request with respect to any aspect of any calculation reported. (b) In the event that the Cumulative Calculated Amount determined as of any Annual Determination Date shall exceed $0, Tenant shall, concurrently with its report of that Cumulative Calculated Amount to Landlord under Section 4.3(a), pay to Landlord an amount that is equal to the excess (if any) of (x) Landlord’s cumulative share of that Cumulative Calculated Amount determined in accordance with Section 4.3(c), over (y) the total of all payments previously made to Landlord by Tenant under this subsection (b) and the total of all payments previously made to Commission by Tenant under this section in the Prior Agreement). (c) Landlord’s cumulative share of the Cumulative Calculated Amount determined as of any Annual Determination Date is: (i) five percent (5%) of the first $2.5 million thereof; plus (ii) ten percent (10%) of the next $2.5 million thereof; plus (iii) fifteen percent (15%) of the next $2.5 million thereof, plus (iv) twenty percent (20%) of all amounts thereof in excess of $7.5 million; provided, each of the $2.5 million (and $7.5 million total) threshold amounts referenced in preceding clauses (i) through (iv) shall be adjusted at each Annual Determination Date to reflect the percentage change, if any, in the CPI most recently published prior to the Annual Determination Date as compared to the CPI most recently published prior to the Commencement Date of the Prior Agreement. (d) Examples of the application of Sections 4.3(b) and (c) are set forth inin Schedule 4.3(d). These examples are hypothetical and for purposes of illustration only. For purposes of determining the Cumulative Calculated Amount, calculation shall include determinations made pursuant to the Prior Agreement. (e) Tenant shall maintain a separate account for the revenue and expenditures associated with the Coliseum Property in order to provide the reports and statements required under Sections 4.3(a) and 14.1 below. (f) Landlord agrees and acknowledges that Tenant Xxxxxx may impose a ticket surcharge for Tenant Events in order to fund capital improvements and operating expenses. The amount of such ticket surcharge shall be Excluded Receipts to the extent such funds are applied to capital improvements, but the cost of any capital improvements funded by the ticket surcharge shall be included as Capital Improvement Items for the purposes of determining the Cumulative Calculated Amount. Tenant shall have the sole right to determine and adjust the amount of the ticket surcharge imposed from time to time; provided that (i) the average ticket price (excluding the ticket surcharge) for the applicable Event remains at a rate that is comparable to the rates then being charged by other venues and sponsors of similar athletic and other events; and (ii) without limitation of the requirement set forth in clause (i) above, Tenant Xxxxxx agrees that the average ticket price for USC Home Football Games shall be no less than $50 during the Term. Landlord acknowledges and agrees that as of the Commencement Date of the Prior Agreement, (A) Tenant charges different prices per ticket for season tickets and single tickets, and ticket prices vary from game to game during each season; and (B) Tenant calculates the average ticket price by dividing the total of the ticket prices (other than Student/Staff Tickets) for each USC Home Football Game by the number of USC Home Football Games (e.g. $45, $45, $50, $50, $55, and $55 divided by 6 games equals an average ticket price of $50). In the future, Tenant may calculate its average ticket price by dividing the total amount of ticket revenues by the total amount of tickets sold in a season, or by any other commercially reasonable method of calculating the average ticket price. (g) Landlord’s share of the Cumulative Calculated Amount paid by Tenant for each Lease Year shall be deposited in the Exposition Park Improvement Fund pursuant to Food and Agricultural Code section 4106, subd. (c) and shall be expended pursuant to Food and Agricultural Code section 4106, subd. (d).

Cumulative Calculated Amount. (a) Within ninety (90) days after the last day of each Lease Year (each such last day, an “Annual Determination Date”), Tenant shall calculate and report to Landlord the Cumulative Calculated Amount as of the Annual Determination Date. Each such report by Tenant to Landlord shall be in reasonable detail, and Tenant shall supply Landlord with such additional information as Landlord may reasonably request with respect to any aspect of any calculation reported. (b) In the event that the Cumulative Calculated Amount determined as of any Annual Determination Date shall exceed $0, Tenant shall, concurrently with its report of that Cumulative Calculated Amount to Landlord under Section 4.3(a), pay to Landlord an amount that is equal to the excess (if any) of (x) Landlord’s cumulative share of that Cumulative Calculated Amount determined in accordance with Section 4.3(c), over (y) the total of all payments previously made to Landlord by Tenant under this subsection (b) and the total of all payments previously made to Commission by Tenant under this section in the Prior Agreement). (c) Landlord’s cumulative share of the Cumulative Calculated Amount determined as of any Annual Determination Date is: (i) five percent (5%) of the first $2.5 million thereof; plus (ii) ten percent (10%) of the next $2.5 million thereof; plus (iii) fifteen percent (15%) of the next $2.5 million thereof, plus (iv) twenty percent (20%) of all amounts thereof in excess of $7.5 million; provided, each of the $2.5 million (and $7.5 million total) threshold amounts referenced in preceding clauses (i) through (iv) shall be adjusted at each Annual Determination Date to reflect the percentage change, if any, in the CPI most recently published prior to the Annual Determination Date as compared to the CPI most recently published prior to the Commencement Date of the Prior Agreement. (d) Examples of the application of Sections 4.3(b) and (c) are set forth inin Schedule 4.3(d). These examples are hypothetical and for purposes of illustration only. For purposes of determining the Cumulative Calculated Amount, calculation shall include determinations made pursuant to the Prior Agreement. (e) Tenant shall maintain a separate account for the revenue and expenditures associated with the Coliseum Property in order to provide the reports and statements required under Sections 4.3(a) and 14.1 below. (f) Landlord agrees and acknowledges that Tenant may impose a ticket surcharge for Tenant Events in order to fund capital improvements and operating expenses. The amount of such ticket surcharge shall be Excluded Receipts to the extent such funds are applied to capital improvements, but the cost of any capital improvements funded by the ticket surcharge shall be included as Capital Improvement Items for the purposes of determining the Cumulative Calculated Amount. Tenant shall have the sole right to determine and adjust the amount of the ticket surcharge imposed from time to time; provided that (i) the average ticket price (excluding the ticket surcharge) for the applicable Event remains at a rate that is comparable to the rates then being charged by other venues and sponsors of similar athletic and other events; and (ii) without limitation of the requirement set forth in clause (i) above, Tenant agrees that the average ticket price for USC Home Football Games shall be no less than $50 during the Term. Landlord acknowledges and agrees that as of the Commencement Date of the Prior Agreement, (A) Tenant charges different prices per ticket for season tickets and single tickets, and ticket prices vary from game to game during each season; and (B) Tenant calculates the average ticket price by dividing the total of the ticket prices (other than Student/Staff Tickets) for each USC Home Football Game by the number of USC Home Football Games (e.g. $45, $45, $50, $50, $55, and $55 divided by 6 games equals an average ticket price of $50). In the future, Tenant may calculate its average ticket price by dividing the total amount of ticket revenues by the total amount of tickets sold in a season, or by any other commercially reasonable method of calculating the average ticket price. (g) Landlord’s share of the Cumulative Calculated Amount paid by Tenant for each Lease Year shall be deposited in the Exposition Park Improvement Fund pursuant to Food and Agricultural Code section 4106, subd. (c) and shall be expended pursuant to Food and Agricultural Code section 4106, subd. (d).