Funds Collected Sample Clauses

Funds Collected. All Cash Receipts derived from the operation of the Premises are funds of Authority and shall be deposited in the name of Authority at least daily into an account designated by Authority. Until they are deposited, funds shall be held in trust by Contractor for the benefit of Authority while such funds are in its custody and control. Failure to make timely deposits in excess of two (2) occurrences per month may be cause for automatic termination by Authority of this Agreement. Contractor shall on weekends, holidays or nights, deposit Cash Receipts in a designated night deposit vault, unless otherwise authorized in writing by Authority. It shall be considered that Authority has come into possession of the Cash Receipts only when Authority has received verification of the deposit. Failure by Contractor to deposit Cash Receipts as outlined above shall result in a Fine as outlined in Exhibit “C” attached hereto. If any such monies are lost, stolen or otherwise unlawfully removed from the custody and control of Contractor, Contractor shall notify Authority within twenty-four (24) hours of any such discovery of loss, theft or fraud. Contractor shall continue to be responsible therefor and shall deposit in the Account an equal sum of monies within forty-eight (48) hours after discovery of any such loss, theft or unlawful removal. For the purposes of this Agreement, theft shall include but not be limited to fraudulently removing parking tickets from ticket dispenser, intentionally failing to turn in all tickets at the end of a shift, filing a false lost ticket claim, taking of receipts, intentional mischarging customers and any and all other actions which may compromise the integrity of the revenue control process, taking a patron’s vehicle or any part thereof, or taking an article left in or on a patron’s vehicle. If such loss, theft or unlawful removal is insured or otherwise secured by Contractor, any payments subsequently made to Authority by the insurance company, bonding company or other surety, when paid to Authority, shall be reimbursed to Contractor to the extent of such deposit. For use of the Public Parking Facilities, Contractor shall accept as payment cash, Visa, Master Card, and American Express credit cards and any other form of payment specified by Authority. In the event that a customer disputes credit card charges by Contractor, it shall be the responsibility of Contractor to research such dispute and respond to the credit card issuer within the t...