Hotel Operating Account definition

Hotel Operating Account means the bank account opened and maintained in Operator’s name, or in a name designated by Operator, with a banking institution selected by Lessee, from which disbursements shall be made pursuant to the terms of this Agreement.
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Hotel Operating Account means the bank account opened and maintained in Lessee’s name, or in a name designated by Lessee, with a banking institution selected by Lessee, into which all income, receipts and proceeds included in the definition of Gross Hotel Income (without exclusion of any of the items excluded from the definition of such term) shall be deposited and from which disbursements shall be made pursuant to the terms of this Agreement.
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Hotel Operating Account shall have the meaning set forth in Section 6.4.1.
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Examples of Hotel Operating Account in a sentence

  • At Lessee’s request, Operator shall pay from the Hotel Operating Account prior to the dates the same become delinquent, with the right upon Lessee’s request to pay the same in installments to the extent permitted by law, all real and personal property taxes levied against the Property or any of its component parts.

  • Lessee shall have signatory authority with respect to the Hotel Operating account, provided, however, Lessee shall not remove any funds from the Hotel Operating Account without first providing at least one week notice to Operator.

  • The Hotel Operating Account shall be under the day-to-day control of Operator, subject to Operator’s obligation to account to Lessee as and when provided for herein.

  • Lessee funds shall not be commingled with Operator’s funds and Operator shall provide to Lessee monthly a detailed accounting of all Hotel Operating Account receipts and disbursements.

  • All receipts and income, including, without limitation, Gross Hotel Income shall be promptly deposited in the Hotel Operating Account.

  • Operator will remit to Lessee such funds from the Hotel Operating Account as Lessee may request from time to time in accordance with Section 10.03.

  • Designees of Operator shall only be authorized to draw upon the Hotel Operating Account for purposes authorized by this Agreement and in accordance with the terms of this Agreement.

  • Within thirty (30) days of receipt by Lessee of such audit, Lessee or Operator, as the case may be, shall deposit in the Hotel Operating Account any excess amounts which may have been distributed to them.

  • Funds shall be deposited in the payroll account or accounts from the Hotel Operating Account, as needed, in order to meet payroll requirements; provided, however, all expenditures from such accounts shall be subject to and in accordance with the terms of this Agreement.

  • Operator shall invest Hotel Operating Account balances in a cash management program approved in writing by Lessee and which provides for Lessee to receive the interest income thereon or as otherwise instructed by Lessee in writing.


More Definitions of Hotel Operating Account

Hotel Operating Account means an “Operating Account” (as defined in the Management Agreement) maintained by Manager in the name of Operating Lessee with respect to Hotel Operating Expenses at the Property and in accordance with the terms of the Management Agreement.
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