Working Capital and Inventories. The Lessee shall cause funds to be deposited in one or more operating accounts established by Manager, in amounts sufficient to operate the Premises in accordance with the Annual Operating Budget, including the establishment and maintenance of positive Working Capital and Inventories as reasonably determined by Manager. All Working Capital and Inventories are and shall remain the property of Lessee. In the event Lessee fails to advance funds which are necessary in order to maintain positive Working Capital and Inventories at reasonable levels for a Hotel, Manager shall have the right to elect to terminate this Agreement upon sixty (60) days’ prior written notice to Lessee with respect to the affected applicable Hotel. During such sixty (60) day period, Lessee and Manager shall use reasonable efforts to resolve the dispute over such Working Capital and Inventory requirements. If such dispute is not resolved, then this Agreement shall terminate with respect to the affected applicable Hotel on the sixtieth (60th) day following Manager’s delivery of written notice of termination as provided above. If such dispute is resolved, then the notice will be deemed rescinded and this Agreement shall not be terminated pursuant to the notice with respect to the affected applicable Hotel. Further, if Manager should so terminate this Agreement with respect to the affected applicable Hotel and if Manager in good faith incurs expenditures, or otherwise accrues liabilities in accordance with the Annual Operating Budget and variances allowed herein, in each case, prior to the date of termination, Lessee agrees to promptly indemnify and hold Manager harmless from and against (i) any and all liabilities, costs and expenses properly incurred by Manager in connection with the operations of the applicable Hotel through the date of Termination of this Agreement with respect to such Hotel, and (ii) any and all liabilities, costs and expenses properly incurred by Manager as a result of Lessee’s failure to perform any obligation or pay any liability arising under any service, maintenance, franchise or other agreements, employment relationships (other than Excluded Employee Claims), leases or contracts pertaining to the applicable Hotel after Termination of this Agreement with respect to such Hotel. Lessee acknowledges that liabilities arising in connection with the operation and management of the applicable Hotel including, without limitation, all Deductions, incurred in accordance wit...
Working Capital and Inventories. The Lessee shall cause funds to be deposited in one or more operating accounts established by Manager, in amounts sufficient to operate the Premises in accordance with the Annual Operating Budget, including the establishment and maintenance of positive Working Capital and Inventories as reasonably determined by Manager. All Working Capital and Inventories are and shall remain the property of Lessee. Lessee acknowledges that liabilities arising in connection with the operation and management of the applicable Hotel including, without limitation, all Deductions, incurred in accordance with the terms of this Agreement, are and shall remain the obligations of Lessee, and Manager shall have no liability therefor unless otherwise expressly provided herein.
Working Capital and Inventories. A. At the Management Commencement Date, TRS shall provide to Management Company the funds necessary to supply the Hotel with Working Capital and Inventories in a minimum amount of One Thousand Dollars ($1,000.00) per guest room and shall at all times thereafter maintain in the Hotel's Operating Accounts a minimum balance in the amount of [] (or, if necessary, such greater amount to assure the uninterrupted and efficient operation of the Hotel, including, without limitation, sufficient funds to pay budgeted current liabilities as they fall due and to replace Inventories as they are consumed) in accordance with the provisions of subsection B below. Working Capital so advanced shall remain the property of TRS throughout the Term of this Agreement, and Management Company shall make no claim thereto.
Working Capital and Inventories. (a) MCE Leisure shall fund, or procure the funding of, Working Capital and Inventories, which, however funded, are and shall remain, at all times, the property of MCE Leisure.
Working Capital and Inventories. A. At the Management Commencement Date, Owner shall provide to Management Company the funds necessary to supply the Hotel with Working Capital and Inventories in a minimum amount of One Thousand Dollars ($1,000.00) per guest room and shall at all times thereafter maintain in the Hotel’s operating accounts a minimum balance in the amount of $ (or, if necessary, such greater amount to assure the uninterrupted and efficient operation of the Hotel, including, without limitation, sufficient funds to pay budgeted current liabilities as they fall due and to replace Inventories as they are consumed, as set forth in the approved Annual Operating Projection) in accordance with the provisions of subsection B below. Working Capital so advanced shall remain the property of Owner throughout the Term of this Agreement, and Management Company shall make no claim thereto.
Working Capital and Inventories. A. At the Management Commencement Date, Owner shall provide to Management Company the funds necessary to supply the Hotel with Working Capital and Inventories in a minimum amount of One Thousand Dollars ($1,000.00) per guest room and shall at all times thereafter maintain in the Hotel's Operating Accounts a minimum balance in the amount of [insert $1,000 x # of rooms] (or, if necessary, such greater amount to assure the uninterrupted and efficient operation of the Hotel, including, without limitation, sufficient funds to pay budgeted current liabilities as they fall due and to replace Inventories as they are consumed) in accordance with the provisions of subsection B below. Working Capital so advanced shall remain the property of Owner throughout the Term of this Agreement, and Management Company shall make no claim thereto.
Working Capital and Inventories. A. At the Effective Date, Owner shall provide to Management Company the funds necessary to supply the Hotel with Working Capital and Inventories in a minimum amount of One Thousand Dollars ($1,000) per guest room (or Three Hundred Thirty-Two Thousand Dollars ($332,000) and shall at all times thereafter maintain in the Hotel’s operating accounts a minimum balance in the amount of $332,000 (or, if necessary, such greater amount to assure the uninterrupted and efficient operation of the Hotel, including, without limitation, sufficient funds to pay budgeted current liabilities as they fall due and to replace Inventories as they are consumed, as set forth in the approved Annual Operating Projection) in accordance with the provisions of subsection B below. Working Capital so advanced shall remain the property of Owner throughout the Term of this Agreement, and Management Company shall make no claim thereto.
Working Capital and Inventories. A. At the Management Commencement Date, each Owner shall provide to Management Company the funds necessary to supply the Hotel & Conference Center with Working Capital and Inventories in a minimum aggregate amount of $315,000.00; this initial Working Capital amount will be allocated between the Facilities on the basis of the percentage of revenues projected to be received by each Facility (against the total revenues projected for the Hotel & Conference Center) as reported in the Annual Operating Projection approved by Owners prior to the Management Commencement Date. For so long as Owner of the Hotel Facility is an Affiliate of First American Bank, SSB (“First American”), Working Capital shall be deposited in bank account(s) at First American, as further described in Section 9.02. Management Company shall provide to Owners each month a copy of the bank statement and a reconciliation relating to such operating account(s), separately accounting for the funds advanced to the operating account(s) made by each Owner and Gross Revenues deposited into and expenditures from the operating account(s) for each of the Facilities. The cost of any expenditures paid from the operating account(s) with respect to the Shared Facilities shall be allocated to the Conference Center Facility and Hotel Facility in accordance with Exhibit B of the Operating Agreement.
Working Capital and Inventories. At the Effective Date, Owner shall provide to Management Company the funds necessary to supply the Hotel with Working Capital and Inventories in a minimum amount of $75,000 and shall at all times thereafter maintain in the Hotel's operating accounts a minimum balance in the amount of $50,000 (or, if necessary, such greater amount to assure the uninterrupted and efficient operation of the Hotel, including, without limitation, sufficient funds to pay budgeted current liabilities as they fall due and to replace Inventories and Fixed Asset Supplies as they are consumed) in accordance with the provisions of Section 9.05 hereof. Working Capital so advanced shall remain the property of Owner throughout the term of this Agreement, and Management Company shall make no claim thereto.
Working Capital and Inventories. Management Company’s obligations hereunder shall be subject to Master Tenant providing the funds necessary to assure the uninterrupted and efficient operation of the Hotel in accordance with the applicable approved Annual Operating Projection to the extent revenues from the Hotel are insufficient therefor, including, without limitation, sufficient funds to pay budgeted current liabilities as they fall due, to reimburse Management Company for any funds it properly advanced to pay Necessary Expenditures, and to replace Inventories as they are consumed, as set forth in the applicable approved Annual Operating Projection. Working Capital so advanced shall remain the property of Master Tenant throughout the Term of this Agreement, and Management Company shall make no claim thereto.
