Common use of Accounts, Expenditures Clause in Contracts

Accounts, Expenditures. A. Manager shall exercise its rights under the Submanagement Agreement to insure that all funds derived from operation of the Hotel shall be deposited on a daily basis (to the extent possible, subject to holidays, banking holidays and other days in which deposits to banks cannot be effected) by Marriott in bank accounts (the "Operating Accounts") in a bank or banks designated by Marriott, subject to Lessee's reasonable approval. Withdrawals from said Operating Accounts shall be made solely by representatives of Marriott whose signatures have been authorized pursuant to the Submanagement Agreement. Manager shall exercise its rights under the Submanagement Agreement to cause Marriott to assume the responsibilities of a fiduciary with respect to Marriott's handling of Lessee's funds which are derived from the operation of the Hotel. Reasonable xxxxx cash funds shall be maintained at the Hotel. B. All payments contemplated hereunder or under the Submanagement Agreement to be made from the Operating Accounts, xxxxx cash funds, or from the FF&E Reserve (in accordance with Section 5.02) shall be made in accordance with the terms hereof and the Submanagement Agreement. Manager shall not be required to make any advance or payment with respect to the Hotel except out of such funds, and Manager shall not be obligated to incur any liability or obligation with respect to the Hotel without assurances that the necessary funds for the discharge thereof will be provided by Lessee. In any event, if any such liability or obligation is incurred by Manager with respect to the Hotel, Manager shall have the option to deduct such amounts from Lessee's share of Operating Profit if Lessee has not fully reimbursed Manager for said amounts within ten (10) days after Lessee's receipt of notice from Manager that said amounts are due. C. Debts and liabilities incurred by Manager as a result of its operation and management of the Hotel pursuant to the terms hereof, whether asserted before or after Termination, will be paid by Lessee to the extent funds are not available for that purpose from Gross Revenues. The provisions of this Section 4.03 C shall survive Termination.

Accounts, Expenditures. A. Manager shall exercise its rights under the Submanagement Agreement to insure that all funds derived from operation of the Hotel shall be deposited on a daily basis (to the extent possible, subject to holidays, banking holidays and other days in which deposits to banks cannot be effected) by Marriott in bank accounts (the "Operating Accounts") in a bank or banks designated by Marriott, subject to Lessee's reasonable approval. Withdrawals from said Operating Accounts shall be made solely by representatives of Marriott whose signatures have been authorized pursuant to the Submanagement Agreement. Manager shall exercise its rights under the Submanagement Agreement to cause Marriott to assume the responsibilities of a fiduciary with respect to Marriott's handling of Lessee's funds which are derived from the operation of the Hotel. Reasonable xxxxx cash pettx xxxh funds shall be maintained at the Hotel. B. All payments contemplated hereunder or under the Submanagement Agreement to be made from the Operating Accounts, xxxxx cash pettx xxxh funds, or from the FF&E Reserve (in accordance with Section 5.02) shall be made in accordance with the terms hereof and the Submanagement Agreement. Manager shall not be required to make any advance or payment with respect to the Hotel except out of such funds, and Manager shall not be obligated to incur any liability or obligation with respect to the Hotel without assurances that the necessary funds for the discharge thereof will be provided by Lessee. In any event, if any such liability or obligation is incurred by Manager with respect to the Hotel, Manager shall have the option to deduct such amounts from Lessee's share of Operating Profit if Lessee has not fully reimbursed Manager for said amounts within ten (10) days after Lessee's receipt of notice from Manager that said amounts are due. C. Debts and liabilities incurred by Manager as a result of its operation and management of the Hotel pursuant to the terms hereof, whether asserted before or after Termination, will be paid by Lessee to the extent funds are not available for that purpose from Gross Revenues. The provisions of this Section 4.03 C shall survive Termination.

Accounts, Expenditures. A. Manager shall exercise its rights under the Submanagement Agreement to insure that all All funds derived from operation of the Hotel shall be deposited on a daily basis (to the extent possible, subject to holidays, banking holidays and other days in which deposits to banks cannot be effected) by Marriott Submanager in bank accounts (the "Operating Accounts") in a bank or banks designated by MarriottSubmanager, subject to LesseePrimary Manager's reasonable approval. Withdrawals from said Operating Accounts shall be made solely by representatives of Marriott Submanager whose signatures have been authorized pursuant to the Submanagement Agreementauthorized. Manager Submanager shall exercise its rights under the Submanagement Agreement to cause Marriott to assume the responsibilities of a fiduciary with respect to MarriottSubmanager's handling of LesseePrimary Manager's funds which are derived from the operation of the Hotel. Reasonable xxxxx cash pettx xxxh funds shall be maintained at the Hotel. B. All payments contemplated made by Submanager hereunder or under the Submanagement Agreement to shall be made from the Operating Accounts, xxxxx cash pettx xxxh funds, or from the FF&E Reserve (in accordance with Section 5.02) shall be made in accordance with the terms hereof and the Submanagement Agreement). Manager Submanager shall not be required to make any advance or payment with respect to the Hotel except out of such funds, and Manager Submanager shall not be obligated to incur any liability or obligation with respect to the Hotel without assurances that the necessary funds for the discharge thereof will be provided by LesseePrimary Manager. In any event, if any such liability or obligation is incurred by Manager Submanager with respect to the Hotel, Manager Submanager shall have the option to deduct such amounts from LesseePrimary Manager's share of Operating Profit if Lessee Primary Manager has not fully reimbursed Manager Submanager for said amounts within ten (10) days after LesseePrimary Manager's receipt of notice from Manager Submanager that said amounts are due. C. Debts and liabilities incurred by Manager Submanager as a result of its operation and management of the Hotel pursuant to the terms hereof, whether asserted before or after Termination, will be paid by Lessee to the extent funds are not available for that purpose from Gross Revenues. The provisions of this Section 4.03 C shall survive Termination.Primary

Accounts, Expenditures. A. Manager shall exercise its rights under the Submanagement Agreement to insure that all All funds derived from operation of the Hotel shall be deposited on a daily basis (to the extent possible, subject to holidays, banking holidays and other days in which deposits to banks cannot be effected) by Marriott Submanager in bank accounts (the "Operating Accounts") in a bank or banks designated by MarriottSubmanager, subject to LesseePrimary Manager's reasonable approval. Withdrawals from said Operating Accounts shall be made solely by representatives of Marriott Submanager whose signatures have been authorized pursuant to the Submanagement Agreementauthorized. Manager Submanager shall exercise its rights under the Submanagement Agreement to cause Marriott to assume the responsibilities of a fiduciary with respect to MarriottSubmanager's handling of LesseePrimary Manager's funds which are derived from the operation of the Hotel. Reasonable xxxxx cash funds shall be maintained at the Hotel. B. All payments contemplated made by Submanager hereunder or under the Submanagement Agreement to shall be made from the Operating Accounts, xxxxx cash funds, or from the FF&E Reserve (in accordance with Section 5.02) shall be made in accordance with the terms hereof and the Submanagement Agreement). Manager Submanager shall not be required to make any advance or payment with respect to the Hotel except out of such funds, and Manager Submanager shall not be obligated to incur any liability or obligation with respect to the Hotel without assurances that the necessary funds for the discharge thereof will be provided by LesseePrimary Manager. In any event, if any such liability or obligation is incurred by Manager Submanager with respect to the Hotel, Manager Submanager shall have the option to deduct such amounts from LesseePrimary Manager's share of Operating Profit if Lessee Primary Manager has not fully reimbursed Manager Submanager for said amounts within ten (10) days after LesseePrimary Manager's receipt of notice from Manager Submanager that said amounts are due. C. Debts and liabilities incurred by Manager Submanager as a result of its operation and management of the Hotel pursuant to the terms hereof, whether asserted before or after Termination, will be paid by Lessee Primary Manager to the extent funds are not available for that purpose from Gross Revenues. The provisions of this Section 4.03 C shall survive Termination.