Hotel Bank definition
Examples of Hotel Bank in a sentence
The fees and expenses of the Hotel Bank shall be paid by Borrower.
Innisfree is hereby authorized to pay all Hotel Expenses, Capital Expenditures, Association Expenses, capital lease payments (if any) and Incentive Fees incurred in accordance with this Agreement and all amounts repayable to the Owner-Seller pursuant to Section 6.7 from funds in the Hotel Bank Account.
In the event the Hotel Bank can no longer maintain the Borrower Hotel Account as an Eligible Account, Lender shall have the right to cause the Borrower Hotel Account to be moved to a depositary institution, reasonably acceptable to Lender, that can maintain same as an Eligible Account.
All funds in the Hotel Bank Account will belong to the Owners and will be dealt with in accordance with this Agreement.
Borrower shall cause Manager to reserve for FF&E on a monthly basis in accordance with the Management Agreement not less than an amount equal to the Monthly FF&E Reserve Amount, such reserves to be maintained in the Hotel Bank Accounts (as defined in the Management Agreement) (subject to disbursements therefrom as permitted by the Management Agreement), provided however, this Section 5.1.22 shall not affect Borrower’s obligations hereunder to set aside reserves for FF&E.
Owner shall then deposit in the Hotel Bank Accounts the amount of any deficiency in working capital within 10 days following Operator's written request for such funding.
Bank accounts established and maintained in connection with the operation of the Hotel, including (without limitation) the Capital Reserve and Working Capital Reserve accounts (collectively, the "Hotel Bank Accounts"), shall at all times be at an insured bank designated by Owner and approved by Operator and maintained under the name of the Hotel.
Except as additional security for the line of credit contemplated by section 7.01(b) or in connection with a mortgage permitted by section 19.02, Owner shall not pledge or deal with the funds in the Hotel Bank Accounts in any manner that may impede the ability of Operator to pay obligations incurred in or in connection with the operation and management of the Hotel.
If Circus fails to complete such work in a timely fashion, Four Seasons shall be entitled to undertake such work at the cost of Circus and Four Seasons shall pay such costs out of the Hotel Bank Accounts.
If there are insufficient funds in the Hotel Bank Accounts and Four Seasons nevertheless undertakes such work, Four Seasons shall be entitled to be repaid on demand by Circus for the cost of such work, together with interest on such cost from the date of incurring such cost at the Interest Rate.