Hotel Retention definition
Examples of Hotel Retention in a sentence
The term "Hotel Retention" shall mean the amount of any loss or reserve under Management Company's blanket insurance or self-insurance programs which is allocated to the Hotel, not to exceed the higher of (a) the maximum per occurrence limit established for similar hotels participating in such programs, or (b) the insurance policy deductible on any loss which may fall within high hazard classifications as mandated by the insurer (e.g., earthquake, flood, windstorm on coastal properties, etc.).
Upon Termination, an escrow fund in an amount reasonably acceptable to Management Company shall be established from Gross Revenues (or, if Gross Revenues are not sufficient, with funds provided by Owner) to cover the amount of any Hotel Retention and all other costs which will eventually have to be paid by either Owner or Management Company with respect to pending or contingent claims, including those which arise after Termination for causes arising during the Term of this Agreement.
If the Hotel is not a participant under Management Company's blanket insurance or self-insurance programs, "Hotel Retention" shall mean the amount of any loss or reserve allocated to the Hotel, not to exceed the insurance policy deductible.
Insurance premiums and any other costs or expenses with respect to the insurance or self-insurance required under Sections 12.02 and 12.04 A, including any Hotel Retention, shall be paid from Gross Revenues as Deductions.
Insurance premiums and any costs or expenses with respect to the insurance or self-insurance required under this Article XI, including any Hotel Retention, shall be treated as Deductions.
Insurance premiums and any other costs or expenses with respect to the insurance or self-insurance required under Section 12.02, including any Hotel Retention, shall be paid from Gross Revenues as Deductions.