Passenger Payment Clause Samples

Passenger Payment. Commencing with the calendar year or ------------- ----------------- partial calendar year in which the Boat is placed in operation, and continuing for each succeeding calendar year or partial calendar year of the Term thereafter, the Developer shall pay to the Port Authority an annual passenger payment ("Passenger Payment") in an amount equal to One Dollar ($1.00) multiplied by the number of passengers that enter and exit the Boat during such calendar year or partial calendar year ("Embarking Passengers"). For purposes of this Section 10.03, the number of Embarking Passengers shall be determined in the same manner that the number of persons is determined for purposes of computing the admission tax imposed upon licensed owners pursuant to IC 4-33-12- 1, et seq. The terms and conditions of the Passenger Payment described in this Section 10.03 are set forth in greater detail In the Port Agreement and in any event shall replace and supersede the per capita embarkation fee set forth in Section 2.03(b) of the Lease Agreement dated as of February 9, 1993, by and between the Port Authority and the Developer.