WORKING CAPITAL AND BANK ACCOUNTS. 7.1. Commencing immediately prior to the Takeover Date, Owner will provide Operator with the Minimum Working Capital for the Hotel. Owner shall at all times provide, either from Total Revenues or from other funds of Owner, sufficient funds as reasonably determined by Operator to constitute normal working capital for the uninterrupted and efficient operation of the Hotel (but which, in no event, shall be an amount less than the Minimum Working Capital), in accordance with this Agreement, and to maintain the Standard as required herein (but without negating Operator’s obligation to obtain Owner’s consent to exceed budget amounts if required under Section 8.6). Operator agrees that in determining the required working capital, Operator shall take into account the anticipated Operating Expenses and anticipated Total Revenues of the Hotel for the applicable rolling thirty (30) day period. In furtherance thereof, Operator shall provide to Owner monthly cash flow forecasts covering the next ninety (90) days of the Hotel’s financial needs as part of Operator’s Monthly Cash Flow Forecast. Operator shall manage accounts receivable and inventories as would a prudent operator of a hotel similar to the Hotel and consistent with its operation of its other hotels. Within fourteen (14) days following Operator’s notice to Owner that additional funds are required to pay payroll expenses and other necessary Operating Expenses, Owner shall provide such funds necessary to pay such Operating Expenses. Any such failure to provide such funding within the required time period shall constitute a breach under Section 17.1(A) of this Agreement. Operator may, but shall not be required to, fund such expenses, and in such event, Operator may, in addition to all other rights, repay itself as soon as any funds are available.
WORKING CAPITAL AND BANK ACCOUNTS. 7.1. Owner will provide Operator with working capital for the Hotels in the amount of Two Million Seven Hundred Fifty Thousand Dollars ($2,750,000) (the “Working Capital”). Owner shall at all times provide, either from Total Revenues or from other funds of Owner, sufficient funds as determined in the good faith business judgment of Operator to constitute normal working capital for the uninterrupted and efficient operation of the Hotels (but which, in no event, shall be an amount less than the Working Capital), including without limitation funds sufficient to operate, maintain and equip the Hotels in accordance with all Major Agreements and to maintain the Hotels in accordance with the Hotel Standard. The Working Capital amount required under this Section 7.1 shall be increased (but not decreased) annually on the first day of each succeeding Fiscal Year by the same percentage as any percentage increase in the CPI (as defined in Section 8.6) from the first day of the prior Fiscal Year through the first day of such succeeding Fiscal Year. Upon Operator’s written notice to Owner that additional funds are required to pay necessary Operating Expenses (including but not limited to payroll expenses), Owner shall provide the funds necessary to pay such Operating Expenses within three (3) business days following Owner’s receipt of such notice. Any such failure to provide such funding shall constitute a breach under this Agreement. If Operator chooses to fund any such expenses (which shall be totally at Operator’s sole discretion), Operator may, in addition to all other rights, repay itself as soon as any funds are available, and pay itself interest upon such sum from the date payment was made at a rate equal to the Prime Rate plus three hundred (300) basis points.
WORKING CAPITAL AND BANK ACCOUNTS. 7.1. The following special accounts shall be established in connection with the operation of the Hotel:
WORKING CAPITAL AND BANK ACCOUNTS. 8.1 Subject to Section 6.3, (i) funds for working capital shall be maintained from Total Revenues or other funds available therefor in the trust estate and in accordance with the Indenture, and (ii) in no event will the balance in the Operating Account be less than One Hundred Fifty Thousand Dollars ($150,000), taking into account anticipated Total Revenues to be received at the Hotel during the applicable period.
WORKING CAPITAL AND BANK ACCOUNTS. 2.3.1 The Company shall provide necessary cash to support reasonable working capital needs within the Company’s cash management’s policies and procedures. Manager shall not be in default of its obligations under this Agreement to the extent it is unable to perform any obligation due to the lack of available funds for the operation of the Acquired Business due to the Company’s failure to provide required working capital. In no event shall Manager be required to advance any of its funds for the operation of the Acquired Business.
WORKING CAPITAL AND BANK ACCOUNTS. 7.1. Commencing immediately prior to the Commencement Date, Owner will provide Operator with Minimum Working Capital for the Hotel. Owner shall at all times provide, either from Total Revenues or from other funds of Owner, sufficient funds as determined in the good faith business judgment of Operator to constitute normal working capital for the uninterrupted and efficient operation of the Hotel (but which, in no event, shall be an amount less than the Minimum Working Capital), including without limitation funds sufficient to operate, maintain and equip the Hotel in accordance with all Major Agreements and to maintain the Hotel in a first-class physical condition. Upon Operator’s notice to Owner that additional funds are required to pay payroll expenses and other necessary Operating Expenses, Owner shall immediately provide the funds necessary to pay such Operating Expenses. Any such failure to provide such funding shall constitute a breach under Section 17.1(A) of this Agreement. Operator may, but shall not be required to, fund such expenses, and in such event, Operator may, in addition to all other rights, repay itself as soon as any funds are available.
WORKING CAPITAL AND BANK ACCOUNTS. 7.1. Prior to the Commencement Date, Owner will provide Operator with Minimum Working Capital for the Hotel. Owner shall at all times provide, either from Total Operating Revenues or from other funds of Owner, sufficient funds as determined in the good faith business judgment of Operator to constitute normal working capital for the uninterrupted and efficient operation of the Hotel (but which, in no event, shall be an amount less than the Minimum Working Capital), including without limitation funds sufficient to operate, maintain and equip the Hotel in accordance with all Major Agreements and to maintain the Hotel in a first-class physical condition, provided that Owner hereby acknowledges and agrees that any payment obligations under the Major Agreements is solely that of Owner, and neither Operator nor the Hotel shall be responsible therefor. Upon Operator’s notice to Owner that additional funds are required to pay payroll expenses and other necessary Operating Expenses, Owner shall provide the funds necessary to pay such Operating Expenses no later than five (5) days from Operator’s request therefor. Any such failure to provide such funding timely shall constitute a breach under Section 17.1(a) of this Agreement. Operator may, but shall not be required to, fund such expenses, and in such event, Operator may, in addition to all other rights, repay itself as soon as any funds are available.
WORKING CAPITAL AND BANK ACCOUNTS. 8.1. Lessee will provide Operator with initial working capital for the Hotel in an amount to be reasonably agreed upon between Lessee and Operator. Thereafter, Lessee shall at all times provide, either from Total Revenues or from other funds of Lessee, funds sufficient in amount in the good faith business judgment of Operator to constitute normal working capital for the uninterrupted and efficient operation of the Hotel, including without limitation funds sufficient to operate, maintain and equip the Hotel in accordance with all Major Agreements and to maintain the Hotel in a physical condition substantially equal to the physical condition of the Hotel on the Effective Date.
WORKING CAPITAL AND BANK ACCOUNTS. 8.1. Owner will maintain working capital funds on a system-wide basis sufficient in amount to constitute reasonable working capital for the uninterrupted and efficient operation of the Hotel, and provide Operator with such funds, as and when reasonably required by Operator.
WORKING CAPITAL AND BANK ACCOUNTS. 8.1. Owner will provide Operator with a sufficient amount of initial working capital for the Managed Outlet, as determined in the reasonable discretion of Owner (the "Initial Working Capital"). Thereafter, funds sufficient in amount to constitute normal working capital for the uninterrupted and efficient operation of the Managed Outlet shall be maintained from Total Revenues or otherwise provided by Owner in an amount at least equal to the working capital specified in the most recent Cash Flow Forecast (as defined in Section 9.4).
