Operator’s Compensation definition
Examples of Operator’s Compensation in a sentence
Operator shall keep true and accurate books of account and records covering the Gross Receipts and expenses of operating and maintaining the Parking Facilities, including Reimbursements and Operator’s Compensation, during the term and any renewal hereof and for three years thereafter.
By way of example, only, if the Operator’s Compensation increases by three (3%) percent, then the Annual License Fee due from Operator to the Authority for that same period will also increase by three (3%) percent.
If the total Operator’s Compensation paid by District for such Contract Year is less than the greater of 1) the Operator’s Fixed Compensation for such Contract Year or, 2) the amount of Operator’s Annual Percentage Compensation for the Contract Year, District will remit the deficiency to the Operator, with the Operator’s Compensation next thereafter due or shall be paid by District within ten (10) business days, if the term shall have expired.
The Company and The Broker agree that this agreement, “Schedule of Equipment” and Operator’s Compensation Schedule” may be amended or modified from time to time by substitution or endorsement by both The Broker and The Company.
At the end of the First Contract Year and each Contract Year thereafter, if the total Operator’s Compensation paid by the District for that Contract Year exceed the greater of 1) the Operator’s Fixed Compensation for that Contract Year or 2) the amount of Operator’s Annual Percentage Compensation for that Contract Year, such as excess shall be deducted by District from the Operator’s Compensation next thereafter due to the Operator or shall be paid to District if the term shall have expired.
Upon District’s approval of the amount of Operator’s Request for Reimbursement and Operator’s Compensation, Operator may, upon written order of the District’s Executive Director, and designee, withdraw said amount from the “Greenville Spartanburg International Airport Parking Receipts Account” authorized and specified in Section 9.3 hereof.
If the Authority agrees to increase the Operator’s Compensation at the Facility, the Annual License Fee payable by the Operator to the Authority shall be subject to a comparable increase over and above the previous year’s license fee and will be effective the first day of the month that such increased Operator’s Compensation takes effect.
An example calculation of Operator’s Compensation is attached hereto as Exhibit D.
Once approved by the Executive Director, said approved Budget shall be the control limit on Reimbursements to Operator and Operator’s Compensation under this Agreement.