HANDLING OF FUNDS. (1) All funds received (with the exception of Third Party Deposits and Outdoor Sponsorship and Advertising Revenues) by Manager in connection with operation of the Facility shall be deposited promptly by Manager in accounts held and controlled by Manager for the benefit of City in accordance with this Agreement at a financial institution selected by Manager from time to time and reasonably acceptable to City (the “Operating Account”). (2) Third Party Deposits shall be held in a segregated account (the “Third Party Account”) pending application pursuant to the specific contract under which each such Third Party Deposit is made; any Third Party Deposit forfeited by the applicable third party shall be transferred to the Operating Account. (3) Outdoor Sponsorship and Advertising Revenues shall be held in a segregated account (the “Outdoor Sponsorship and Advertising Revenues Account”, and shall be applied from time to time to Operating Expenses as and when due; provided, Outdoor Sponsorship and Advertising Revenues not required to pay Operating Expenses shall be retained in the Outdoor Signage Revenues Account in compliance with the ordinance establishing the ARTIC Special Sign District, and shall not be distributed to Manager.
Appears in 2 contracts
Sources: Facility Management Agreement, Facility Management Agreement
HANDLING OF FUNDS. (1) All funds received (with the exception of Third Party Deposits and Outdoor Sponsorship and Advertising Revenues) by Manager in connection with operation of the Facility shall be deposited promptly by Manager in accounts held and controlled by Manager for the benefit of City in accordance with this Agreement at a financial institution selected by Manager from time to time and reasonably acceptable to City (the “Operating Account”).
(2) Third Party Deposits shall be held in a segregated account (the “Third Party Account”) pending application pursuant to the specific contract under which each such Third Party Deposit is made; any Third Party Deposit forfeited by the applicable third party shall be transferred to the Operating Account.
(3) Outdoor Sponsorship and Advertising Revenues shall be held in a segregated account (the “Outdoor Sponsorship and Advertising Revenues Account”, and shall be applied from time to time to Operating Expenses as and when due; provided, Outdoor Sponsorship and Advertising Revenues not required to pay Operating Expenses shall be retained in the Outdoor Signage Revenues Account in compliance with the ordinance establishing the ARTIC Special Sign District, and shall not be distributed to Manager.
(4) Reserves shall be held in a segregated account (the “Reserve Account”) pending application thereof as provided in this Agreement. Amounts held in the Reserve Account shall be used to pay cost for which such funds were reserved including Maintenance and Repairs.
(5) Manager shall have the right to invest cash on hand in Permitted Investments from time to time.
Appears in 1 contract
Sources: Facility Management Agreement