![]() However, no franchise or capital stock tax or income or similar tax, measured or based on income or profits to the Lessee, or any tax which forms a part of the cost of Lessee, shall be deducted from Gross Receipts. ![]() Notwithstanding the foregoing, Gross Receipts shall not include refunds to customers, the cost of meals sold to employees of the Lessee, sales taxes, excise taxes or other taxes that are collected from patrons and paid directly to the appropriate governmental agency by the Lessee and the amount of any discount from the regular price of all items sold within the Demised Premises as a result of redemption or honoring of coupons or other similar promotions. For purposes of this Lease, “Gross Receipts” shall include the amounts generated from the sale of all foods and beverages at the Demised Premises, whether sold for consumption or use in or out of the Demised Premises. In addition to the foregoing, the following shall be deducted from Gross Receipts to the extent otherwise included in the calculation thereof: (a) credits or refunds made to customer (b) all fed. Gross Receipts shall not include, or if included, there shall be deducted (but only to the extent they have been included), as the case may be, (i) the net amount of cash or credit refunds upon Gross Receipts, where the merchandise sold or some part of it is returned by the purchaser to and accepted by Borrowers (but not exceeding in any instance the selling price of the item in question) (ii) the amount of any sales tax, use tax or retail excise tax which is imposed by any duly constituted governmental authority directly on sales and which is added to the selling price (or absorbed therein) and is paid to the taxing authority by Borrowers (but not any vendor of Borrowers) ( iii) exchanges of merchandise between the Collateral and other ski resorts of Borrowers or its Affiliates to the extent the same are made solely for the convenient operation of a Borrower’s business and not for the purpose of depriving Lender of the benefit of Gross Receipts (iv) returns of merchandise to shippers, suppliers or manufacturers (v) discount sale to employees and agents of Borrowers of merchandise not intended for resale (vi) all receipts or proceeds from borrowings (vii) gift certificates or like vouchers, if not issued for value, until the time they have been converted into a sale or redemption (viii) income, revenues, receipts or proceeds from a Borrower’s investment of any funds in a deposit institution and ( ix) separately stated interest and service charges. The term “Gross Receipts” shall mean: (i) the entire amount of the price charged, whether wholly or partially in cash or on credit, or otherwise, for all goods, wares, merchandise and chattels of any kind sold, leased, licensed or delivered ( specifically including without limitation ski lift tickets, golf course green fees, hotel charges), and all charges for services sold or performed in, at, upon or from any part of or through the use of the Collateral or any part thereof by a Payment Borrower or any other party, or by means of any mechanical or other vending device and (ii) all gross income of Payment Borrowers, and any other party from any operations in, at, upon or from the Collateral which are neither included in nor excluded from Gross Receipts by other provisions of this Agreement, but without duplication. ![]() Gross Receipts do not include the proceeds of (i) any sale, exchange, refinancing, condemnation, or other disposition of all or any part of the Project, (ii) any loans to Owner whether or not secured by all or any part of the Project, ( iii) any capital expenditures or funds deposited to cover costs of operations made by Owner, and (iv) any insurance policy (other than rental interruption insurance or proceeds from third-party damage claims). ![]() Gross Receipts. The entire amount of all receipts, determined on a cash basis, from (a) tenant rentals collected pursuant to tenant leases of apartment units, for each month during the term hereof provided that there shall be excluded from tenant rentals any tenant security deposits (except as provided below) (b) cleaning, tenant security and damage deposits forfeited by tenants in such period (c) laundry and vending machines income (d) any and all other receipts from the operation of the Project received and relating to the period in question (e) proceeds from rental interruption insurance, but not any other insurance proceeds or proceeds from third- party damage claims, and (f) any other sums and charges collected in connection with termination of the tenant leases.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |