Common use of Accounting and Interim Payment Clause in Contracts

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. 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.. Hotel Master Management Agreement Ashford TRS Corporation File No. 145765 C. The Incentive Fee shall only be calculated and earned based upon the House Gross Operating Profit achieving the required HP GOP 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. (a) Manager shall submit monthly, pursuant to Section 15.0215.2, an interim accounting to Lessee showing Gross Revenues, Deductions, House Profit, Gross Operating Profit and Net Operating Income before Debt Service. B. (b) Calculations and payments of the Base Management Fee for each Hotel 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 15.0315.3, 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. (c) The Incentive Fee for the Hotels shall only be calculated and earned based upon the House Profit achieving the required HP Test on an annual basis for any given each Fiscal Year or a portion thereof if the period of calculation cannot include the full period from January 1 to December 31. D. Year. 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 15.0315.3.

Accounting and Interim Payment. A. (a) Manager shall submit monthly, to Lessee a monthly statement pursuant to Section 15.0215.2, an interim accounting to Lessee showing Gross Revenues, Deductions, House Profit, Gross Operating Profit and Net Operating Income before Debt Service. B. (b) Calculations and payments of the Base Management Fee for the Hotel made with respect to each Accounting Period shall be made on an interim accounting basis using such monthly statements, and shall be accounted for cumulatively for each Fiscal Year. After the end of each Fiscal Year, Manager shall submit deliver to Lessee an accounting for such Fiscal Year, consistent with audited financial statements pursuant to Section 15.0315.3, which accounting audited statements shall be controlling over the interim accountings. Any adjustments in Management Fees required by the Fiscal Year accounting audited statements shall be made promptly by the parties. C. (c) The Incentive Management Fee for the Hotel shall only be calculated and earned based upon the House Profit achieving the required HP Test on an annual basis for any given each Fiscal Year or a portion thereof if the period of calculation cannot include the full period from January 1 to December 31. D. Year. 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 15.0315.3.

Accounting and Interim Payment. A. Manager shall submit monthly, pursuant to Section 15.02, an interim accounting to Lessee showing Gross Revenues, Deductions, House Gross Operating Profit, Gross Operating Profit and Net Operating Income before Debt Service, owner’s distribution, 90 day projection of Cash Flow and reforecast through end of Fiscal Year. 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 actual House Profit achieving the required HP Test exceeding agreed-upon House Profit 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. (a) Manager shall submit monthly, to Lessee a monthly statement pursuant to Section 15.0215.2, an interim accounting to Lessee showing Gross Revenues, Deductions, House Profit, Gross Operating Profit and Net Operating Income before Debt Service. B. (b) Calculations and payments of the Base Management Fee for the Hotel made with respect to each Accounting Period shall be made on an interim accounting basis using such monthly statements, and shall be accounted for cumulatively for each Fiscal Year. After the end of each Fiscal Year, Manager shall submit the audited financial statements obtained pursuant to Lessee an accounting for such Fiscal Year, consistent with Section 15.03, which accounting 15.3 shall be controlling over the interim accountings. Any adjustments in Management Fees required by the Fiscal Year accounting audited statements shall be made promptly by the parties. C. (c) The Incentive Management Fee for the Hotel shall only be calculated and earned based upon the House Profit achieving the required HP Test on an annual basis for any given each Fiscal Year or (unless in the case of a portion thereof if the period of calculation cannot include the full period from January 1 to December 31. D. sale as provided for in Section 11.1(b)). If Lessee raises no objection for any reason (excluding fraud) within one (1) year from the receipt of annual accounting the audited financial statements as provided herein obtained pursuant to Section 15.3 (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 15.0315.3.

Accounting and Interim Payment. A. Manager shall submit monthly, pursuant to Section 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 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 Gross Operating Profit achieving the required HP GOP 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 SECTION 15.03.

Accounting and Interim Payment. A. (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. (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. (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. (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.