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the Owner prior to any valet assist parking operations. <br />K. Outside Contracts <br />Operator agrees that if any related entity or subsidiary of Operator is contracted to provide valet parking <br />services for any entity (i.e. hotel, restaurant, or front door) in the vicinity of the Parking Facilities during <br />the Term of the Agreement ("Outside Contracts"), Operator will promptly discuss such Outside Contracts <br />with Owner and, at Owner's request, will make every effort to store vehicles related to said Outside <br />Contracts within the Parking Facilities for a mutually agreed upon daily fee proposed by Operator and <br />approved by Owner. Operator will provide Owner with a copy of all agreements governing said Outside <br />Contracts and all revenue generated for the Parking Facilities from the storage of Outside Contract <br />vehicles will be itemized and included on the monthly operating statement provided to Owner. <br />If Operator fails to comply with the terms and conditions of this Section, Operator will remit as liquidated <br />damages to the Owner, an amount equal to three (3) times the lost revenue resulting from failure to <br />comply. <br />L. Marketing: <br />Operator will be responsible for providing marketing material at Owner's discretion. <br />M. Collection and Handling of Revenue <br />1. Collect Parking Revenues: Operator will collect all revenue and receipts generated from Parking <br />Facilities operations and/or received by Operator in connection with its operation of the Parking <br />Facilities, including but not limited to parking fees collected by Operatorfrom the daily or monthly <br />parking of vehicles, special events, valet receipts, parking permit revenue, and all other funds or <br />revenue received by Operator in connection with its operation of the Parking Facilities ("Gross <br />Revenue"). <br />2. Collect All Applicable Taxes: Operator will determine, collect, and pay the City Parking Tax and all <br />other applicable taxes that may be imposed by law. <br />3. Revenue/Expenditure Control: Operator will utilize the revenue control system provided by the <br />Owner. <br />4. Operator Responsibility for Receipts/Revenues: Gross Revenue will become, immediately upon <br />collection and receipt thereof, the property of Owner. Operator will be responsible for and will <br />hold all Gross Revenue in trust for the benefit of Owner. On a monthly basis, Operator shall use the <br />parking revenue generated to collect its Management Fee and Operating Expenses Reimbursements. <br />Operator shall then submit payments to Owner for the remaining net income generated on a monthly <br />basis. Operator shall also provide monthly reports and supporting documentation to Owner reflecting <br />gross revenues collected by Operator and total operating expenses incurred by Operator. <br />5. Bank Account: Operator will supply a bank account for Operator to deposit all Gross Revenue <br />derived in connection with the operation and management of the Parking Facilities/Operations. <br />Operator will deposit revenue immediately. Operator shall deposit daily into the account, no later <br />than the next business day following receipt, all gross revenues collected. If an armored transport <br />service is utilized, Operator shall provide daily pick up of deposits on the next business day <br />following receipt of gross revenues. Under no circumstances will Operator permit funds collected <br />to be taken anywhere off -site by any employee. Operator will follow all other procedures <br />established by Owner for depositing daily cash receipts. <br />A-4 <br />