Accounting and Interim Payment. A. Manager shall submit monthly, pursuant to Section 15.02, an interim accounting to Lessee showing Gross Revenues, Deductions, House Profit, Gross Operating Profit and Net Operating Income before Debt Service.
B. Calculations and payments of the Base Management Fee made with respect to each Accounting Period shall be made on an interim accounting basis and shall be accounted for cumulatively for each Fiscal Year. After the end of each Fiscal Year, Manager shall submit to Lessee an accounting for such Fiscal Year, consistent with Section 15.03, which accounting shall be controlling over the interim accountings. Any adjustments required by the Fiscal Year accounting shall be made promptly by the parties.
C. The Incentive Fee shall only be calculated and earned based upon the House Profit achieving the required HP Test for any given Fiscal Year or a portion thereof if the period of calculation cannot include the full period from January 1 to December 31.
D. If Lessee raises no objection for any reason (excluding fraud) within one (1) year from the receipt of annual accounting statements as provided herein (or for fraud within any applicable statute of limitations period, and if no statute of limitations period exists, then in no event to exceed four (4) years from receipt of annual accounting statements as provided herein), such accounting shall be deemed to have been accepted by Lessee as true and correct, and Lessee shall have no further right to question its accuracy. Manager will provide Lessee profit and loss statements for the current period and year-to-date, including actual, budget and last year comparisons, as required by Section 15.03.
Accounting and Interim Payment. A. Within twenty (20) days after the close of each Accounting Period, Management Company shall submit an interim accounting to Owner showing, in reasonable detail, the amount (and calculation where appropriate) of Gross Revenues, Deductions, FF&E Reserve contributions and expenditures, Operating Profit, Ground Rent, Cash Flow Available for Incentive Management Fee and (with respect to 1993 through 1996) Owner's Net Cash Flow, and all retentions, distributions and other applications thereof with respect to the Inns. Management Company shall transfer with each accounting any interim amounts due Owner and shall retain any interim management fees due Management Company (as described in this Article V). Each accounting will be prepared on a consolidated basis rather than on an individual Inn basis. Management Company shall also prepare an accounting showing Gross Revenues, Deductions and Operating Profit on an individual Inn basis.
B. Calculations and payments of the Base Management Fee, System Fee, the Incentive Management Fee, the Contingent Incentive Management Fee, and applications of Operating Profit made with respect to each Accounting Period within a Fiscal Year shall be accounted for cumulatively. Within sixty (60) days after the end of each Fiscal Year, Management Company shall submit an accounting, as more fully described in Section 9.01, for such Fiscal Year to Owner, which accounting shall be controlling over the interim accountings. Any adjustments required by the Fiscal Year accounting shall be made by cash payments within five (5) business days of the receipt by Owner of such final accounting. No adjustment shall be made for any Operating Loss in a preceding or subsequent Fiscal Year.
C. Within twenty (20) days after the closing of a refinancing or a sale of one or more of the Inns, Owner will provide Management Company an accounting showing Owner's Priority Return and Owner's 12% Priority and Capital Return, Net Sales Proceeds, and Net Refinancing Proceeds (as the case may be).
D. Within twenty (20) days after the close of each Accounting Period, Owner will provide Management Company an accounting showing Owner's Priority Return, the balance of any principal and interest of Debt Service Guarantee Advances, and Net Contributed Capital. END OF ARTICLE V
Accounting and Interim Payment. A. Within twenty (20) days after the close of each Accounting Period, Management Company shall submit an accounting to TRS showing Gross Revenues, Operating Expenses, Operating Profit, and distributions thereof for such Accounting Period. Management Company shall retain any periodic Base Management Fee and Incentive Fee due Management Company and, after taking into account the Working Capital needs of the Hotel in accordance with the terms of this Agreement, shall transfer to TRS with each accounting any Operating Profit or other sums then available for distribution to TRS. In addition to the periodic Base Management Fee and Incentive Fee, Management Company shall be entitled to retain to pay or reimburse itself from the Operating Accounts Out-of-Pocket Expenses and any amounts advanced by Management Company for the payment of Operating Expenses or other amounts in accordance with this Agreement.
B. The calculation and payment of the Management Fees and the distribution of Operating Profit made with respect to each Accounting Period within a Fiscal Year shall be accounted for cumulatively. Within sixty (60) days after the close of each Fiscal Year, Management Company shall submit an accounting (as more fully described in Section 9.01) for such Fiscal Year to TRS, which accounting shall be controlling over the interim accountings. Any adjustments required for such Fiscal Year by such final accounting shall be made promptly by the parties.
Accounting and Interim Payment. A. Subject to Section 6.01 C above, within twenty (20) days after the close of each Accounting Period, Management Company shall submit an accounting to Owner showing Gross Revenues, Deductions, Operating Profit, and distributions thereof for such Accounting Period. Management Company shall transfer to Owner with each accounting any Operating Profit or other sums then available for distribution to Owner and shall retain any periodic Base and Incentive Management Fees due Management Company. Such interim accountings shall be in the form of statements reasonably approved by Owner.
B. The calculation and payment of the management fees and the distribution of Operating Profit made with respect to each Accounting Period within a Fiscal Year shall be accounted for cumulatively. Within sixty (60) days after the close of each Fiscal Year, Management Company shall submit an accounting, as more fully described in Section 9.01 for such Fiscal Year to Owner, which accounting shall be controlling over the interim accountings. Any adjustments required for such Fiscal Year by such final accounting shall be made by the parties within forty-five (45) days after receipt by Owner of such final accounting.
Accounting and Interim Payment. Pre-Opening ------------------------
Accounting and Interim Payment. Within twenty (20) days after the close of each Accounting Period, Management Company shall submit an accounting to Master Tenant meeting the requirements for monthly reporting set forth on Exhibit E attached hereto and, in connection therewith Management Company shall transfer to Master Tenant with each accounting any Operating Profit or other sums then available for distribution to Master Tenant and shall retain any periodic Base Management Fee due Management Company.
Accounting and Interim Payment. A. Subject to Section 6.01 C above, within twenty (20) days after the close of each Accounting Period, Management Company shall submit an accounting to Owner showing Gross Revenues, Deductions, Operating Profit, and distributions thereof for such Accounting Period. Management Company shall transfer to Owner with each accounting any Operating Profit or other sums then available for distribution to Owner and shall retain any periodic Base and Incentive Management Fees due Management Company. Such interim accountings shall be in the form of statements reasonably approved by Owner. Such interim accountings shall be in the form of statements reasonably approved by Owner. Such interim accountings shall also be accompanied by: (i) a balance sheet; (ii) cash flow report compared against the Annual Operating Projection with appropriate narrative explanations of any significant exceptions (deviations); (iii) supplemental profit and loss statement; (iv) a detailed monthly profit and loss statement and year-to-date profit and loss statement compared against the Annual Operating Projection with appropriate narrative explanations of any significant exceptions (deviations); (v) department schedules of revenues and expenses; and (vi) rolling 30 and 60 day cash flow forecasts.
B. The calculation and payment of the Base Management Fees and the distribution of Operating Profit made with respect to each Accounting Period within a Fiscal Year shall be accounted for cumulatively. The Incentive Fee, if any, for a particular Fiscal Year shall be paid to Management Company within one hundred five (105) days after the end of such Fiscal Year. Within sixty (60) days after the close of each Fiscal Year, Management Company shall submit an accounting, as more fully described in Section 9.01 for such Fiscal Year to Owner, which accounting shall be controlling over the interim accountings. Any adjustments required for such Fiscal Year by such final accounting shall be made by the parties within forty-five (45) days after receipt by Owner of such final accounting.
Accounting and Interim Payment. 18 ARTICLE VI - PRE-OPENING ACTIVITIES -----------------------------------
Accounting and Interim Payment. A. Within twenty (20) days after the close of each Accounting Period after the Effective Date, Tenant shall submit an interim accounting to Landlord showing Gross Revenues and Deductions, Operating Profit and other information necessary in determining the rental hereunder. Tenant shall transfer with each accounting any interim amounts due Landlord pursuant to Section 5.
Accounting and Interim Payment. A. Within twenty (20) days after the close of each Accounting Period, Management Company shall submit an interim accounting to Owner showing, in reasonable detail, the amount (and calculation where appropriate) of Gross Revenues, Deductions, FF&E Reserve contributions and expenditures, Operating Profit and Cash Flow Allowable for Incentive Management Fee, and all retentions, distributions and other applications thereof with respect to the Hotels. Management Company shall transfer with each accounting any interim amounts due Owner and shall retain any interim management fees due Management Company (as described in this Article V). Each accounting will be prepared on a consolidated and consolidating basis.
