Residual Distribution. Simultaneously with the making of each payment of the Incentive Management Fee, the then remaining Gross Revenues will be disbursed to Owner. Except as herein provided, Manager shall have no responsibility to incur Operating Costs or undertake any Capital Replacement except to the extent Manager is reasonably assured that funds to pay such Operating Costs and for such Capital Replacements will be timely available.
Appears in 7 contracts
Samples: Management Agreement (Hospitality Properties Trust), Management Agreement (Hospitality Properties Trust), Management Agreement (Hospitality Properties Trust)
