Accounting, Distributions and Annual Reconciliation Sample Clauses

Accounting, Distributions and Annual Reconciliation. A. Within fifteen (15) days after the close of each Accounting Period, Manager shall deliver an interim accounting (the “Accounting Period Statement”) to Owner, prepared in accordance with the Uniform System of Accounts, showing Gross Revenues, Deductions, Operating Profit and applications and distributions thereof for the preceding Accounting Period and any other information reasonably requested by Owner. Manager shall transfer to Owner, with each Accounting Period Statement, any interim amounts due Owner, subject to Working Capital needs mutually agreed upon by Owner and Manager, and shall retain any interim amounts payable to Manager pursuant to the terms of this Agreement. B. Calculations and payments of the Incentive Management Fee and the Base Management Fee made with respect to each Accounting Period shall be accounted for cumulatively within a Fiscal Year, but shall not be cumulative from one Fiscal Year to the next. Within each SEC Filing Period, Manager shall deliver to Owner (1) a statement (the “Annual Operating Statement”) in reasonable detail summarizing the operations of the Hotel for the immediately preceding Fiscal Year and a certificate of Manager’s chief accounting officer (or comparable employee) certifying that, to the best of his or her knowledge, such Annual Operating Statement is true and correct and (2) a statement (the “Quarterly Operating Statement”) in reasonable detail summarizing the operations of the Hotel for the immediately preceding calendar quarter and a certificate of Manager’s chief accounting officer (or comparable employee) certifying that, to the best of his or her knowledge, such Quarterly Operating Statement is true and correct. The parties shall, within five (5) Business Days after Owner’s receipt of such Annual Operating Statement, make any adjustments, by cash payment, in the amounts paid or retained for such Fiscal Year as are needed because of the final figures set forth in such Annual Operating Statement. Such Annual Operating Statement shall be controlling over the preceding Accounting Period Statements. C. To the extent there is an Operating Loss for any Accounting Period, unless such loss was due to a force majeure event, no Base Management Fee or Incentive Management Fee shall be paid to or retained from Gross Revenues by Manager. Any Base Management Fee that would have been payable to Manager had there been an Operating Profit for such Accounting Period shall not accrue and shall not be payable to Manage...
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Accounting, Distributions and Annual Reconciliation. A. Within twenty (20) days after the close of each Accounting Period, Tenant shall deliver to Landlord an interim profit and loss statement for the preceding Accounting Period certified by the Tenant’s chief financial officer to be true and correct (an “Accounting Period Statement”). B. Calculations and payments 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, Tenant shall deliver to Landlord audited Financial Statements in reasonable detail summarizing the operations of the Cypress Premises for the immediately preceding Fiscal Year and a certificate of Tenant’s chief accounting officer, or equivalent, certifying that, to the best of his or her knowledge, such Financial Statements are true and correct. The parties shall, within ten (10) Business Days after Landlord’s receipt of such Financial Statements, make any adjustments, by cash payment, in the amounts paid or retained for such Fiscal Year as are needed because of the final figures set forth in such Financial Statements. Such Financial Statements shall be controlling over the preceding Accounting Period profit and loss statements.
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Accounting, Distributions and Annual Reconciliation. A. Within ten (10) days after the close of each Accounting Period, Lessee shall deliver to Lessor a statement of Gross Revenues for the immediately preceding Accounting Period and for the fiscal quarter and Fiscal Year to date, all certified by the Lessee’s chief financial officer to be true and correct. Within twenty (20) days after the close of each Accounting Period, Lessee shall deliver to Lessor (i) an interim profit and loss statement, (ii) a balance sheet showing the results of the operation of the Leased Property, and (iii) a cash flow statement, all certified by the Lessee’s chief financial officer to be true and correct (an “Accounting Period Statement”). Within sixty (60) days after the close of each quarter of each Fiscal Year, Lessee shall deliver, or cause to be delivered, to Lessor (i) certified Financial Statements of Lessee’s Parent and (ii) an organizational chart accurately presenting the ownership of the ownership interests in Lessee. B. Calculations and payments made with respect to each Accounting Period within a Fiscal Year shall be accounted for cumulatively. Within one hundred twenty (120) days after the end of each Fiscal Year, Lessee shall deliver to Lessor audited Financial Statements in reasonable detail summarizing the operations of the Cypress Premises for the immediately preceding Fiscal Year and a certificate of Lessee’s chief accounting officer, or equivalent, certifying that, to the best of his or her knowledge, such Financial Statements are true and correct. The parties shall, within ten (10) Business Days after Lessor’s receipt of such Financial Statements, make any adjustments, by cash payment, in the amounts paid or retained for such Fiscal Year as are needed because of the final figures set forth in such Financial Statements. Such Financial Statements shall be controlling over the preceding Accounting Period profit and loss statements.
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Accounting, Distributions and Annual Reconciliation. A. Within 20 days after the close of each Accounting Period, the Manager shall deliver an interim accounting (the "Accounting Period Statement") to the Owner setting forth Gross Revenues, Operating Expenses, Operating Profit or Operating Loss, and applications and distributions thereof for the preceding Accounting Period. The Manager shall transfer to the Owner, with each Accounting Period Statement, any interim amounts due to the Owner, subject to Working Capital needs, and shall retain any interim amounts due to the Manager. B. Calculations and payments of the Incentive Management Fee, the Base Management Fee, and distributions of Operating Profit made with respect to each Accounting Period within a Fiscal Year shall be accounted for cumulatively. Within 90 days after the end of each Fiscal Year, the Manager shall deliver to the Owner a statement in reasonable detail summarizing the operations of the Properties for the immediately preceding Fiscal Year and a certificate of the Manager's chief accounting officer certifying that such year-end statement is true and correct. The parties shall, within 10 business days after the Owner's receipt of such statement, make any adjustments, by cash payment, in the amounts paid or retained for such Fiscal Year that are needed because of the final figures set forth in such statement. Such final accounting shall be controlling over the Accounting Period Statements. C. To the extent there is an Operating Loss for any Accounting Period, additional funds in the amount of any such Operating Loss shall be provided by the Owner within 60 days after the Manager has delivered written notice thereof to the Owner. If the Owner does not so fund such Operating Loss within the 60-day time period, the Manager shall have the right (without affecting the Manager's other remedies under this Agreement) to withdraw an amount equal to such Operating Loss from future distributions of funds otherwise due to the Owner.
Sample 1
Accounting, Distributions and Annual Reconciliation. (a) Within five (5) days after the close of each Accounting Period, Manager shall deliver a flash report (the "Flash Report") to Owner on Manager's standard form and in the manner (including, without limitation, electronic submission) reasonably required by Owner showing Manager's good faith estimate of the Gross Receipts, Deductions, Net Operating Income, the Base Management Fee, the Incentive Management Fee (where applicable), and applications and distributions thereof for the preceding Accounting Period. Such Flash Report shall be an estimate only and shall be superseded by the Accounting Period Statement described in Section 4.01(b). (b) Within fifteen (15) days after the close of each Accounting Period, Manager shall deliver an interim accounting (the "Accounting Period Statement") to Owner for such Accounting Period in the form and manner (including, without limitation, electronic submission) reasonably required by Owner showing, without limitation, Gross Receipts, Deductions (including, without limitation, a breakdown of departmental labor costs (e.g., for the rooms department: front desk, xxxxxxx, housekeeping, etc.)), Net Operating Income, the Base Management Fee, the Incentive Management Fee (where applicable), Centralized Services that were provided and the costs thereof, and applications and distributions thereof for the preceding Accounting Period in addition to: (i) a group booking pace report; (ii) a reservations/source of business report, including a schedule of discounted Guest Rooms and services provided in accordance with the provisions of Section 1.04(b); (iii) a detailed report showing application monthly and year-to-date of the Operating Budget, the Capital Budget, and the Marketing Budget, together with a variance report showing any variance between the amounts budgeted in the approved Annual Operating Projection and the actual amounts shown in each Accounting Period Statement; (iv) a labor management system compliance report; (v) a schedule of discounted accommodations, food and beverage and other amenities (together with the amount of all such discounts) provided, together with a reasonably detailed explanation of the business purpose for such discounts; (vi) a balance sheet for the Hotel; (vii) the check register, bank statements and reconciliations, cash disbursements journal; (viii) the Revenue Data Publication with respect to the Hotel; (ix) a management critique of financial performance; (x) invoices, lien waivers and other do...
Sample 1
Accounting, Distributions and Annual Reconciliation. A. Within twenty (20) days after the close of each calendar month, Manager shall deliver to Owner an interim accounting profit and loss statement showing Gross Receipts, Deductions, Operating Profit, and applications and distributions thereof for the preceding calendar month and on
Sample 1
Accounting, Distributions and Annual Reconciliation. A. Within twenty (20) days after the close of each calendar month, Manager shall deliver to Owner an interim accounting profit and loss statement showing Gross Revenues, Deductions, Operating Profit, and applications and distributions thereof for the preceding calendar month and on a year-to-date cumulative basis, and within thirty (30) days after the close of each calendar month, Manager shall deliver to Owner a balance sheet for the Resort as of the end of the preceding month (collectively, the "Monthly Statement"). Within twenty (20) days after the close of each Calendar Quarter, Manager shall deliver to Owner an interim quarterly accounting profit and Loss statement showing Gross Revenues, Deductions, Operating Profit, and applications and distributions thereof
Sample 1
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Accounting, Distributions and Annual Reconciliation. (a) Within twenty (20) days after the close of each Accounting Period, Tenant shall cause Manager to deliver an interim accounting (the "Accounting Period Statement") to Landlord showing Gross Revenues, Deductions, Operating Profit, and applications and distributions thereof for the preceding Accounting Period. Tenant shall cause Manager to transfer to Tenant, with each Accounting Period Statement, any interim amounts due Tenant, subject to Working Capital needs, and shall retain any interim amounts due Manager. (b) Calculations and payments of the Management Fees due Manager, and distributions of Operating Profit to Tenant 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, Tenant shall cause Manager to deliver to Tenant and Landlord a statement (the "Annual Operating Statement") in reasonable detail summarizing the operations of the Hotel for the immediately preceding Fiscal Year and a certificate of Manager's chief accounting officer certifying that, to the best of his or her knowledge, such Annual Operating Statement is true and correct. The parties shall, within ten (10) Business Days after Landlord's receipt of such Annual Operating Statement, make any adjustments, by cash payment, in the amounts paid or retained for such Fiscal Year as are needed because of the final figures set forth in such Annual Operating Statement. Such Annual Operating Statement shall be controlling over the preceding Accounting Period Statements. No adjustments shall be made for any Operating Loss or Operating Profit in any preceding Fiscal Year.
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Related to Accounting, Distributions and Annual Reconciliation

  • Quarterly and Annual Reconciliation 10.6.1 The Parties acknowledge that all payments made against Monthly Bills and Supplementary Bills shall be subject to quarterly reconciliation within 30 days of the end of the quarter at the beginning of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year within 30 days to take into account the Energy Accounts, Tariff adjustment payments, Tariff Rebate, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. 10.6.2 The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year as the case may be has been finally verified and adjusted, the SPD and SECI shall jointly sign such reconciliation statement. Within fifteen (15) days of signing of a reconciliation statement, the SPD shall make appropriate adjustments in the next Monthly Bill. Late Payment Surcharge/ interest shall be payable in such a case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally due, as may be applicable. Any Dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions of Article 16.

  • Distribution of Financial Contribution The financial contribution of the Funding Authority to the Project shall be distributed by the Coordinator according to: - the Consortium Plan - the approval of reports by the Funding Authority, and - the provisions of payment in Section 7.3. A Party shall be funded only for its tasks carried out in accordance with the Consortium Plan.

  • Annual Reconciliation As soon as practicable after the end of each calendar year, Landlord shall prepare and forward to Tenant a statement of the actual Operating Expenses and Common Area Maintenance Expenses for such year. If the total amount Tenant actually paid for estimated Operating Expenses and Common Area Maintenance Expenses is less than Tenant’s Proportionate Share of the Building of the actual Operating Expenses, and Tenant’s Proportionate Share of Common Area Expenses, Tenant shall pay to Landlord as Additional Rent, in one lump sum, the difference between the total amount actually paid by Tenant and the amount Tenant should have paid pursuant to subparagraph (b)(2) above; this lump sum payment shall be made within thirty (30) days of receipt of Landlord’s xxxx therefor; or if the total amount Tenant actually paid for such estimated Operating Expenses and Common Area Maintenance Expenses is more than Tenant’s Proportionate Share of the actual amounts of the expenses, then Landlord shall remit the excess to Tenant within thirty (30) days of making such determination. Tenant’s obligation to pay any increase due over the prior year’s actual Operating Expenses (excluding utilities and snow removal which shall not be subject to the cap), for any calendar year shall be limited to a per annum cumulative increase of five percent (5%), compounded annually. Increases in Taxes and Insurance, set forth in paragraph 4(c) shall not be subject to any limit or “cap”. By way of example only, if the portion of Operating Expenses which is subject to the foregoing limitation (collectively, “Controllable Operating Expenses”) shall be equal to $5.00 per rentable square foot in calendar year 2004, Tenant’s Proportionate Share of those Controllable Operating Expenses may not exceed $5.25 in calendar year 2005, Further, if Tenant’s Proportionate Share of those Controllable Operating Expenses in 2005 equals $5.20 per rentable square foot, then Tenant’s Proportionate Share of Controllable Operating Expenses in 2006 shall not exceed $5.56 (i.e., $5.25 x 1.05 + the cumulative carry forward of $.05 since Tenant’s Proportionate Share of those Controllable Operating Expenses in 2005 was $.05 less than the applicable cap).

  • Compensation and FUND ACCOUNTING Expenses FUND ACCOUNTING shall be paid as compensation for its services pursuant to this Agreement such compensation as may from time to time be agreed upon in writing by the two parties. FUND ACCOUNTING shall be entitled, if agreed to by the Fund on behalf of the Portfolio, to recover its reasonable telephone, courier or delivery service, and all other reasonable out-of-pocket, expenses as incurred, including, without limitation, reasonable attorneys' fees and reasonable fees for pricing services.

  • Statements of Reconciliation after Change in Accounting Principles If, as a result of any change in accounting principles and policies from those used in the preparation of the Historical Financial Statements, the consolidated financial statements of Holdings and its Subsidiaries delivered pursuant to Section 5.1(b) or 5.1(c) will differ in any material respect from the consolidated financial statements that would have been delivered pursuant to such subdivisions had no such change in accounting principles and policies been made, then, together with the first delivery of such financial statements after such change, one or more statements of reconciliation for all such prior financial statements in form and substance satisfactory to Administrative Agent;

  • VALUATION SUPPORT AND COMPUTATION ACCOUNTING SERVICES BNY Mellon shall provide the following valuation support and computation accounting services for each Fund:  Journalize investment, capital share and income and expense activities;  Maintain individual ledgers for investment securities;  Maintain historical tax lots for each security;  Corporate action processing as more fully set forth in the SLDs;  Reconcile cash and investment balances of each Fund with the Fund’s custodian or other counterparties as applicable;  Provide a Fund’s investment adviser, as applicable, with the cash balance available for investment purposes at start-of-day and upon request, as agreed by the parties;  Calculate capital gains and losses;  Calculate daily distribution rate per share;  Determine net income;  Obtain security market quotes and currency exchange rates from pricing services approved by a Fund’s investment adviser, or if such quotes are unavailable, then obtain such prices from the Fund’s investment adviser, and in either case, calculate the market value of each Fund’s investments in accordance with the Fund's valuation policies or guidelines; provided, however, that BNY Mellon shall not under any circumstances be under a duty to independently price or value any of the Fund's investments, including securities lending related cash collateral investments (with the exception of the services provided hereunder to Funds utilized for such cash collateral investments), itself or to confirm or validate any information or valuation provided by the investment adviser or any other pricing source, nor shall BNY Mellon have any liability relating to inaccuracies or otherwise with respect to such information or valuations; notwithstanding the foregoing, BNY Mellon shall follow the established procedures and controls to identify exceptions, tolerance breaches, etc. and to research and resolve or escalate any pricing inaccuracies;  Application of the established automated price validation rules against prices received from third party vendors and review of exceptions as identified;  Calculate Net Asset Value in the manner specified in the Fund’s Offering Materials (which, for the service described herein, shall include the Fund’s Net Asset Value error policy);  Calculate Accumulated Unit Values (“AUV”) for select funds as mutually agreed upon between the parties;  Transmit or make available a copy of the daily portfolio valuation to a Fund’s investment adviser;  Calculate yields, portfolio dollar-weighted average maturity and dollar-weighted average life as applicable; and  Calculate portfolio turnover rate for inclusion in the annual and semi-annual shareholder reports.  For money market funds, obtain security market quotes and calculate the market-value Net Asset Value in accordance with the Fund’s valuation policies and guidelines at such times and frequencies as required by regulation and/or instruction from TRP.

  • Determination of Net Asset Value, Net Income and Distributions Subject to applicable federal law including the 1940 Act and Section 3.6 hereof, the Trustees, in their sole discretion, may prescribe (and delegate to any officer of the Trust or any other Person or Persons the right and obligation to prescribe) such bases and time (including any methodology or plan) for determining the per Share or net asset value of the Shares of the Trust or any Series or Class or net income attributable to the Shares of the Trust or any Series or Class, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or Class and the method of determining the Shareholders to whom dividends and distributions are payable, as they may deem necessary or desirable. Without limiting the generality of the foregoing, but subject to applicable federal law including the 1940 Act, any dividend or distribution may be paid in cash and/or securities or other property, and the composition of any such distribution shall be determined by the Trustees (or by any officer of the Trust or any other Person or Persons to whom such authority has been delegated by the Trustees) and may be different among Shareholders including differences among Shareholders of the same Series or Class.

  • Character of Liquidating Distributions All payments made in liquidation of the interest of a Unit Holder in the Company shall be made in exchange for the interest of such Unit Holder in Property pursuant to Section 736(b)(1) of the Code, including the interest of such Unit Holder in Company goodwill.

  • Trust Accounts Distributions Statements to Noteholders SECTION 5.1. Establishment of Trust Accounts...............................43 SECTION 5.2. Pre-Funding Period Reserve Account............................47 SECTION 5.3. Certain Reimbursements to the Servicer........................48 SECTION 5.4. Application of Collections....................................48 SECTION 5.5. Withdrawals from Series 1997-1 Spread Account.................48 SECTION 5.6. Additional Deposits...........................................49 SECTION 5.7. Distributions.................................................49 SECTION 5.8. Note Distribution Account.....................................52 SECTION 5.9. Pre-Funding Account...........................................53 SECTION 5.10. Statements to Noteholders....................................53 SECTION 5.11. Optional Deposits by the Insurer.............................54

  • Annual Accounting Period The annual accounting period of the Company shall be its taxable year. The Company’s taxable year shall be selected by the Member, subject to the requirements and limitations of the Code.

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