Common use of Deposits and Disbursements Clause in Contracts

Deposits and Disbursements. The Manager shall cause the establishment of bank accounts in the name of the Owner and shall establish and be responsible for administrating a policy for specifying the identity of signatories to such bank accounts. The Manager shall deposit or cause to be deposited in the Owner's bank accounts all receipts and monies arising from the operations of the Hotels or otherwise received for an on behalf of the Owner. The Manager shall be responsible for the disbursement of the Owner's funds in payment of all expenses incurred in connection with the operations of the Hotels. Notwithstanding the above, the parties agree that Manager may hold and invest Owner's monies in accounts held in Manager's name, pursuant to the terms and conditions on Exhibit A attached hereto and incorporated herein by this reference.

Deposits and Disbursements. The Manager shall cause the establishment of bank accounts in the name of the Owner and shall establish and be responsible for administrating a policy for specifying the identity of signatories to such bank accounts. The Manager shall deposit or cause to be deposited in the Owner's ’s bank accounts all receipts and monies arising from the operations of the Hotels or otherwise received for an on behalf of the Owner. The Manager shall be responsible for the disbursement of the Owner's ’s funds in payment of all expenses incurred in connection with the operations of the Hotels. Notwithstanding the above, the parties agree that Manager may hold and invest Owner's ’s monies in accounts held in Manager's ’s name, pursuant to for the terms and conditions on Exhibit A attached hereto and incorporated herein by this referencebenefit of Owner.