Common use of Currency Controls Clause in Contracts

Currency Controls. If any governmental authority with jurisdiction over the Hotel imposes restrictions on the transfer of funds or currency to places outside the Country and such restrictions result in Hyatt or its Affiliates not receiving payments or reimbursements consistent with the requirements of this Agreement or the other Hyatt Agreements, then Hyatt may direct Owner to deposit all payments required under this Agreement and the other Hyatt Agreements into such accounts in the Country as Hyatt may designate and Owner, at its sole cost and expense, shall take such other action as Hyatt may reasonably request to cause payment of such accumulated amounts to be remitted in the manner provided for in this Agreement, and the other Hyatt Agreements, as soon as possible thereafter. In the event that, after a period of 90 days, Owner remains unable, on the basis of regulatory controls and notwithstanding Owner’s reasonable and good faith efforts, to remit all or any portion of the amounts due to Hyatt and its Affiliates under the Hyatt Agreements, then Hyatt may terminate this Agreement and the other Hyatt Agreements on 90 days’ advance notice to Owner.