Common use of Accounting and Interim Payments Clause in Contracts

Accounting and Interim Payments. A. On or before the twentieth (20th) day after the close of each Accounting Period, Management Company shall deliver to Owner a reasonably detailed accounting statement (the "Accounting Period Statement") in substantially the form set forth in Exhibit "B" hereto. Upon Owner's written request therefor, Management Company shall forward copies of any such Accounting Period Statement to any Holders or Ground Lessors, at the addresses specified by Owner. Such Accounting Period Statement shall set forth the September 13, 1993 65 results of the operations of the Inn for the preceding Accounting Period and for the Fiscal Year-to-date, all in accordance with generally accepted accounting principles applied on a consistent basis. Each Accounting Period Statement shall be accompanied by a statement, by the Controller, Assistant Controller or Vice President of the Management Company that, to the best of his or her knowledge and belief, and subject to routine year-end audit and adjustment, such Accounting Period Statement is true and correct in all material respects. Each Accounting Period Statement shall include: (i) calculations of Gross Revenues, Deductions, Operating Profit, the Management Fees; and (ii) comparisons with the applicable categories for the prior Fiscal Year. With each such Accounting Period Statement, Management Company shall transfer any interim Owner's Distribution due to Owner, and shall retain any interim Management Fees due to Management Company. Calculations and payments of the Management Fees and the Owner's Distribution with respect to each Accounting Period within a Fiscal Year shall be accounted for cumulatively. B. Within seventy-five (75) days after the close of each Fiscal Year, Management Company shall submit an Annual Operating Statement, as more fully described in Section 9.01, for such Fiscal Year to Owner, which Annual Operating Statement shall be controlling over the interim Accounting Period Statements. Any September 13, 1993 66 adjustments or payments required by any such Annual Operating Statement shall be made promptly by the parties. Operating Losses shall not be carried forward or backward to subsequent or prior Fiscal Years.

Accounting and Interim Payments. A. On or before the twentieth (20th) day after the close of each Accounting Period, Management Company shall deliver to Owner a reasonably detailed accounting statement (the "Accounting Period Statement") in substantially the form set forth in Exhibit "B" hereto. Upon Owner's written request therefor, Management Company shall forward copies of any such Accounting Period Statement to any Holders or Ground Lessors, at the addresses specified by Owner. Such Accounting Period Statement shall set forth the September 13, 1993 65 results of the operations (by department) of the Inn Hotel for the preceding Accounting Period and for the Fiscal Year-to-date, all in accordance with generally accepted accounting principles applied on a consistent basis. Each Accounting Period Statement shall be accompanied by a statement, by either the Controller, Assistant Controller or Vice President controller of the Hotel or Management Company Company's regional controller, that, to the best of his or her knowledge and belief, and subject to routine year-end audit and adjustment, such Accounting Period Statement is true and correct in all material respects. Each Accounting Period Statement shall include: (i) calculations of Gross Revenues, Deductions, Operating Profit, the Management Fees; and (ii) comparisons with the applicable categories for the prior Fiscal YearAnnual Operating Budget. With each such Accounting Period Statement, Management Company shall transfer any interim Owner's Distribution due to Owner, and shall retain any interim Management Fees due to Management Company. . B. Calculations and payments of the Management Fees and the Owner's Distribution with respect to each Accounting Period within a Fiscal Year shall be accounted for cumulatively. B. . Within seventy-five (75) days after the close of each Fiscal Year, Management Company shall submit an Annual Operating Statement, as more fully described in Section 9.01, for such Fiscal Year to Owner, which Annual Operating Statement shall be controlling over the interim Accounting Period Statements. Any September 13, 1993 66 adjustments or payments required by any such Annual Operating Statement shall be made promptly by the parties. Operating Losses shall not be carried forward or backward to subsequent or prior Fiscal Years. C. For purposes of calculating the Management Fees for any given Fiscal Year, Operating Profit shall not include adjustments for either refunds or additional payments of Impositions relating to any prior Fiscal Years. In the event such refunds or additional payments occur, the Operating Profit with respect to the prior Fiscal Years in which such Impositions accrued shall be recalculated to show such refund or additional payment; if the Management Fees with respect to such prior Fiscal Years are either increased or decreased as a result of such recalculation of Operating Profit, the party which owes money to the other party shall promptly pay the amount owed.

Accounting and Interim Payments. A. On or before the twentieth (20th) day after the close of each Accounting Period, Management Company shall deliver to Owner a reasonably detailed accounting statement (the "Accounting Period Statement") in substantially the form set forth in Exhibit "B" hereto. Upon Owner's written request therefor, Management Company shall forward copies of any such Accounting Period Statement to any Holders or Ground Lessors, at the addresses specified by Owner. Such Accounting Period Statement shall set forth the September 13, 1993 65 results of the operations of the Inn for the preceding Accounting Period and for the Fiscal Year-to-date, all in accordance with generally accepted accounting principles applied on a consistent basis. Each Accounting Period Statement shall be accompanied by a statement, by the Controller, Assistant Controller or Vice President of the Management Company that, to the best of his or her knowledge and belief, and subject to routine year-end audit and adjustment, such Accounting Period Statement is true and correct in all material respects. Each Accounting Period Statement shall include: (i) calculations of Gross Revenues, Deductions, Operating Profit, the Management Fees; and (ii) comparisons with the applicable categories for the prior Fiscal Year. With each such Accounting Period Statement, Management Company shall transfer any interim Owner's Distribution due to Owner, and shall retain any interim Management Fees due to Management Company. Calculations and payments of the Management Fees and the Owner's Distribution with respect to each Accounting Period within a Fiscal Year shall be accounted for cumulatively. B. Within seventy-five (75) days after the close of each Fiscal Year, Management Company shall submit an Annual Operating Statement, as more fully described in Section 9.019.1, for such Fiscal Year to Owner, which Annual Operating Statement shall be controlling over the interim Accounting Period Statements. Any September 13, 1993 66 adjustments or payments required by any such Annual Operating Statement shall be made promptly by the parties. Operating Losses shall not be carried forward or backward to subsequent or prior Fiscal Years.

Accounting and Interim Payments. A. On or before the twentieth (20th) day after the close of each Accounting Period, Management Company shall deliver to Owner a reasonably detailed accounting statement (the "Accounting Period Statement") in substantially the form set forth in Exhibit "B" hereto. Upon Owner's written request therefor, Management Company shall forward copies of any such Accounting Period Statement to any Holders Qualified Lenders or Ground Lessors, at the addresses specified by Owner. Such Accounting Period Statement shall set forth the September 13, 1993 65 results of the operations (by department) of the Inn Hotel for the preceding Accounting Period and for the Fiscal Year-to-date, all in accordance with generally accepted accounting principles applied on a consistent basis. Each Accounting Period Statement shall be accompanied by a statement, by either the Controller, Assistant Controller or Vice President controller of the Hotel or Management Company Company's regional controller, that, to the best of his or her knowledge and belief, and subject to routine year-end audit and adjustment, such Accounting Period Statement is true and correct in all material respects. Each Accounting Period Statement shall include: (i) calculations of Gross Revenues, Deductions, Operating Profit, the Management Fees; and (ii) comparisons with the applicable categories for the prior Fiscal YearAnnual Operating Budget. With each such Accounting Period Statement, Management Company shall transfer any interim Owner's Distribution due to Owner, and shall retain any interim Management Fees due to Management Company. . B. Calculations and payments of the Management Fees and the Owner's Distribution with respect to each Accounting Period within a Fiscal Year shall be accounted for cumulatively. B. . Within seventy-five (75) days after the close of each Fiscal Year, Management Company shall submit an Annual Operating Statement, as more fully described in Section 9.01, for such Fiscal Year to Owner, which Annual Operating Statement shall be controlling over the interim Accounting Period Statements. Any September 13, 1993 66 adjustments or payments required by any such Annual Operating Statement shall be made promptly by the parties. Operating Losses shall not be carried forward or backward to subsequent or prior Fiscal Years. C. [Intentionally omitted]