Cash on Hand. The Seller shall receive a credit for all cash on hand at the Hotel and all cash on deposit in any house bank at the Hotel as of the Closing and all such cash on hand and cash on deposit in any house bank at the Hotel shall be transferred to and belong to the Buyer from and after the Closing. The Seller shall retain all amounts in any operating accounts of the Hotel in any bank, and there shall be no credit or adjustment hereunder with respect to such cash; provided, however, the Seller shall be entitled to a return of any reserve fund or account established pursuant to the terms of the Management Agreement which the Seller terminates at Closing, if any.
Appears in 6 contracts
Samples: Assignment and Assumption Agreement, Assignment and Assumption Agreement (Carey Watermark Investors Inc), Assignment and Assumption Agreement (Carey Watermark Investors Inc)
