Reserve Fund Work. During the Fiscal Year, Manager will arrange for the Reserve Fund Work to be done in accordance with the Reserve Fund Work Budget. Manager will use reasonable efforts to schedule such work consistent with the balance in the Reserve Fund Account at any time and in accordance with the scheduled payments into the Reserve Fund Account and, notwithstanding any other provision hereof, Owner shall not be required to deposit additional funds (in excess of the Reserve Fund Payments) into the Reserve Fund Account unless the related additional expenditure has been expressly approved in writing by Owner in its sole discretion, either as part of the Annual Plan or otherwise (but the foregoing does not modify the Operating Standards or Manager’s rights under Sections 3.5 and 6.2(b)).
Appears in 4 contracts
Samples: Management Agreement, Management Agreement (Capital Lodging), Management Agreement (Capital Lodging)
