Hotel Bank Accounts. Manager will conduct its various banking affairs required by this Agreement, subject, however, to Owner's approval. Manager will have no liability for any loss to Owner as a result of any bank insolvency or failure or as a result of any negligence or misconduct of any ank or its employees. All funds received in the operation of the Hotel will be deposited into one or more special accounts bearing the name of the Hotel (the "Hotel Accounts"), or the Capital Replacement Reserve Accounts as appropriate, in the banks so selected by Manager. Owner's funds will not be co-mingled with funds of Manager or funds of other hotels managed by Manager. However, all of the Hotel's disbursements will be made out of a common corporate disbursement account along with disbursements for other hotels, which will be funded only at time of payment from the Hotel Accounts or, as to Capital Replacements, from the Capital Replacement Reserve Account.
Hotel Bank Accounts. Manager will select all banks with which the Hotel will conduct its various banking affairs, subject however, to Lessee's approval, not to be unreasonably withheld. Manager will have no liability for any loss to Lessee as a result of any bank insolvency or failure or as a result of any negligence or misconduct of the Bank or its employees. All funds received in the operation of the Hotel will be deposited into one or more special accounts bearing the name of the Hotel (the "Hotel Accounts") in the banks so selected. Subject to the provisions of Section 7, all amounts in the Hotel Accounts are the property of Lessee. The Lessee's funds will not be co-mingled with funds of the Manager or funds of other Hotel managed by Manager.
Hotel Bank Accounts. 26 3.6 Withdrawals from Hotel Bank Accounts..................................... 26 3.7 Remittances to Westboy................................................... 26
Hotel Bank Accounts. Manager shall select all banks with which each Hotel shall conduct its various banking affairs. All funds received in the operation of each Hotel shall be deposited into one or more special accounts bearing the name of such Hotel in a bank so selected having a branch reasonably convenient to such Hotel and having a capital and surplus of not less than Five Million Dollars ($5,000,000.00). Each Hotel's operating expenses shall be paid out of its special accounts or such other accounts as may be maintained for Westboy, as well as Manager's fees, payroll expenses and other expenses to be paid to or reimbursed to Manager and Manager Affiliates for such Hotel in accordance with the terms and provisions of this Agreement. Neither Manager nor Westboy shall commingle any separate funds in such accounts.
Hotel Bank Accounts. Owner will select all banks with which the Hotel will conduct its various banking affairs. Manager will have no liability for any loss to Owner as a result of any bank insolvency or failure or as a result of any negligence or misconduct of the Bank or its employees. All funds received in the operation of the Hotel will be deposited into one or more special accounts bearing the name of the Hotel (the “Hotel Accounts”) in the banks so selected. Subject to the provisions of Article 7, all amounts in the Hotel Accounts are the property of Owner. The Owner’s funds will not be co-mingled with funds of Manager or funds of other Hotels managed by Manager which are not owned by Affiliates of Owner. Moreover, Owner’s funds will not be commingled with the funds of other Hotels owned by Owner in the event that such commingling is forbidden by Owner’s lender, provided, however, that in the event that such prohibition causes Manager to incur material, recurring costs in connection with keeping such funds separate, then such costs shall be charged to the Hotel as an Operating Expense.
Hotel Bank Accounts. Manager will select all banks with which the Hotel will conduct its various banking affairs, subject however, to Lessee’s approval. Manager will have no liability for any loss to Lessee as a result of any bank insolvency or failure or as a result of any negligence or misconduct of the Bank or its employees. All funds received in the operation of the Hotel will be deposited into one or more special accounts bearing the name of the Hotel (the “Hotel Accounts”) in the banks so selected. Subject to the provisions of Article 7, all amounts in the Hotel Accounts are the property of Lessee. The Lessee’s funds will not be co-mingled with funds of Manager or funds of other Hotels managed by Manager which are not owned or leased by affiliates of Lessee. Moreover, Lessee’s funds will not be commingled with the funds of other Hotels owned or leased by Lessee or the landlord under the Lease in the event that such commingling is forbidden by any third party lender with a secured interest in the Hotel, provided, however, that in the event that such prohibition causes Manager to incur material, recurring costs in connection with keeping such funds separate, then such costs shall be charged to the Hotel as an Operating Expense.
Hotel Bank Accounts. Manager will select all banks with which the Hotel will conduct its various banking affairs, subject however, to Owner's approval, not to be unreasonably withheld. Manager will have no liability for any loss to Owner as a result of any bank insolvency or failure or as a result of any negligence or misconduct of the Bank or its employees. All funds received in the operation of the Hotel will be deposited into one or more special accounts bearing the name of the Hotel (the "Hotel Accounts") in the banks so selected. Subject to the provisions of Section 7, all amounts in the Hotel Accounts are the property of Owner. The Owner's funds will not be co-mingled with funds of the Manager or funds of other hotels managed by Manager. However, all of the Hotel's disbursements will be made out of a common corporate disbursement account along with disbursements for other hotels owned by the Owner, which will be funded only at the time of payment from the Hotel Accounts.
