Common use of Hotel Accounts: Expenditures Clause in Contracts

Hotel Accounts: Expenditures. A. All funds derived from the operation of the Hotel shall belong to and be the property of TRS and shall be deposited by Management Company in bank accounts established by Management Company in Management Company’s name as agent for TRS in one or more banks approved by TRS (the “Operating Accounts”). For purposes of this Section 9.02, Operating Accounts shall include the Reserve. All disbursements and withdrawals from the Operating Accounts as required or permitted under this Agreement (e.g., the payment of all Operating Expenses and the distribution of Operating Profit) shall be made by bonded representatives of Management Company whose signatures have been authorized. Reasonable pxxxx cash funds and house banks, in amounts satisfactory to TRS, shall be maintained at the Hotel.

Hotel Accounts: Expenditures. A. All funds derived from the operation of the Hotel shall belong to and be the property of TRS Owner and shall be deposited by Management Company in bank accounts established by Management Company in Management Company’s name as agent for TRS Owner in one or more banks approved by TRS Owner (the “Operating Accounts”). For purposes of this Section 9.02, Operating Accounts shall include the Reserve. All disbursements and withdrawals from the Operating Accounts as required or permitted under this Agreement (e.g., the payment of all Operating Expenses and the distribution of Operating Profit) shall be made by bonded representatives of Management Company whose signatures have been authorized. Reasonable pxxxx cash funds and house banks, in amounts satisfactory to TRSOwner, shall be maintained at the Hotel.