Facility Operating Account Clause Samples
The Facility Operating Account clause establishes a dedicated bank account for managing the financial transactions related to the operation of a specific facility. Typically, all revenues generated by the facility, such as rent or service fees, are deposited into this account, and operating expenses, including maintenance and utility costs, are paid from it. This arrangement ensures that the facility's income and expenditures are clearly separated from other finances, promoting transparency and accountability in the management of the facility's funds.
Facility Operating Account. Except as provided in Section 10.1, all Revenue derived from operation of the Facility shall be deposited by Manager into an interest-bearing account in a local qualified public depository to be designated by the City in writing (“Facility Operating Account”) as soon as practicable upon receipt (but not less often than once each business day, and in any event within one (1) business day of receipt). As provided in Section 9.1, Manager shall have the right to withdraw and use the funds in the Facility Operating Account to cover the operation of the Facility, including payment of the expense items set forth in Section 8.1(b). “Revenue” shall mean all revenues generated by Manager’s operation of the Facility, including but not limited to event ticket proceeds income, rental income, merchandise income, concessionaire income, income from any naming rights agreement, advertising sales income, equipment rental fees, box office income, miscellaneous operating income, parking income, leasing income, and food sales income, but shall not include monies collected (or to be collected) for the benefit of and paid to third parties (for example, event promoters), and applicable excise, sales, occupancy and use taxes, or similar government taxes, duties, levies or charges collected directly from patrons or guests, or as a part of the sales price of any goods, services, or displays, such as gross receipts, admission, cabaret, or similar or equivalent taxes, nor any gratuities collected (or to be collected) for the benefit of and paid to any of Manager’s personnel.
Facility Operating Account. Except as provided in Section 11.1, all Revenue derived from operation of the Facility shall be deposited by Manager into an interest-bearing account in a local qualified public depository to be designated by the University in writing (“Facility Operating Account”) as soon as practicable upon receipt (but not less often than once each business day, and in any event within one (1) business day of receipt). As provided in Section 10.1, Manager shall have