2. Please prepare the monthly cash budget taking into account the following legal and contractual circumstances: a. As of June 30th 2004 the cash balance for Real Madrid was 169 million. b. Member dues are payable July 1st (usually 70% of the dues are collected during July, 20% in August and the remaining 10% in September) C. Exhibition games are prepaid (cash is received in July) d. TV broadcast rights are paid 50% in July and 50% in January. e. Current marketing contracts stipulate one payment of 50% in July and 2 payments of 25% each in January and March. f. Jersey royalties are received in roughly equal monthly payments throughout the year contingent on actual sales. g. Transfer fees according to contract but the payments agreed for each year are due in July h. Salary expenses: i. Monthly minimum payment of 3,000 per player (for a total of 200,000 per month) ii. In August and February Real Madrid has to make two payments to the Spanish Tributary Agency of 20% of the salaries as tax withholdings (for a total 40%). iii. The main payments to players are due in two halves in July and January. i. Investments in the Ciudad del Real Madrid: equal monthly payments throughout the year j. Corporate Taxes are paid in 4 approximately equal installments in October, January, April and July. k. Other operating expenses: equal monthly payments throughout the year 1. In the case that cash payments exceeded cash inflows Spanish banks would be willing to cover the temporary cash needs at costs close to EURIBOR (European Interbank Offer Rate). 2. Please prepare the monthly cash budget taking into account the following legal and contractual circumstances: a. As of June 30th 2004 the cash balance for Real Madrid was 169 million. b. Member dues are payable July 1st (usually 70% of the dues are collected during July, 20% in August and the remaining 10% in September) C. Exhibition games are prepaid (cash is received in July) d. TV broadcast rights are paid 50% in July and 50% in January. e. Current marketing contracts stipulate one payment of 50% in July and 2 payments of 25% each in January and March. f. Jersey royalties are received in roughly equal monthly payments throughout the year contingent on actual sales. g. Transfer fees according to contract but the payments agreed for each year are due in July h. Salary expenses: i. Monthly minimum payment of 3,000 per player (for a total of 200,000 per month) ii. In August and February Real Madrid has to make two payments to the Spanish Tributary Agency of 20% of the salaries as tax withholdings (for a total 40%). iii. The main payments to players are due in two halves in July and January. i. Investments in the Ciudad del Real Madrid: equal monthly payments throughout the year j. Corporate Taxes are paid in 4 approximately equal installments in October, January, April and July. k. Other operating expenses: equal monthly payments throughout the year 1. In the case that cash payments exceeded cash inflows Spanish banks would be willing to cover the temporary cash needs at costs close to EURIBOR (European Interbank Offer Rate)