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1 ARTICLE 8 PAYMENT PROCEDURES 2 8.01 BASIC COMPENSATION 3 The Basic Compensation provided for in Section 7.03 will be paid monthly in arrears, 4 with the first payment earned as of January 31, 2011. The Authority will make each 5 payment within fifteen (15) days after it receives from Contractor a timely and complete 6 monthly statement required by Section 8.07. 7 8.02 SUPPLEMENTAL PROCESSING FEES 8 Any fees earned by Contractor under Section 7.06 will be paid monthly in arrears, 9 concurrently with payment of the Basic Compensation due under Section 8.01. 10 8.03 PASS THROUGH COSTS REIMBURSEMENT 11 The interest reimbursement provided for in Section 7.09 will be made monthly in 12 accordance with the debt service schedule provided by Contractor until the principal 13 amount of the loan(s) approved by the Authority is paid. The interest rate on capital 14 equipment will be adjusted as part of the compensation adjustment process for Rate 15 Year One only, based on a market based on the change in the interest rate on United 16 States Treasury 10-year notes between March 2008 (3.50/0) and July 2010, based on 17 official United States Treasury data." If Contractor incurs other costs which are 18 reimbursable under Section 7.09, it shall include these costs, together with information 19 sufficient to substantiate the amount and purpose of each expense, in the monthly 20 statement required by Section 8.07 due the month immediately following the month in 21 which the cost was incurred. The Authority will pay the cost reimbursements due 22 concurrently with payment of the Basic Compensation due under Section 8.01. 23 8.04 GATE FEES FOR PUBLICLY HAULED WASTE 24 Contractor will pay to Authority (by wire transfer or otherwise as Authority may direct) the 25 amount of all Gate Fees collected from Persons delivering Self-Hauled Materials to the 26 Transfer Station. Such payments will be made no less often than bimonthly, but possibly 27 as frequently as daily. These payments will be reflected in the monthly statement from 28 Contractor required by Section 8.07. 29 8.05 - REVENUE FROM SALE OF RECYCLABLE MATERIALS 30 Contractor will pay to the Authority (by wire transfer or otherwise as Authority may direct) 31 all Revenue earned from third parties for the sale of Recyclable Materials delivered to or 32 recovered at the Shoreway Center until the annual Revenue Guarantee, or the Prorated 33 Revenue Guarantee for 2011 as determined by Section 7.07.B, has been remitted. 34 Thereafter, Contractor shall pay to Authority seventy five percent (750/0) of such 35 Revenue, unless otherwise adjusted by Section 7.07.D.3. Such payments will be made 36 on or before the fifteenth (15th) day of each month based on sales during the 37 immediately preceding month. These payments will be reflected in the monthly 38 statement from Contractor required by Section 8.07. 39 40 The Revenues received by Contractor from the sales of Recyclable Materials are held in 41 trust for the benefit of the Authority and such Revenues shall be disbursed only as 42 provided in this Agreement and shall not be subject to levy or attachment or lien by or for 43 any creditor of Contractor. Contractor shall account for all such Revenues, when and as Operating Agreement for Shoreway Center Page - 30 - 7/30/09