Suite Sales definition
Suite Sales shall be the joint responsibility of the Athletic Department and the Old Dominion University Intercollegiate Foundation (ODUIF), with the Athletic Director having final. The ODUIF will realize $ 10,000 per suite for each suite sold, and same shall be applied to athletic scholarships with Athletics retaining the balance to cover the ticket costs and rental rights fees. Should the annual cost of suites increase beyond $ 22,000 per year, a new distribution of revenue must be negotiated by the Athletic Director and the Vice President for Development and Alumni, for approval by the Vice President for Administration and Finance. All Pre- and Post-season basketball ticket revenue is retained by Athletics.
Examples of Suite Sales in a sentence
Buyer agrees to perform on behalf of Seller the tier II and tier III maintenance obligations under the Seller Suite Sales (as defined in Section 1.6(b)(v)) maintenance agreements listed on Part 1.3 of the Disclosure Schedule (the "Seller Suite Sales Maintenance Agreements"); it being understood that Buyer will not be in privity of contract with the customers involved in the Seller Suite Sales Maintenance Agreements.