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own use (herein referred to as "Secured Rental Income") it has obtained for that <br />season. <br />MASC will then credit such hours as a preliminary reservation towards the <br />party's obligation under III.E.(1) above. At the same time, each such party may <br />release in writing Guaranteed Hours for marketing by MASC. In such case, <br />preliminary credit towards the obligation under III.E.(I) above will be provided in <br />the same proportion as the hours released by that party bears to the total hours <br />released by all parties. Credit against Guaranteed Hours shall accrue only when <br />released hours are actually rented and the applicable rental income is received by <br />MASC. In addition, all hours secured by MASC above its MASC Sheet Hours and <br />MASC Additional Hours shall be credited equally to the other parties to this <br />agreement. When MASC sells Fall and Spring hours, all four sheets are credited <br />equally. <br />In the event that MASC is able to rent ice time for MASC programs in excess <br />of the capacity of the Facilities, MASC shall provide for a preference in rentals to ice <br />rinks owned and operated by Subdivisions and Ramsey County who are a party to <br />this Master Agreement. <br />3. Major contracts for ice purchases will be submitted to the Joint Board for <br />approval. <br />4. MASC will provide each party an estimate of the reconciliation between <br />Guaranteed Rental Income and income actually received and projected to be <br />received by year end by December 1, or each year. In the event that any party fails to <br />pay or otherwise provide for the payment of Guaranteed Rental Income as obligated <br />above, such party will pay the difference between income secured and income <br />obligated within 30 days after the year end reconciliation of accounts showing the <br />deficit is presented to each party. <br />F. SCHEDULING AND PROGRAMMING <br />Scheduling and programming policies shall be determined by the Joint Board, except <br />that scheduling may not be inconsistent with this Master Agreement. Each party has sole <br />discretion in scheduling and programming it's priority hours that are not inconsistent with <br />this Master Agreement. <br />G. FINANCING OPERATIONS <br />Appropriate books and records representing the operating revenues and expenses and <br />capital assets and liabilities relating to the facility shall be maintained by NIASC. The <br />following reserve accounts shall be maintained. <br />1. Application of Revenues <br />The following provisions shall apply to revenue generated in connection with <br />the operation of the Facility: <br />(a) The general principle of payment in full before use shall apply to this <br />facility and additional advance payment requirements will be determined by <br />the Joint Board. For extended rentals, such prior payment shall be for such <br />period of time as is determined pursuant to policies recommended by the <br />MASC and approved by the Joint Board. Any party to this Master <br />Agreement may retain any amounts by which the hourly rental rate charged <br />