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<br />Manager from such accounts. All revenues collected by Manager arising from, related to or
<br />payable in connection with the Facility, including but not limited to revenues from
<br />membership fees, user fees, box office sales, facility or equipment rentals, utility rental
<br />agreements, food and beverage concessions, naming or pouring rights, licensing
<br />agreements, sales, marketing, leasing or other commissions, or any other source, are the
<br />sole property of the Owner, held in trust by Manager for the Owner for application as
<br />provided herein. Any amounts remaining in such accounts upon termination or expiration of
<br />this Agreement for any reason, after payment of all outstanding Operating Expenses, shall
<br />be the sole property of the Owner and shall be promptly paid by Manager to the Owner.
<br />
<br />8.8 Ticket Sales Revenues. Manager shall hold in a separate interest-bearing
<br />account in a banking institution depository designated by the Owner any ticket sale
<br />revenues which it receives with respect to an event to be held at the Facility pending the
<br />completion of the event. Such monies are to be held for the protection of ticket purchasers,
<br />the Owner, and Manager, and to provide a source of funds, as required for such payments
<br />to performers and promoters and for such payments of Operating Expenses in connection
<br />with the presentation of events as may be required to be paid contemporaneously with the
<br />event. Following the satisfactory completion of the events, Manager shall deposit such ticket
<br />sales revenues into the appropriate Operating Account(s), established herein, and shall pay
<br />from the Operating Account all event expenses and provide the Owner with a full event
<br />settlement report along with, upon request of the Owner, copies of paid receipts from all
<br />vendors, promoters, performers, and other payees of any portion of the ticket sale
<br />revenues, and/or other details of such payments. Interest which accrues on amounts
<br />deposited in the Operating Account(s) referred to herein and the ticket account referred to
<br />above shall be considered Operating Revenues. Bank service charges, if any, on such
<br />account(s) shall be considered Operating Expenses.
<br />
<br />8.9 Capital Improvements; Capital Equipment. The obligation to pay for, and
<br />authority to perform, direct, and supervise Capital Improvements and Capital Equipment
<br />purchases shall remain with the Owner. The annual plan submitted by Manager shall
<br />include Manager’s recommendation for Capital Improvements and Capital Equipment
<br />purchases to be accomplished during the Fiscal Year and shall be accompanied by an
<br />estimate of the cost of all such items and projects and a request that the Owner budget
<br />funds therefor. The Owner shall retain the sole discretion to determine whether and to what
<br />level to fund Capital Improvements and Capital Equipment purchases to the Facility.
<br />
<br />8.10 Funding of Facility. The parties agree the Manager shall not be considered
<br />to have a funding obligation to fund the operation of the Facility in the event that the Owner
<br />cannot appropriate funds for its operation due to changes in Owner’s statutory authority or
<br />severe emergency financial conditions; provided, however, that this Agreement does not in
<br />any manner negate any payment obligations of Manager set forth in this Agreement.
<br />
<br />8.11 Funds for Emergency Repairs. Manager shall have the right to act, with the
<br />consent of the Owner, in situations which Manager determines to be an emergency with
<br />respect to the safety, welfare, and protection of the general public, including spending and
<br />committing funds held in the Operating Account(s) of the Facility, even if such expenses are
<br />not budgeted, provided that use of such funds is directly related to addressing the immediate
<br />emergency condition only; provided however, Manager shall have no obligation under any
<br />circumstance to spend or commit funds other than funds then available in such accounts
<br />for any such purpose. Manager shall contact the Owner prior to taking such actions, and,
<br />Docusign Envelope ID: 177AA06A-30B4-42FF-A85A-78B5A7C51DBE
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