Common use of Advance Funds Clause in Contracts

Advance Funds. Manager shall not be obligated to advance any of its own funds for the maintenance and operation of the Hotels or for the account of Owner, nor to incur any liability with respect to the Hotels. However, if manager shall have advanced funds for any necessary and appropriate expenses, Owner shall reimburse manager therefore on demand. In the event Manager advances funds for the maintenance and operation of the Hotels or for the account of Owner, Owner shall pay Manager interest on the advanced funds at a rate to be determined by the parties.

Advance Funds. Manager shall not be obligated to advance any of its own funds for the maintenance and operation of the Hotels or for the account of Owner, nor to incur any liability with respect to the Hotels. However, if manager Manager shall have advanced funds for any necessary and appropriate expenses, Owner shall reimburse manager therefore Manager therefor on demand. In the event Manager advances funds for the maintenance and operation of the Hotels or for the account of Owner, Owner shall pay Manager interest on the advanced funds at a rate to be determined by the parties.

Advance Funds. Manager shall not be obligated to advance any of its own funds for the maintenance and operation of the Hotels Hotel or for the account of Owner, nor to incur any liability with respect to the HotelsHotel. However, if manager Manager shall have advanced funds for any necessary and appropriate expenses, Owner shall reimburse manager therefore Manager therefor on demand. In the event Manager advances funds for the maintenance and operation of the Hotels Hotel or for the account of Owner, Owner shall pay Manager interest on the advanced funds at a the rate to be determined by the partiesof ten percent (10%) annually.