Manager Capital Contribution Clause Samples
Manager Capital Contribution. (a) If provided for in the Manager’s response to the RFP, the Manager Capital Contribution to the Facilities shall be utilized by the Authority, after consultation with the Manager, for projects, improvements or marketing efforts at the Facilities intended to generate increased revenue for the Facilities. The Manager shall prepare and deliver to the Authority an annual accounting the Capital Contribution fund.
(b) The amount of the Manager Capital Contribution shall be amortized on a straight line, monthly, non-cash basis over a five (5) year period commencing on the Effective Date. In the event of the expiration or termination of this Agreement for any reason whatsoever, the Authority shall pay, or cause any successor management company to pay the Manager unconditionally and without set- off the unamortized amount of the Manager Capital Contribution existing as of such expiration or termination. The payment of any such unamortized amounts shall be made to the Manager no later than the effective date of such expiration or termination.
Manager Capital Contribution. (a) Within thirty (30) days of the execution of this Agreement, Manager shall make available to ▇▇▇▇▇▇▇▇▇ Place the sum of Six Hundred and Fifty Thousand Dollars ($650,000) (the “Manager Capital Contribution”) for Capital Improvements and Capital Equipment purchases relating to the facility. Generally, the Manager Capital Contribution shall be deployed approximately as follows: Wintrust Arena POS (See Section 3.2) $195,000.00 Wintrust Menu Boards (Network Communication; Section 3.2) $41,500.00 ▇▇▇▇▇▇▇▇▇ Place POS $290,000.00 ▇▇▇▇▇▇▇▇▇ Credit Card Processing Setup $5,000.00 Pelican Cases for Storage of Spare terminals $30,000.00 Tracx $36,000.00 Contingency $52,500.00 Total Contribution: $650,000.00
(b) Amortization of the Manager Capital Contribution. The amount of the Manager Capital Contribution shall be amortized over a period of forty-two (42) months during the term of this Agreement on a straight-line, non-interest bearing basis. In the event of the expiration or termination of this Agreement for any reason, the Authority shall pay, or cause any successor management company to pay, to Manager unconditionally and without set-off the unamortized amount of the Manager Capital Contribution existing as of such expiration or termination. The payment of any such unamortized amounts shall be made to Manager no later than thirty (30) days following the effective date of such expiration or termination.