Common use of Hotel Accounts Clause in Contracts

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.

Appears in 1 contract

Samples: Hotel Management Agreement (Eagle Hospitality Properties Trust, Inc.)

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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 All debts and liabilities which have been validly 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 '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 banks accounts. D. Management Company shall, on a bi-weekly basis, cause all amounts in the Hotel operating accounts in excess of the $50,000 minimum balance to be wired electronically to a bank account designated for such purposes by Owner.

Appears in 1 contract

Samples: Management Agreement (Equity Inns Inc)

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 petty cash funds and house banks, in amounts satisfactory to Owner, shall sxxxx be maintained at the Hotel. B. All payments to be made by Management Company hereunder shall be made from authorized bank accounts, from xxxxx petty cash funds or from Working Capital provided by Owner pursuant to Section tx Xxxtion 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 '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 banks accounts.

Appears in 1 contract

Samples: Management Agreement (Highland Hospitality Corp)

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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 '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 banks accounts.

Appears in 1 contract

Samples: Right of First Refusal and Services Agreement (Sandalwood Lodging Investment Corp)

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