Quarterly Payments and Quarterly Contribution Report Clause Samples
The "Quarterly Payments and Quarterly Contribution Report" clause requires parties to make payments and submit reports on a quarterly basis, typically relating to financial contributions or obligations under an agreement. In practice, this means that every three months, the responsible party must calculate the amount due, remit payment, and provide a detailed report outlining the contributions made during that period. This clause ensures regular financial accountability and transparency, helping both parties monitor compliance and manage cash flow effectively.
Quarterly Payments and Quarterly Contribution Report. (1) The Tribe shall remit quarterly to the State Gaming Agency (i) the payments described in section 4.3, for deposit into the Special Distribution Fund and (ii) the payments described in section 5.2, for deposit into the Revenue Sharing Trust Fund or the Tribal Nation Grant Fund.
(2) If the Gaming Activities authorized by this Compact commence during a calendar quarter, the first payment shall be due on the thirtieth (30th) day following the end of the first full quarter of the Gaming Activities and shall cover the period from the commencement of the Gaming Activities to the end of the first full calendar quarter.
(3) All quarterly payments shall be accompanied by the certification specified in subdivision (b).
(b) At the time each quarterly payment is due, regardless of whether any monies are owed, the Tribe shall submit to the State Gaming Agency a certification (the “Quarterly Contribution Report”) prepared by the chief financial officer of the Gaming Operation that specifies the following:
(1) The calculation of the maximum number of Gaming Devices operated in the Gaming Facility for each day during the given quarter;
(2) If the Tribe is operating one thousand, two hundred and one (1,201) or more Gaming Devices, the Net Win calculation reflecting the quarterly Net Win from the operation of all Gaming Devices in the Facility;
(3) The amount due pursuant to section 4.3;
(4) The calculation of the amount due pursuant to section 5.2; and
(5) The total amount of the quarterly payment paid to the State.
(c) If the Tribe is operating one thousand, two hundred and one (1,201) or more Gaming Devices, the following shall also be included in the Quarterly Contribution Report:
(1) At any time after the fourth quarter, but in no event later than April 30 of the following calendar year, the Tribe shall provide to the State Gaming Agency an audited annual certification of its Net Win calculation from the operation of Gaming Devices. The audit shall be conducted in accordance with generally accepted auditing standards, as applied to audits for the gaming industry, by an independent certified public accountant (auditor) who is not employed by the Tribe, the Tribal Gaming Agency, the Management Contractor, or the Gaming Operation, is only otherwise retained by any of these entities to conduct regulatory audits or independent audits of the Gaming Operation, and has no financial interest in any of these entities.
(2) If the audit shows that the Tribe made an overpayment ...
Quarterly Payments and Quarterly Contribution Report. (1) The Tribe shall remit quarterly to the State Gaming Agency (i) the payments described in section 4.3, for deposit into the Special Distribution Fund and (ii) the payments described in section 5.2, for deposit into the Revenue Sharing Trust Fund or the Tribal Nation Grant Fund.
(2) If the Gaming Activities authorized by this Compact commence during a calendar quarter, the first payment shall be due on the thirtieth (30th) day following the end of the first full quarter of the Gaming Activities and shall cover the period from the commencement of the Gaming Activities to the end of the first full calendar quarter.
(3) All quarterly payments shall be accompanied by the certification specified in subdivision (b).
(b) At the time each quarterly payment is due, regardless of whether any monies are owed, the Tribe shall submit to the State Gaming Agency a certification (the “Quarterly Contribution Report”) prepared by the chief financial officer of the Gaming Operation that specifies the following:
(1) The calculation of the maximum number of Gaming Devices operated in the Gaming Facility for each day during the given quarter;
(2) The Net Win calculation, if applicable, reflecting the quarterly Net Win from the operation of all Gaming Devices in the Facility;
(3) The amount due pursuant to section 4.3;
(4) The calculation, if applicable, of the amount due pursuant to section 5.2; and
(5) The total amount of the quarterly payment paid to the State. The Quarterly Contribution Report shall be prepared by the chief financial officer of the Gaming Operation.
(c) The following shall be included in the Quarterly Contribution Report:
Quarterly Payments and Quarterly Contribution Report. (1) The Tribe shall remit quarterly to the State Gaming Agency the payments described in section 4.3, for deposit into the Special Distribution Fund. If the Tribe seeks to amend this compact pursuant to section 5.2 to increase the number of authorized gaming devices, that amended compact will address the Tribe’s payment obligations into the Revenue Sharing Trust Fund and Tribal Nation Grant Fund in a manner consistent with other compacts.
(2) If the Gaming Activities authorized by this Compact commence during a calendar quarter, the first payment shall be due on the thirtieth (30th) day following the end of the first full quarter of the Gaming Activities and shall cover the period from the commencement of the Gaming Activities to the end of the first full calendar quarter.
(3) All quarterly payments shall be accompanied by the certification specified in subdivision (b).
(b) At the time each quarterly payment is due, regardless of whether any monies are owed, the Tribe shall submit to the State Gaming Agency a certification (the “Quarterly Contribution Report”) that specifies the following:
(1) calculation of the maximum number of Gaming Devices operated in the Gaming Facility for each day during the given quarter;
(2) the amount due pursuant to section 4.3;
(3) the total amount of the quarterly payment paid to the State. The Quarterly Contribution Report shall be prepared by the chief financial officer of the Gaming Operation.
(c) Notwithstanding anything to the contrary in section 13.0, any failure of the Tribe to remit the payments referenced in subdivision (a), will entitle the State to immediately seek injunctive relief in federal or state court, at the State’s election, to compel the payments, plus accrued interest thereon at the rate of one percent (1%) per month, or the maximum rate permitted by State law for delinquent payments owed to the State, whichever is less; and further, the Tribe expressly consents to be sued in either court and waives its right to assert sovereign immunity against the State in any such proceeding. Failure to make timely payment shall be deemed a material breach of this Compact.
(d) If any portion of the payments under subdivision (a) of this section is overdue after the State Gaming Agency has provided written notice to the Tribe of the overdue amount with an opportunity to cure of at least fifteen (15) business days, and if more than sixty (60) calendar days have passed from the due date, then the Tribe shall cease operat...