AG 2015 03 16 - Laserfiche WebLink

Home Browse Search

tion and set -up, security and other subcontractors (however, if such revenues are collected in the first instance by and retained by such subcontractors, only the amount of such revenues paid by such contractors to the Facility shall be included as Operating Revenues), miscellaneous operat- ing revenues, revenues generated from separate agreements with SMG Affiliates pertaining to the Facility, and interest revenues, all as determined in accordance with generally accepted ac- counting principles and recognized on a full accrual basis. The parties acknowledge that reve- nues from the sale of tickets for events at the Facility are not Operating Revenues, but are instead revenues of the promoter and /or performer of each such event. To the extent that SMG collects such ticket sale revenue on behalf of such promoter and /or performer, such ticket sale revenue shall be the source of funds from which SMG collects the rental charges and other event reim- bursements due by such promoter and /or performer for use of the Facility, which such charges and reimbursements are Operating Revenues hereunder. "Operating Revenue Benchmark" — shall equal One Million Thirty -Five Thou- sand Dollars ($1,035,000) for the first full Fiscal Year of the Management Term, subject to ad- justment for material changes in the manner in which SMG operates food and beverage products at the Facility, if such changes are agreed upon by the parties hereto. The Operating Revenue Benchmark shall automatically adjust on the first day of each subsequent Fiscal Year to equal the amount of three (3) year average of the total Operating Revenues for the previous three Fiscal Years (and the parties agree to take into consideration any agreed upon adjustments relative to material changes in the food and beverage operations of the Facility). "Person" — any individual, general partnership, limited partnership, limited liabil- ity partnership, partnership, corporation, joint venture, trust, business trust, limited liability com- pany, cooperative, or association, and the successors and assigns of any of the foregoing and, unless the context otherwise requires, the singular shall include the plural, and the masculine gender shall include the feminine and the neuter, and vice versa. "Pre- existing Agreement" — each contract, license, agreement, option, lease and commitment existing as of the date of this Agreement that grants any Person any right (i) to li- cense, use, occupy or rent all or any portion of the Facility, or (ii) to provide services to be used in the management, operation, use, possession, occupation, maintenance, promotion or marketing of all or any portion of the Facility, and that are listed on Exhibit "A" hereto. "Renewal Term" — the additional period for which this Agreement may be re- newed at the option of the County in accordance with Section 3.2 hereof beyond the Manage- ment Term. "SMG'— as defined in the first paragraph of this Agreement. pdfconvert. 9450.1. cabarms_agreement_2015. doc 4 F -1 Attachment number 1 Page 84