Borrower’s Remittance Amount definition
Borrower’s Remittance Amount means, for so long as a Qualified Hotel Manager is Manager, the excess funds actually distributed to Borrower and/or Operating Lessee in accordance with Section 7.10(b) of the Accor Management Agreement (after Accor has paid the amounts described in clauses (i) (operating expenses), (ii) (funding the replacement reserve) and, provided no Event of Default exists, (iv) (incentive management fee) of the Accor Management Agreement all in accordance with the Accor Management Agreement and the Manager SNDA), or the comparable provisions of another Management Agreement with a Qualified Hotel Manager.
Examples of Borrower’s Remittance Amount in a sentence
Borrower shall (and shall cause Operating Lessee to) cause such Qualified Hotel Manager to deposit the Borrower’s Remittance Amount (as and when payable under the Accor Management Agreement or other Management Agreement with a Qualified Hotel Manager, as applicable, but in each case no less frequent that once per month) directly into the Deposit Account.