Common use of Hotel Account Clause in Contracts

Hotel Account. (a) All monies received by Manager in the operation of the Hotels, excluding the Operating Funds furnished by Lessee, shall be deposited in a special account or accounts (collectively, the “Hotel Account”), in Lessee’s name (or in Manager’s name, as agent of Lessee), in the bank or trust company recommended by Manager and approved by Lessee. Such monies shall not be mingled with Manager’s other funds. Out of the Hotel Account, Manager shall periodically withdraw funds and pay all operating expenses of the Hotels and any fees or compensation of any kind due it pursuant to this Agreement in accordance with the provisions of this Agreement. Withdrawals from accounts established pursuant to this Article VII shall be signed by representatives of Manager only, provided such representatives are bonded or otherwise insured, and Manager shall supply Lessee with bonds or other insurance upon Lessee’s request unless said bond or other insurance shall have been placed by Lessee and delivered directly by the bonding or insurance company to Lessee. Manager may utilize its centralized disbursement accounts in its name for accounts payable and payroll disbursements, provided that Manager shall only transfer the necessary amount of funds from the Hotel Account to such centralized disbursement accounts required to make such disbursements on behalf of the Hotels.

Hotel Account. (a) All monies received by Manager the Management Parties in the operation of the Hotels, excluding the Operating Funds furnished by Lessee, Lessee shall be deposited in a special account or accounts (collectively, the “Hotel Account”), in Lessee’s name (or in Manager’s one of the Management Parties’ name, as agent of Lessee), in the bank or trust company recommended by Manager the Management Parties and approved by Lessee. Such monies shall not be mingled with Manager’s the Management Parties’ other funds. Out of the Hotel Account, Manager the Management Parties shall periodically withdraw funds and pay all operating expenses of the Hotels and any fees or compensation of any kind due it to them pursuant to this Agreement in accordance with the provisions of this Agreement. Withdrawals from accounts established pursuant to this Article VII shall be signed by representatives of Manager the Management Parties only, provided such representatives are bonded or otherwise insured, and Manager the Management Parties shall supply Lessee with bonds or other insurance upon Lessee’s request unless said bond or other insurance shall have been placed by Lessee and delivered directly by the bonding or insurance company to Lessee. Manager The Management Parties may utilize its their respective centralized disbursement accounts in its name their respective names for accounts payable and payroll disbursements, provided that Manager the Management Parties shall only transfer the necessary amount of funds from the Hotel Account to such centralized disbursement accounts required to make such disbursements on behalf of the Hotels.

Hotel Account. (a) All monies received by Manager in the operation of the Hotels, excluding the Operating Funds furnished by Lessee, Lessee shall be deposited in a special account or accounts (collectively, the “Hotel Account”), in Lessee’s name (or in Manager’s name, as agent of Lessee), in the bank or trust company recommended by Manager and approved by Lessee. Such monies shall not be mingled with Manager’s other funds. Out of the Hotel Account, Manager shall periodically withdraw funds and pay all operating expenses of the Hotels and any fees or compensation of any kind due it pursuant to this Agreement in accordance with the provisions of this Agreement. Withdrawals from accounts established pursuant to this Article VII shall be signed by representatives of Manager only, provided such representatives are bonded or otherwise insured, and Manager shall supply Lessee with bonds or other insurance upon Lessee’s request unless said bond or other insurance shall have been placed by Lessee and delivered directly by the bonding or insurance company to Lessee. Manager may utilize its centralized disbursement accounts in its name for accounts payable and payroll disbursements, provided that Manager shall only transfer the necessary amount of funds from the Hotel Account to such centralized disbursement accounts required to make such disbursements on behalf of the Hotels.