Required Management Clause Samples

Required Management. Except as otherwise provided herein, during the Term Manager shall be responsible for the proper and efficient operation of the Hotel. Except as provided to the contrary or as may be limited herein (including, without limitation, by virtue of the rights of Lessee hereunder), Manager shall have discretion and control, free from interference, interruption or disturbance, in all matters relating to the management and operation of the Hotel, including, without limitation, charges for rooms and commercial space, credit policies (which credit policies shall be reasonable, customary and in keeping with industry standards for the market segment which the Hotel services), food and beverage services, the receipt, holding and disbursement of funds, maintenance of bank accounts, procurement of Inventories, supplies and services, promotion and publicity and, generally, all activities necessary for the operation of the Hotel. Without limiting the generality of the foregoing, Manager shall perform the following additional services, or cause the same to be performed for the Hotel, subject to any other applicable provisions of this Agreement and subject to any applicable provisions of the Business Plan: A. Establish and revise, as necessary, administrative policies and procedures, including policies and procedures for the control of revenue and expenditures, for the management of accounts receivable and accounts payable, for the purchasing of supplies and services, for the control of credit, and for the scheduling of repairs and maintenance and preventive maintenance, and verify that the foregoing procedures are operating in a sound manner. B. Enter into contracts, commitments and obligations for goods and services for the Hotel, at competitive, fair market rates and prices; provided that Lessee’s prior written approval (which approval shall not be unreasonably withheld) shall be required for any contract, commitment or obligation (or series of related contracts, commitments or obligations) (i) having a term in excess of one (1) year unless such agreement may be terminated without penalty, premium or ongoing obligation, or (ii) if the amount of the aggregate expenditures thereunder would, or are reasonably anticipated to, exceed $50,000 in the aggregate per annum (it being understood and agreed that Lessee’s approval shall not be required for national pricing contracts entered into by Manager which relate to the purchase of Inventories, provided that such contract falls wi...