Common use of Operating Funds Clause in Contracts

Operating Funds. Owner shall provide all funds necessary to enable Manager to manage and operate the Hotel in accordance with the terms of this Agreement and the License Agreement, regardless of the designation of a portion of the operating costs as Fee Ownership Costs. Owner agrees to deliver to Manager for deposit into the Bank Account(s) on the Effective Date the amount specified on Exhibit "B" which amount shall be the "Minimum Balance" to be maintained by Owner during the first year of the Hotel's operation. The Minimum Balance thereafter shall be no less than the Hotel's operating costs for the preceding fiscal month. The Minimum Balance shall serve as working capital for the Hotel's operations. Owner agrees, upon Manager's written request, to immediately furnish Manager with sufficient funds to make up any deficiency in the Minimum Balance;

Operating Funds. Owner shall provide all funds necessary to enable --------------- Manager to manage and operate the Hotel in accordance with the terms of this Agreement and the License Agreement, regardless of the designation of a portion of the operating costs as Fee Ownership Costs. Owner agrees to deliver to Manager for deposit into the Bank Account(s) on the Effective Date the amount specified on Exhibit "B" which amount shall be the "Minimum Balance" to be maintained by Owner during the first year of the Hotel's operation. The Minimum Balance thereafter shall be no less than the Hotel's operating costs for the preceding fiscal month. The Minimum Balance shall serve as working capital for the Hotel's operations. Owner agrees, upon Manager's written request, to immediately furnish Manager with sufficient funds to make up any deficiency in the Minimum Balance;