PAYMENTS TO THE DEPARTMENT. A. Operator shall pay to Department an annual Operating Agreement Payment in the amount of (“Base Payment”) plus an additional payment of fifteen (15) percent of gross revenue in excess of (“Variable Payment”). The Base Payment is payable in monthly installments in the amount of . Each installment shall be due on the first day of each month and shall be paid without penalty on or before the tenth day of each month for which said installment is due. If the Effective Date occurs on any date other than the first of the month, this payment for a portion of a month shall be pro-rated. The Variable Payment for the First Term Year shall be due March 31 of the Second Term Year and on March 31 of every year for the prior Term Year thereafter for the remainder of the Term.
B. The Base Payment shall increase annually by three (3) percent, beginning on the first anniversary of the Effective Date.
C. For purposes of calculating the annual Variable Payment, gross revenue shall be defined to include all sales at the gross selling price of merchandise and items of every character sold in, upon, or through any part of the Golf Course Property by Operator, or any other person, firm, or corporation, including, but not limited to, all revenues and sales related to the operation of the golf course, pro shop, and gross charges for all services to customers or patrons, including, but not limited to, greens fees, memberships, equipment rentals, lessons, camps, golf outings, and events performed by Operator or any other person, firm or corporation, in, upon, or through any part of the Golf Course Property, and shall include sales and charges for cash and credit regardless of whether or not the same is collected or uncollected, less only all proper credits for returned merchandise, merchandise exchanges and merchandise cancellations, allowances or discounts as well as any sales taxes collected by Operator and remitted to taxing authorities with respect to each Term Year. Gross revenue shall not include the value of any gift certificates or memberships sold prior to the Effective Date but redeemed after the Effective Date.
D. On or before February 28 of each Term Year, and on or before the February 28 after this Operating Agreement has terminated, Operator shall provide Department with a financial report prepared by a Certified Public Accountant licensed to practice accounting in the State of New Jersey setting forth Operator’s gross revenue for the previous Term Year ending Decembe...
PAYMENTS TO THE DEPARTMENT. (A) Unless otherwise provided in the Contract, the Contractor shall make all payments owed to the Department within 30 days after receipt by the Contractor of the invoice. If the Contractor fails to make payment to the Department within 45 days after the Contractor receives a correct invoice, the Contractor shall pay the Department interest for that portion of the unpaid balance prorated for the period beginning with the 31st day after the Contractor receives the invoice from the Department and ending when the Department receives the payment. The Department shall separately invoice the Contractor for any interest due. The rate of interest shall be the same rate as that specified in Section 11-107(a) of the Courts and Judicial Proceedings Article, Annotated Code of Maryland, during the time that the interest is accruing.
(B) The Department is not responsible for bills incurred or paid by the Contractor for processing fees, indirect or direct costs, or overhead costs related to bills paid or incurred by the Contractor, other than those fees or costs which the Contractor has included in its price stated in ATTACHMENT F or for which the Contractor is authorized to submit an invoice for reimbursement under this Contract. This provision shall survive the Contract term for any and all instances when payment is due to the State.
(C) In the event that any monies due the Contractor are not sufficient to satisfy all claims against the Contractor, the Department may invoice the Contractor for all additional amounts due. In the event the Contractor fails to pay the amount owed within 30 days, the Department, in addition to any other remedies, may deduct the amounts due from any monies due the Contractor during any renewal term of the contract or under any other contract between the parties.
PAYMENTS TO THE DEPARTMENT. 11 Section 6.01 Department’s Reimbursable Costs and Permit Fees 11 Section 6.02 Base Case Financial Model Updates 11
PAYMENTS TO THE DEPARTMENT. 12 Section 6.01 Department’s Reimbursable Costs and Permit Fees. 12
PAYMENTS TO THE DEPARTMENT. A. Operator shall not be required to pay any fees to the Department but shall use all of the proceeds it receives through admission fees, special events, operation of a gift shop (in the event the Department can provide space for such a shop), and fundraising efforts to fulfill its obligations under the Operating Agreement. Operator may invest funding received from non- governmental or governmental sources to improve, maintain, and operate the Indian Village.
B. Tenant also shall be responsible for maintenance and upkeep of the land and structures and payment of all utilities as set forth in this Operating Agreement.
PAYMENTS TO THE DEPARTMENT. A. Operator shall pay to Department an annual Operating Agreement Payment in the amount of Dollars ($ ) (“Base Payment”) plus an additional payment of a percentage of gross revenue (“Variable Payment”). The base payment is payable on the Effective Date of this Agreement, and on the anniversary of the Effective Date for the remainder of the Term. The Variable payment for the First Term Year shall be due on (enter date) of the Second Term Year and on (enter date) of every year for the prior Term Year thereafter for the remainder of the Term. The Base Payment shall annually increase by three (3) percent on the anniversary of the Effective Date.
B. For purposes of calculating the annual Variable Payment, gross revenue is defined to include all sales at the gross selling price of merchandise and items of every character sold in, upon, or through the Park Property by the Operator, or any other person, firm, or corporation, including, but not limited to, all revenues and sales related to the food and beverage, novelty and souvenir, catering and event management operations at the Park Property, and gross charges for all services to customers or patrons, and shall include sales and charges for cash and credit, regardless of whether or not the same is collected or uncollected, less all proper credits for returned merchandise, merchandise exchanges and merchandise cancellations, allowances, or discounts, as well as any sales taxes collected by the Operator and remitted to taxing authorities with respect to each Term Year as provided in the Operating Agreement.
C. All Operating Agreement Payments shall be paid by check made payable to "Treasurer-State of New Jersey" and sent to: Liberty State Park 000 Xxxxxx Xxxxx Drive Jersey City, New Jersey, 07305 D. Any Operating Agreement Payment not made on or before the date provided in Subparagraph 7A hereof shall be considered past due. All past due amounts shall be assessed a monthly penalty of one and one-half percent (1.5%) of the total amount due calculated on the tenth (10th) day of each month.
