Convention Funds. With the exception of the Security Grant, the Host Committee shall be solely responsible for raising the sum of all necessary funds (the “Convention Funds”) to account for all costs and expenses it incurs in hosting the Convention, all pursuant to a budget (and schedule) to be further discussed and agreed between the RNC and the Host Committee. Within six months after the Effective Date, the Host Committee shall use best efforts to secure a grant to Metro in the amount of $1 million (the “State Grant”) to cover Reimbursable Costs incurred by Metro and other reasonable and necessary costs associated with Metro’s performance under this Agreement (“Additional Expenses”) Metro shall reimburse the Host Committee for any amounts spent from the State Grant if such costs are reimbursed through the Security Grant under Section 4.7. Such reimbursement shall be made to the Host Committee within 30 days of receiving the reimbursement through the Security Grant. Further, to the extent Metro incurs Additional Expenses not covered by the State Grant or the Security Grant under Section 4.7, the Host Committee agrees to reimburse Metro for such Additional Expenses. The Host Committee shall provide a letter of credit in the amount of $5,000,000 to Metro within six months after the Effective Date guarantying the Host Committee’s financial obligations under this Agreement. Metro may terminate this Agreement without further liability to any other Party if Metro has not received either the State Grant funds or the Guaranty within six months after the Effective Date. Metro will hold State Grant funds in a separate account (the “Convention Account”) from Metro’s other funds and regularly provide documentation to the Host Committee supporting expenditures made from such Convention Account. After Metro has been fully reimbursed for all Reimbursable Costs, Metro will return any unexpended funds remaining in the Convention Account in accordance with the terms of the Security Grant agreement and State Grant agreement.
Convention Funds. Throughout the Term, Pepsi-Cola shall make available to Customer amounts as annual convention funds as follows - not to exceed *** each Year for Years One and Two, and not to exceed *** each Year for Years Three, Four and Five ("Convention Funds"), which annual amount may be spent, at Pepsi-Cola's discretion, in support of Customer's annual Franchisee and General Manager Conference. Amounts of Convention Funds remaining unspent at the end of any given Year shall belong to Pepsi-Cola.
Convention Funds. With the exception of the Security Grant, the Host Committee shall be solely responsible for raising the sum of all necessary funds (the “Convention Funds”) and Excess Security Costs to account for all costs and expenses it incurs in hosting the Convention, all pursuant to a budget (and schedule) to be further discussed and agreed between the RNC and the Host Committee. Within six (6) months of the Effective Date, the Host Committee’s financial obligations shall be assured through a guaranty agreement providing for the guaranty of the Host Committee’s financial obligations obtained at least one (1) year from the date of the start of the Convention. The guaranty must be supported by a combination of an acceptable Letter of Credit from a federally insured banking institution and an xxxxxxx money deposit. The guaranty agreement must cover all financial obligations resulting from the Convention, and the Letter of Credit and xxxxxxx money deposit must be available to be drawn upon automatically to make up any deficit in funds received (not merely committed) by the applicable deadline set forth in the budget timetable and until all such financial obligations are satisfied.
