Common use of Operating Term Clause in Contracts

Operating Term. The period commencing on the Effective Date of this Agreement and expiring at 11:59 p.m. on December 31, 2013. Operating Year: The twelve (12) month period of time during which the Facilities are operated, commencing on January 1st and ending on December 31st, and each twelve month period of time thereafter, provided that the first Operating Year shall commence on November 1, 2011 and end December 31, 2011. PGA: The Professional Golfers Association of America. Revenues: All income collected by Operator from the operation of the Facilities, as more fully described in Section 14 of this Agreement.

Operating Term. The period commencing on the Effective Date of this Agreement and expiring at 11:59 p.m. on December 31, 201320132017. Operating Year: The twelve (12) month period of time during which the Facilities are operated, commencing on January 1st and ending on December 31st, and each twelve month period of time thereafter, provided that the first Operating Year shall commence on November 1, 2011 and end December 31, 2011. PGA: The Professional Golfers Association of America. Revenues: All income collected by Operator from the operation of the Facilities, as more fully described in Section 14 of this Agreement.