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. B. All payments to be made by Management Company hereunder shall be made from the Operating Accounts, from pxxxx cash funds, or from Working Capital provided by TRS 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 TRS 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 TRS except out of such funds, and Management Company shall not be obligated to incur any liability or obligation for TRS's account unless TRS shall have furnished sufficient funds for the discharge of such liability or obligation. C. Neither party shall borrow money in the name of or pledge the credit of the other. In no event shall Management Company be required to pledge its own credit for any reason in connection with services rendered under this Agreement. D. All Operating Accounts shall be owned by TRS and shall be solely controlled and operated by Management Company as the agent of TRS; the agency status of Management Company shall be designated on the checks and drafts drawn on such Operating Accounts.

Hotel Accounts: Expenditures. A. (a) All funds derived from the operation of the Hotel shall belong to and be the property of TRS Owner and shall be deposited daily by Management Company Manager 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 “Local Operating Accounts”). For purposes of this Section 9.02, Operating Accounts shall include the ReserveAccount. All disbursements and withdrawals from the Operating Accounts said 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 Manager whose signatures have been authorized. Reasonable pxxxx xxxxx cash funds and house banks, in amounts satisfactory to TRSOwner, shall be maintained at the Hotel. B. (b) All payments to be made by Management Company Manager hereunder shall be made from the Operating Accountsauthorized bank accounts, from pxxxx xxxxx cash funds, funds or from Working Capital Operating Funds provided by TRS Owner pursuant to Section 7.017.02. Debts All debts and liabilities which have been validly incurred by Management Company Manager as a result of its operation and management of the Hotel pursuant to the terms hereof, whether asserted before or after Terminationtermination, will be paid by TRS Owner to the extent funds are not available for that purpose from Gross Revenues. Management Company Manager shall not be required to make any advance or payment to or for the account of TRS Owner except out of such funds, and Management Company Manager shall not be obligated to incur any liability or obligation for TRSOwner's account unless TRS shall have furnished sufficient without assurances that necessary funds for the discharge of such liability or obligationthereof will be provided by Owner. C. Neither party shall borrow money in the name of or pledge the credit of the other. In no event shall Management Company be required to pledge its own credit for any reason in connection with services rendered under this Agreement. D. (c) All Operating Accounts banks accounts shall be owned by TRS Owner and shall be solely controlled and operated by Management Company as the agent of TRSManager; the agency status of Management Company Manager shall be designated on the checks and drafts drawn on such bank accounts. (d) Manager shall, on at least a 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 Owner. (e) Manager shall submit to the Owner by the twelfth (12th) 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 AccountsAccount, including investment income, cash deposits, credit card deposits, payroll checks paid, operating expense checks paid, ACH drafts paid, wires transmitted to Owner and any other use of cash. This report must also reconcile to the sum of the individual general ledger cash balances of the Hotel. (f) Notwithstanding anything to the contrary contained in this Agreement, Manager acknowledges and agrees that Owner shall have the right to designate various individuals, from time to time, who shall have signing authority with respect to the Local Operating Account (the “Owner’s Representatives”) and Manager shall execute any documents or instruments necessary to effect such signing authority. In consideration of the foregoing, Owner agrees that Owner’s Representatives shall not make any such disbursements or withdrawals without the provision of prior written notice to Manager at least two (2) days prior to such withdrawal.

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 (the “Operating Accounts”). For purposes of this Section 9.02, Operating Accounts shall include the ReserveOwner. All disbursements and withdrawals from the Operating Accounts said accounts as required or permitted under this Agreement (e.g.i.e., the payment of all Operating Expenses Deductions and the distribution of Operating Profit) shall be made by bonded representatives of Management Company whose signatures have been authorized. Reasonable pxxxx xxxxx cash funds and house banks, in amounts satisfactory to TRSOwner, shall be maintained at the Hotel. B. All payments to be made by Management Company hereunder shall be made from the Operating Accountsauthorized bank accounts, from pxxxx xxxxx cash funds, funds or from Working Capital provided by TRS 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 TRS 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 TRS Owner except out of such funds, and Management Company shall not be obligated to incur any liability or obligation for TRS's Owner’s account unless TRS shall have furnished sufficient without assurances that necessary funds for the discharge of such liability or obligationthereof will be provided by Owner. C. Neither party shall borrow money in the name of or pledge the credit of the other. In no event shall Management Company be required to pledge its own credit for any reason in connection with services rendered under this Agreement. D. All Operating Accounts bank accounts shall be owned by TRS Owner and shall be solely controlled and operated by Management Company as the agent of TRSOwner; the agency status of Management Company shall be designated on the checks and drafts drawn on such Operating Accountsbanks accounts.

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. B. All payments to be made by Management Company hereunder shall be made from the Operating Accounts, from pxxxx cash funds, or from Working Capital provided by TRS 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 TRS 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 TRS Owner except out of such funds, and Management Company shall not be obligated to incur any liability or obligation for TRSOwner's account unless TRS Owner shall have furnished sufficient funds for the discharge of such liability or obligation. C. Neither party shall borrow money in the name of or pledge the credit of the other. In no event shall Management Company be required to pledge its own credit for any reason in connection with services rendered under this Agreement. D. All Operating Accounts shall be owned by TRS Owner and shall be solely controlled and operated by Management Company as the agent of TRSOwner; the agency status of Management Company shall be designated on the checks and drafts drawn on such Operating Accounts.

Hotel Accounts: Expenditures. A. All funds derived from the operation of the Hotel shall belong Hotel, or paid to and be Management Company by Owner in connection with this Agreement (except for the property Incentive Fee or any reimbursement of TRS and Management Company pursuant to Sections 2.01 G 7 or 11.03) shall be promptly deposited by the Management Company in Hotel bank accounts established by Management Company in Management Company’s name as agent for TRS in one or more banks selected by Owner and approved by TRS the Management Company (the “Operating Accounts”said approval not to be unreasonably withheld). For purposes of this Section 9.02, Operating Accounts shall include the Reserve. All disbursements and withdrawals 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) said accounts shall be made by bonded representatives of the Management Company whose signatures have been authorized. Reasonable pxxxx xxxxx cash funds and house banks, in amounts satisfactory to TRS, shall be maintained at the Hotel. B. All payments to be made by the Management Company hereunder shall be made from the Operating Accountsauthorized bank accounts, from pxxxx xxxxx cash funds, or from Working Capital provided by TRS Owner pursuant to Section 7.01this Agreement. 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 TRS to the extent funds are not available for that purpose from Gross Revenues. The Management Company shall not be required to make any advance or payment to or for the account of TRS Owner except out of such funds, and the Management Company shall not be obligated to incur any liability or obligation for TRSOwner's account unless TRS shall have furnished sufficient without assurances that necessary funds for the discharge of such liability or obligation. C. Neither thereof will be provided by Owner. Owner shall protect, indemnify and hold the Management Company harmless from and against all third party shall borrow money in the name of or pledge the credit claims and charges arising as a result of the other. In no event Management Company's actions hereunder whether such claims and expenses (including, without limitation, legal fees) are made before or after Termination; that the foregoing indemnification by Owner shall Management Company not be required applicable with respect to pledge its own credit for any reason in connection with services rendered under this Agreement. D. All Operating Accounts shall be owned by TRS and shall be solely controlled and operated by Management Company as claims or expenses (including, without limitation, legal fees) which (i) arise from the agent of TRS; the agency status gross negligence or intentionally wrongful acts of Management Company or its agents or employees or from material breaches of this Agreement by Management Company, or its agents or employees, and (ii) are neither insured nor within any deductible limits or self-insured retentions as described in Article XII hereof; but rather, in such event, Management Company shall protect, indemnify and hold Owner harmless from and against all third party claims or expenses arising therefrom. Nothing contained herein shall be designated construed as creating any rights on the checks and drafts drawn on such Operating Accountspart of parties other than Owner or Management Company against either of the parties hereto.

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 Companyfor Owner and under Owner’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 ReserveOwner. All disbursements and withdrawals from the Operating Accounts said accounts as required or permitted under this Agreement (e.g.i.e., the payment of all Operating Expenses Deductions and the distribution of Operating Profit) shall be made by bonded representatives of Management Company whose signatures have been authorized. Reasonable pxxxx xxxxx cash funds and house banks, in amounts satisfactory to TRSOwner, shall be maintained at the Hotel. B. All payments to be made by Management Company hereunder shall be made from the Operating Accountsauthorized bank accounts, from pxxxx xxxxx cash funds, funds or from Working Capital provided by TRS 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 TRS 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 TRS Owner except out of such funds, and Management Company shall not be obligated to incur any liability or obligation for TRS's Owner’s account unless TRS shall have furnished sufficient without assurances that necessary funds for the discharge of such liability or obligationthereof will be provided by Owner. C. Neither party shall borrow money in the name of or pledge the credit of the other. In no event shall Management Company be required to pledge its own credit for any reason in connection with services rendered under this Agreement. D. All Operating Accounts bank accounts shall be owned by TRS Owner and shall be solely controlled and operated by Management Company as the agent of TRS; Owner and, to the extent possible, the agency status of Management Company shall be designated on the checks and drafts drawn on such Operating Accountsbanks accounts.