Financial Enhancement. On or before May 31, 2002, Manager shall pay to Owner in cash a financial enhancement in the total amount of $3,000,000.00 in immediately available funds with respect to the Hotel and the other hotels owned by Owner and managed by Manager, all as listed on Exhibit “D”, which shall be non-refundable except as otherwise provided in this Agreement. A portion of the total enhancement in the amount of $500,000.00 (the “Enhancement”) shall be allocated to the Hotel and shall be amortized (without interest thereon) in accordance with the amortization schedule attached hereto as Exhibit “E” and incorporated herein by reference. Upon any termination of this Agreement prior to the full amortization of the Enhancement, Owner shall immediately repay to Manager the unamortized portion of the Enhancement at the time of such termination. The foregoing repayment obligation shall be secured by a guaranty given by Circa Capital Corporation, the general partner of Owner, for the benefit of Manager and in form and content reasonably satisfactory to Manager.
Appears in 6 contracts
Samples: Management Agreement (Capital Lodging), Management Agreement (Capital Lodging), Management Agreement (Capital Lodging)
