Title Sponsorship Funds and Secondary Sponsorship Funds Sample Clauses

Title Sponsorship Funds and Secondary Sponsorship Funds. The first two (2) payments of Title Sponsorship Funds by the Title Sponsor under the Title Sponsorship Agreement which consist of two (2) equal payments of $1,000,000 each ($2,000,000 in the aggregate) shall be used by the City as follows: (a) for the purchase of Capital Equipment in an amount equal to $3,103,250 and (b) for reimbursement of costs and expenses incurred by Motivate in connection with the launch of the System in the amount of $328,750.00. For the avoidance of doubt, such initial $2,000,000 of Title Sponsorship Funds remains subject to the Sponsorship Administrative Fee payable to Motivate with respect to all Title Sponsorship Funds hereunder within thirty (30) days of receipt thereof by the City or within thirty (30) days of invoice by Motivate, whichever is longer. City agrees to notify Motivate promptly upon receipt of payment of Title Sponsorship Funds. Except as otherwise specified in the first sentence of this Section 6.6.1, all Title Sponsorship Funds and Secondary Sponsorship Funds shall be deposited into the O&M Account for distribution in accordance with Section 6.15 hereof, except if the Title Sponsor or Secondary Sponsor(s) pays in a lump sum or in installments in advance, such amounts shall populate the O&M Account at $1,000,000 per calendar year up to five (5) years. For avoidance of doubt, the maximum payment to Motivate per calendar year to cover Cumulative Operations Losses from Title Sponsorship Funds and Secondary Sponsorship Funds is $1,000,000.
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