TOT REVENUE PROJECTIONS Sample Clauses

TOT REVENUE PROJECTIONS. All CVB Cost Advance reimbursement payments by City to Team San Xxxx are dependent upon receipt by City of sufficient transient occupancy tax revenues (“TOT Revenues”) to fund the Approved Budget. During the Term of this Agreement, it may be necessary for City to adjust the amount of monies available to fund the Approved Budget to reflect any deficiencies that may occur in TOT Revenues. Team San Xxxx agrees that the total amount of City’s reimbursements of CVB Cost Advances to Team San Xxxx may be reduced if the amount of TOT Revenues actually collected by City during the term of this Agreement are less than the amount of TOT Revenues anticipated at the commencement of each Fiscal Year; provided, however, Team San Xxxx is not obligated to expend any funds on behalf of or on account of the CVB Services in excess of the funding therefore actually provided by City. Notwithstanding the foregoing and subject to City Council allocation, the parties agree that not less than one and one-half percent (1.5%) of the actual TOT Revenues will be dedicated to CVB Services. In the event that, due to an actual or projected deficiency or shortfall in TOT Revenues in a Fiscal Year during the Term of this Agreement, there will be insufficient TOT Revenues to fund the Approved Budget, City shall, by written notice to Team San Xxxx, provide Team San Xxxx with revised information on the amount of TOT Revenues to be provided by City under this Agreement. Team San Xxxx may prepare a revised budget and modifications to its Marketing Plan and the Public Relations Plan for the City Council to act upon in light of the revised information; such revisions shall be reflected in a written modification to this Agreement and to the Approved Budget. City and Team San Xxxx may, by mutual agreement in a succeeding Fiscal Year, agree to an increase in the amount of TOT Revenues in a subsequent Fiscal Year 9 of 21 T-26492.001/1086127 133\0000000.14 to account for any deficiencies in TOT Revenues in the then current Fiscal Year.
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Related to TOT REVENUE PROJECTIONS

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