Gross Receipts from Operations definition

Gross Receipts from Operations means total revenue actually received or receivable from operation of the Project, including: all sales; the total amount of compensation actually received or receivable for the performance of any act or service, of whatever nature it may be, for which a charge is made or credit allowed whether or not such act or service is done as part of or in connection with the sale of materials, goods, wares, or merchandise; and gains realized from trading in stocks or bonds, interest discounts, rents, royalties, fees, commissions, dividends, or other remunerations, however designated. Included in "gross receipts" shall be all receipts, cash, credits, and property of any kind or nature, without any deduction therefrom on account of the cost of the property sold, the cost of materials used, labor or service costs, interest paid or payable, or losses or other expenses whatsoever, except that the following shall be excluded therefrom:

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Gross Receipts from Operations means total revenue actually received or receivable from operation of the Project, including: all sales; the total amount of compensation actually received or receivable for the performance of any act or service, of whatever nature it may be, for which a charge is made or credit allowed whether or not such act or service is done as part of or in connection with the sale of materials, goods, wares, or merchandise; and gains realized from trading in stocks or bonds, interest discounts, rents, royalties, fees, commissions, dividends, or other remunerations, however designated. Included in "gross receipts" shall be all receipts, cash, credits, and property of any kind or nature, without any deduction therefrom on account of the cost of the property sold, the cost of materials used, labor or service costs, interest paid or payable, or losses or other expenses whatsoever, except that the following shall be excluded therefrom: 1. Cash discounts allowed and taken on sales; 2. Credit allowed on property accepted as part of the purchase price and which property may later be sold, at which time the sales price shall be included as "gross receipts"; 3. Any tax required by law to be included in or added to the purchase price and collected from the consumer or purchaser; 4. Such part of the sale price of property returned by purchasers upon rescission of a contract of sale as is refunded either in cash or by credit; 5. Receipts of refundable deposits, except that such deposits when forfeited and taken into income of the business shall not be excluded. The intent of this definition is to ensure that in calculating the payment required under Section 4.2, all sales of cannabis products through the Project are captured. This definition shall therefore be given the broadest possible interpretation consistent with this intent.

Gross Receipts from Operations means total revenue actually received or receivable from operation of the Project, including: all sales; the total amount of compensation actually received or receivable for the performance of any act or service, of whatever nature it may be, for which a charge is made or credit allowed whether or not such act or service is done as part of or in connection with the sale of materials, goods, wares, or merchandise; and gains realized from trading in stocks or bonds,

Examples of Gross Receipts from Operations in a sentence

• City shall have the right to audit and examine such books, records and documents and other relevant items in the possession of Owner, on no less than an annual basis, or at any time upon reasonable request by the City, to the extent necessary for a proper determination of Gross Receipts from Operations, and all such books, records, documents and other items shall be held available for such audit and examination.

• If at any time during the term such books and records prove inadequate in the reasonable judgment of City to record the Gross Receipts from Operations as herein required, Owner shall, upon the written request of the City, procure and maintain such books and records as shall be of a character and from adequate for such purpose.

• City shall have the right to audit and examine such books, records and documents and other relevant items in the possession of Developer, but only to the extent necessary for a proper determination of Gross Receipts from Operations, and all such books, records, documents and other items shall be held available for such audit and examination.

• Additionally, Borrowers agree that, during each calendar year, Borrower shall spend, in the aggregate (inclusive of the FF&E Expenditures spending requirement set forth in the immediately preceding sentence), not less than four percent (4%) of the aggregate Gross Receipts from Operations from all of the Collateral Properties received during such calendar year on FF&E Expenditures for such Collateral Properties.

• For the second year, the Developer shall pay two percent (2%) of Developer's Gross Receipts from Operations for each quarter’s operation.

• First (1st) Business Day, of Every Month Following commencement of Commercial Cannabis Activity in which Developer earns $2,000,000 or more in Gross Receipts from Operations of the Project for the previous calendar month.

• During each calendar year, each Borrower shall spend not less than three percent (3%) of the Gross Receipts from Operations from its respective Collateral Property on FF&E Expenditures for such Collateral Property.

• This documentation may, at the City’s request, include (but may not be limited to) the transportation manifests for cannabis products received at or transported from the Facility, and an accounting of Gross Receipts from Operations during the previous quarter.

• In addition to the annual payment set forth above, for the first year, the Developer shall pay one percent (1%) of Developer's Gross Receipts from Operations for each quarter’s operation.

• For the third year and each year thereafter during the Term, the Developer will pay three percent (3%) of Developer’s Gross Receipts from Operations for each quarter’s operation.