Event Operating Account Sample Clauses

Event Operating Account. Manager shall deposit as soon as practicable following receipt, in an interest-bearing account in a local qualified public depository to be designated by the University in writing (“Event Operating Account”), all revenue received from ticket sales and similar event-related revenues which Manager receives in contemplation of, or arising from, an event, pending completion of the event. Such monies will be held in escrow for the protection of ticket purchasers, the University and Manager, to provide a source of funds as required for payments to performers and for payments of direct incidental expenses in connection with the presentation of events that must be paid prior to or contemporaneously with such events. Promptly following completion of such events, Manager shall transfer all funds in the Event Operating Account into the Facility Operating Account. Interest accrued on amounts in the Event Operating Account shall be part of the Facility operating income and shall be transferred to the Facility Operating Account, unless Manager is required to pay such interest to the promoter of an event pursuant to its respective license agreement with the promoter. Bank service charges, if any, on such account(s) shall be deducted from interest earned.