Distributions of Excess Cash. The Owner agrees that no distributions of cash to Owner or any other party designated by Owner from the Operating Account except in accordance with the following: Full payment of the following items in the following order has occurred: (A) all due and payable Management Fees, Centralized Services costs, Reimbursable Expenses and/or any other amounts due hereunder to Manager; (B) due and payable Gross Operating Expenses; and (C) the deposit of any reserves required to be held hereunder, under the Mortgage or the License Agreement. Upon payment of the same, Manager may distribute from the Operating Account to Owner all sums in the Operating Accounts in excess of the then working capital requirements of the Hotel determined in accordance with Section 9.1 of this Agreement.
Appears in 3 contracts
Samples: Hotel Management Agreement (Procaccianti Hotel Reit, Inc.), Hotel Management Agreement (Procaccianti Hotel Reit, Inc.), Hotel Management Agreement (Procaccianti Hotel Reit, Inc.)
Distributions of Excess Cash. The Owner agrees that no distributions of cash to Owner or any other party designated by Owner from the Operating Account except in accordance with the following: Full payment of the following items in the following order has occurred:
(A) all due and payable Management Fees, Centralized Services costs, Reimbursable Expenses and/or any other amounts due hereunder to Manager;
(B) due and payable Gross Operating Expenses; and
(C) the deposit of any reserves required to be held hereunder, under the Mortgage or the License Agreement. Upon payment of the same, Manager may distribute from the Operating Account to Owner all sums in the Operating Accounts in excess of the then working capital requirements of the Hotel determined in accordance with Section 9.1 of this Agreement.
Appears in 2 contracts
Samples: Management Agreement (Procaccianti Hotel Reit, Inc.), Management Agreement (Procaccianti Hotel Reit, Inc.)
