Accounts, Expenditures Clause Samples
The "Accounts, Expenditures" clause establishes requirements for maintaining accurate records of all financial transactions and expenses related to the agreement. Typically, it obligates one or both parties to keep detailed accounts of costs incurred, often subject to review or audit by the other party. This clause ensures transparency in financial dealings and helps prevent disputes over payments or reimbursements by providing a clear record of expenditures.
Accounts, Expenditures. A. All funds derived from operation of the Hotel shall be deposited by Manager in Owner’s bank accounts (the “Operating Accounts”) established by Manager in a bank or banks designated by Manager with the concurrence of Owner. Withdrawals by Manager from said Operating Accounts shall be made solely by the General Manager or the Assistant General Manager of the Hotel, a senior officer of Manager or such other representatives of Manager whose signatures have been authorized by Manager with the concurrence of Owner. Reasonable ▇▇▇▇▇ cash funds shall be maintained at the Hotel.
B. Except as otherwise provided in this Agreement, all payments made by Manager hereunder shall be made from the Operating Accounts, ▇▇▇▇▇ cash funds, or from the Reserve (in accordance with Section 5.02). Manager shall not be required to make any advance or payment with respect to the Hotel except out of such funds, and Manager shall not be obligated to incur any liability or obligation with respect to the Hotel unless resulting from acts or omissions of Manager that are in violation of or inconsistent with this Agreement or from Manager’s negligence or misconduct (each, “Manager’s Liability” and, collectively, “Manager’s Liabilities”).
C. Debts and liabilities (other than Manager’s Liabilities) incurred by Manager as a result of its operation and management of the Hotel pursuant to the terms hereof, whether asserted before or after Termination, will be paid by Owner to the extent funds are not available for that purpose from Gross Revenues, and Owner shall indemnify, defend and hold Manager harmless from and against all loss, costs, liability, and damage (including, without limitation, reasonable attorneys’ fees and expenses) arising from Owner’s failure to pay or perform such debts and liabilities. Manager shall pay, indemnify, defend and hold Owner harmless from and against all Manager’s Liabilities and all loss, costs, liability and damage (including, without limitation, reasonable attorneys’ fees and expenses) arising from Manager’s failure to pay or perform Manager’s Liabilities. The provisions of this Section 4.03.C shall survive Termination.
Accounts, Expenditures. A. Tenant irrevocably authorizes and directs Manager to pay, and Manager agrees to pay (or repay, as applicable), without notice, demand or request therefor, but in each instance subject to the provisions of the Pooling Agreement, if applicable, and the Marriott Guaranty Agreement, if applicable, with respect to each of the Hotels: (1) Tenant’s Priority to Tenant when due and payable hereunder, (2) the Ground Lease Rent (if any) to Tenant, (3) the Base Management Fee to itself, (4) distributions to Tenant, Marriott and/or Manager with respect to the Tenant Advances, Additional Marriott Advances and Additional Manager Advances, (5) any accrued, but unpaid Base Management Fees to itself, (6) the First Incentive Management Fee to itself, (7) the Security Deposit Replenishment to Tenant, (8) the Second Incentive Management Fee to itself, and (9) the remaining balance, if any, to Tenant, in each of the foregoing instances set forth in this Section 4.03.A(1) through (9), at the time interim distributions are made pursuant to Section 4.01 hereof (except as otherwise set forth herein), and to the extent of the sufficiency of, and in the order of, distribution of Operating Profit under Section 3.02.B. Subject to Section 4.03.D, Manager is authorized to, and shall, make all expenditures required to be made hereunder with respect to the operation of the Hotels, but only from funds available for such payments under the terms of this Agreement or under the terms of the Pooling Agreement, if applicable, or under the Marriott Guaranty Agreement, if applicable.
B. Notwithstanding anything herein to the contrary, within sixty (60) days after the end of each Fiscal Year, Marriott or Manager shall determine whether any Additional Manager Advance, any Additional Marriott Advance or any Marriott Guaranty Advance (pursuant to the terms of the Marriott Guaranty Agreement) was made with respect to such Fiscal Year, and if Marriott or Manager has made such an advance with respect to such Fiscal Year, then Marriott or Manager shall advise Tenant in writing of the type and amount of such advance, and the balance of the Aggregate Amount Funded shall be deemed increased by the amount of any Marriott Guaranty Advance.
C. Subject to the terms of the Pooling Agreement, as appropriate, all escrow reserve accounts and funds derived from the operation of the Hotels shall be deposited by Manager in a bank account(s) in a bank designated by Manager. Withdrawals from said accounts shall be mad...
Accounts, Expenditures. 14 4.04 Accounting for Conversion of Hotel.........................................................15 4.05
Accounts, Expenditures. A. All funds derived from operation of the Inns shall be deposited by Manager in a bank account in a bank designated by Manager. Withdrawals from said accounts shall be made only by representatives of Manager whose signatures have been authorized. Reasonable ▇▇▇▇▇ cash funds shall be maintained at each Inn.
B. All payments made by Manager hereunder shall be made from authorized bank accounts, ▇▇▇▇▇ cash funds, or from Working Capital provided pursuant to Section 6.01. Manager shall not be required to make any advance or payment to or for the account of Owner except out of such funds, and Manager shall not be obligated to incur any liability or obligation for Owner's account without assurances that necessary funds for the discharge thereof will be provided by Owner. Debts and liabilities incurred by Manager as a result of its operation and management of the Inns pursuant to the terms hereof, whether asserted before or after the Termination of this Agreement, will be paid by Owner to the extent funds are not available for that purpose from the operation of the Inns.
Accounts, Expenditures. A. Manager will deposit all funds derived from operation of the Resort in bank accounts (the "Operating Accounts") in a bank or banks, identified and selected by Owner, subject to Manager's reasonable approval. Withdrawals from said Operating Accounts shall be made solely by representatives of Manager whose signatures have been authorized. Reasonable pett▇ ▇▇▇h funds shall be maintained at the Resort.
B. All payments made by Manager hereunder shall be made from the Operating Accounts or pett▇ ▇▇▇h funds. Manager shall not be required to make any advance or payment with respect to the Resort except out of such funds, and Manager shall not be obligated to incur any liability or obligation with respect to the Resort. In any event, if any such liability or obligation is incurred by Manager with respect to the Resort, Manager shall have the option to deduct such amounts from Owner's share of Operating Profit if Owner has not fully reimbursed Manager for said amounts within ten (10) days after Owner's receipt of notice from Manager that said amounts are due.
C. Debts and liabilities incurred by Manager as a result of its operation and management of the Resort pursuant to the terms hereof, whether asserted before or after Termination, will be paid by Owner to the extent funds are not available for that purpose from Gross Receipts. The provisions of this Section 4.03.C shall survive Termination.
Accounts, Expenditures. A. All funds derived from operation of the Inns shall be deposited by Management Company, in accordance with Management Company's cash management procedures, in bank account(s) in a financial institution(s) designated by Management Company. Withdrawals from said account(s) shall be made by representatives of Management Company whose signatures have been authorized. Reasonable ▇▇▇▇▇ cash funds shall be maintained at each Inn.
B. All payments made by Management Company hereunder shall be made from authorized bank accounts, ▇▇▇▇▇ cash funds, or from Working Capital provided pursuant to Section 7.01. Management Company shall not be required to make any advance or payment to or for the account of Owner except out of such funds, and Management Company shall not be obligated to incur any liability or obligation for Owner's account without assurances that necessary funds for the discharge thereof will be provided by Owner. Debts and liabilities incurred by Management Company as a result of its operation and management of the Inns pursuant to the terms hereof, whether asserted before or after the Termination of this Agreement, will be paid by Owner to the extent funds are not available for that purpose from the operation of the Inns.
Accounts, Expenditures. A. All funds derived from operation of the Hotel shall be deposited by Manager in Owner’s bank accounts (the “Operating Accounts”) established by Manager in a bank or banks designated by Manager with the concurrence of Owner. Withdrawals by Manager from said Operating Accounts shall be made solely by representatives of Manager, but only those representatives whose signatures have been authorized by Manager with the concurrence of Owner. Reasonable ▇▇▇▇▇ cash funds shall be maintained at the Hotel.
B. Except as otherwise provided in this Agreement, all payments made by Manager hereunder shall be made from the Operating Accounts, ▇▇▇▇▇ cash funds, or from the Reserve (in accordance with Section 5.02). Manager shall not be required to make any advance or payment with respect to the Hotel except out of such funds, and Manager shall not be obligated to incur any liability or obligation with respect to the Hotel except as otherwise provided in this Agreement (including, without limitation, pursuant to Sections 1.03, 3.02A, 3.03 and 10.10A) (each, “Manager’s Liability”, and, collectively, “Manager’s Liabilities”).
C. Debts and liabilities (other than Manager’s Liabilities) incurred by Manager as a result of its operation and management of the Hotel pursuant to the terms hereof, whether asserted before or after Termination, will be paid by Owner to the extent funds are not available for that purpose from Gross Revenues. Manager shall pay all of Manager’s Liabilities. The provisions of this Section 4.03C shall survive Termination.
Accounts, Expenditures. A. All funds derived from operation of the Hotels shall be deposited by Management Company, in accordance with Management Company's cash management procedures, in bank account(s) in a financial institution(s) designated by Management Company and reasonably approved by Owner. Withdrawals from said account(s) shall be made by representatives of Management Company whose signatures have been authorized. Reasonable ▇▇▇▇▇ cash funds shall be maintained at each Hotel.
B. All payments made by Management Company hereunder shall be made from authorized bank accounts, ▇▇▇▇▇ cash funds, or from Working Capital provided pursuant to Section 6.01. Management Company shall not be required to make any advance or payment to or for the account of Owner except out of such funds, and Management Company shall not be obligated to incur any liability or obligation for Owner's account without assurances that necessary funds for the discharge thereof will be provided by Owner. Debts and liabilities incurred by Management Company as a result of its operation and management of the Hotels pursuant to the terms hereof, whether asserted before or after the Termination of this Agreement, will be paid by Owner to the extent funds are not available for that purpose from the operation of the Hotels.
Accounts, Expenditures. (a) Tenant shall cause all funds derived from operation of the Facility to be deposited by Manager in bank accounts (the “Operating Accounts”) established by Manager and Tenant in a bank or banks designated by Tenant, or at Tenant’s direction by Manager, subject to Landlord’s approval. Withdrawals from said Operating Accounts shall be made solely by representatives whose signatures have been authorized by Tenant. Reasonable ▇▇▇▇▇ cash funds in the ordinary course of business shall be maintained at the Facility.
(b) Tenant shall cause all payments to be made by Manager under the Management Agreement to be made from the Operating Accounts, ▇▇▇▇▇ cash funds, or from the Capital Renewals Reserve (in accordance with the terms of the Management Agreement). To the extent any provisions of this Article 17 shall conflict with any provisions regarding financial and operational reporting requirements, business plans, operating accounts, operating budgets and/or books and records requirements set forth in the Management Agreement, the parties hereto hereby acknowledge and agree that the express provisions set forth in the Management Agreement with respect to same shall control.
Accounts, Expenditures. (a) All funds derived from operation of the Hotel shall be deposited daily by Manager in bank accounts (the "Operating Accounts") in a bank or banks designated by Owner, subject to Manager's reasonable approval. Withdrawals from said Operating Accounts shall be made solely by representatives designated by Manager and approved by Owner. Reasonable ▇▇▇▇▇ cash funds shall be maintained at the Hotel.
(b) Except as otherwise set forth in this Agreement: (i) all payments made by Manager hereunder shall be made from the Operating Accounts or ▇▇▇▇▇ cash funds; and (ii) Manager shall not be required to make any advance or payment with respect to the Hotel except out of such funds, and Manager shall not be obligated to incur any liability or obligation with respect to the Hotel. Upon a Termination of this Agreement, Manager shall return the outstanding balance of the Working Capital to Owner.
(c) Manager shall "sweep" all available cash in the Operating Accounts daily (except for weekends, public holidays or other periods during which the bank or banks in which the Operating Accounts are held are closed) into an interest-bearing account for the benefit of Owner. Manager shall be entitled to retain any Working Capital necessary for the operation of the Hotel until such Operating Accounts are again available.