Hotel Accounts. Operator shall establish a General Account or assume control of an existing General Account, and Owner will deliver to Operator for deposit into the General Account, a sum agreed by both parties, to be maintained at all times, and funded by Owner from time to time at Operator’s request. All monies received by Operator in connection with the Business, or derived from claims, insurance or otherwise, shall be received by Operator for the benefit of Owner and promptly deposited by Operator into the General Account.
Hotel Accounts. Expenditures
A. All funds derived from the operation of the Hotel shall belong to and be the property of Owner and shall be deposited by Management Company in bank accounts established by Management Company for Owner in one or more banks approved by Owner. All disbursements and withdrawals from said accounts as required or permitted under this Agreement (i.e., the payment of all Deductions and the distribution of Operating Profit) shall be made by bonded or insured representatives of Management Company whose signatures have been authorized. Reasonable xxxxx cash funds and house banks, in amounts satisfactory to Owner, shall be maintained at the Hotel.
B. All payments to be made by Management Company hereunder shall be made from authorized bank accounts, from xxxxx cash funds or from Working Capital provided by Owner pursuant to Section 7.01. Debts and liabilities incurred by Management Company as a result of its operation and management of the Hotel pursuant to the terms hereof, whether asserted before or after Termination, will be paid by Owner to the extent funds are not available for that purpose from Gross Revenues. Management Company shall not be required to make any advance or payment to or for the account of Owner except out of such funds, and Management Company shall not be obligated to incur any liability or obligation for Owner’s account without assurances that necessary funds for the discharge thereof will be provided by Owner.
C. All bank accounts shall be owned by Owner and shall be solely controlled and operated by Management Company as the agent of Owner; the agency status of Management Company shall be designated on the checks and drafts drawn on such bank accounts.
Hotel Accounts. Expenditures.
(a) All funds derived from the operation of the Hotel shall belong to and be the property of Lessee and shall be deposited daily by Manager in the Local Operating Account. All disbursements and withdrawals from said accounts as required or permitted under this Agreement shall be made by bonded representatives of Manager whose signatures have been authorized. Reasonable xxxxx cash funds and house banks, in amounts satisfactory to Lessee, shall be maintained at the Hotel.
(b) All payments to be made by Manager hereunder shall be made from authorized bank accounts, from xxxxx cash funds or from Operating Funds provided by Lessee pursuant to Section 7.02. All debts and liabilities which have been validly incurred by Manager as a result of its operation and management of the Hotel pursuant to the terms hereof, whether asserted before or after Termination, will be paid by Lessee to the extent funds are not available for that purpose from Gross Revenues. Manager shall not be required to make any advance or payment to or for the account of Lessee except out of such funds, and Manager shall not be obligated to incur any liability or obligation for Lessee's account without assurances that necessary funds for the discharge thereof will be provided by Lessee.
(c) All banks accounts shall be owned by Lessee and shall be solely controlled and operated by Manager ; the agency status of Manager shall be designated on the checks and drafts drawn on such bank accounts.
(d) Manager shall, on a bi-weekly basis (on a Friday, or if Friday is a legal holiday, on the next business day), cause all amounts in the Hotel operating accounts in excess of the Minimum Balance (as defined below) to be wired electronically to a bank account designated for such purposes by Lessee.
(e) Manager shall submit to the Lessee by the fourteenth (14th) calendar day of each Accounting Period a consolidated report for the Accounting Period most recently ended detailing the flow of cash into and out of the Local Operating Account, including investment income, cash deposits, credit card deposits, payroll checks paid, operating expense checks paid, ACH drafts paid, wires transmitted to Lessee and any other use of cash. This report must also reconcile to the sum of the individual general ledger cash balances of the Hotel.
Hotel Accounts. All funds derived from the operation of the Hotel, or placed in escrow accounts in connection with said operation, shall be deposited by Management Company in Hotel bank accounts (the "Operating Accounts") in a national or state banking institution selected by Management Company, but subject to Owner's approval. Withdrawals from said accounts shall be made by representatives of Management Company whose signatures have been authorized. Reasonable xxxxx cash funds shall be maintained at the Hotel.
Hotel Accounts. Operator shall establish a General Account or assume control of an existing General Account, and Owner will deliver to Operator for deposit into the General Account, a sum agreed by both parties, to be maintained at all times, and funded by Owner from time to time at Operator’s request. All monies received by Operator in connection with the Business, or derived from claims, insurance or otherwise, shall be received by Operator for the benefit of Owner and promptly deposited by Operator into the General Account. 5.02 No Co-Mingling of Funds. The Hotel Accounts shall be used in connection with the operation of the Business and the performance of the terms and conditions of this Agreement. Operator agrees to segregate from other revenues all receipts, accounts and records pertaining to the Business. Operator may not co-mingle the monies of the Business with the monies of any other business of Operator. 5.03
Hotel Accounts. 2 1.8 Hotel Expenses .................................................................................. 2 1.9 Hotel Leases .................................................................................... 2 1.10
Hotel Accounts. 10 5.2 Access to Accounts, Etc........................................................................... 11 ARTICLE 6
Hotel Accounts. Except as otherwise directed by the Owner, the Manager shall deposit all revenues received by the Manager with respect to the Hotels, and pay all Hotels Expenses from, one or more bank accounts established for the Hotels (collectively, the "Hotel Accounts"). The system of accounts for the Hotels and the applicable depository institution(s) shall be approved by the Owner and the Owner shall be given written notice of the account number and location of each such account. In no event shall any Hotel Accounts be commingled with any account of the Manager. The Hotel Accounts may be commingled one with the other in order to facilitate efficient pooled cash management, provided the depository institution or the Manager maintains records showing the separate value of the Owner's ownership of these accounts. The Owner may direct the Manager to change any depository institution or depository arrangement at any time. Upon execution of this Agreement, the Manager shall open and establish the Hotel Accounts. Within two (2) Business Days after notice from the Manager to the Owner of the applicable Hotel Account information, the Owner shall advance the Required Minimum Balance among the Hotel Accounts as directed by the Manager.
Hotel Accounts. Expenditures ----------------------------
A. All funds derived from operation of the Hotels shall be deposited in one or more banks and in one or more accounts approved by Owner. Withdrawals from said accounts shall be made only by representatives of Manager whose signatures have been authorized. Reasonable xxxxx cash funds shall be maintained at each Hotel.
B. All payments made by Manager hereunder shall be made from authorized bank accounts, xxxxx cash funds, or from Working Capital provided by Owner pursuant to Section 7.01. Manager shall not be required to make any advance or payment to or for the account of Owner except out of such funds, and Manager shall not be obligated to incur any liability or obligation for Owner's account without assurances that necessary funds for the discharge thereof will be provided by Owner. Debts and liabilities incurred by Manager as a result of its operation and management of the Hotels pursuant to the terms hereof, whether asserted before or after the Termination of this Agreement, will be paid by Owner to the extent funds are not available for that purpose from the operation of the Hotels.
Hotel Accounts
