Pooling of Reserves. All deposits required to be made to the Reserves pursuant to the Management Agreements with respect to the Portfolio Properties shall instead be pooled into one account to be used for the purposes set forth in the Management Agreements for the Portfolio Properties on a pooled basis (the “Pooled Reserve”). The funds in the Pooled Reserve shall be available for all Portfolio Properties regardless of the amount of funds that would otherwise be held in a Reserve for a particular Portfolio Property if the Reserves were separately maintained. Upon any Manager Deconsolidation Event as to one or more but less than all of the Portfolio Properties, the Pooled Reserve shall be allocated as described in Section 6.02.B; provided, however, that any allocation of the Pooled Reserves following the sale (or deemed sale) of an Exit Hotel shall be made in accordance with the terms of the Exit Hotel Agreement. Upon the expiration or termination of all Management Agreements for all Portfolio Properties, Marriott shall, except as otherwise provided in the Management Agreements or this Agreement, release and transfer to Landlord or (if directed by Landlord) to Tenant the remaining Pooled Reserve funds after payment of all expenses that are to be paid out of the Reserves pursuant to the Management Agreements relating to periods prior to such expiration or termination.
Pooling of Reserves. A. All deposits required to be made to the Reserves pursuant to the Management Agreements with respect to the Portfolio Properties shall instead be pooled into one account to be used for the purposes set forth in the Management Agreements and the Renovation-Related Agreements for the Portfolio Properties on a pooled basis (the “Pooled Reserve”). Subject to the terms of the Renovation-Related Agreements, the funds in the Pooled Reserve shall be available for all Portfolio Properties regardless of the amount of funds that would otherwise be held in a Reserve for a particular Portfolio Property if the Reserves were separately maintained. Upon any Manager Deconsolidation Event as to one or more but less than all of the Portfolio Properties, the Pooled Reserve shall be allocated as described in Section 6.02.A hereof; provided, however, that any allocation of the Pooled Reserves following an Exit Hotel Removal shall be made in accordance with the terms of the Exit Hotel Agreement. Upon the expiration or termination of all Management Agreements for all Portfolio Properties, Marriott and the Managers shall, except as otherwise provided in the Management Agreements or this Agreement, release and transfer to the applicable Landlords or (if directed by a Landlord) to the applicable Tenants the remaining Pooled Reserve funds after payment of all expenses that are to be paid out of the Reserves pursuant to the Management Agreements relating to periods prior to such expiration or termination.
