Common use of Accounting Matters and Fiscal Periods Clause in Contracts

Accounting Matters and Fiscal Periods. (a) Manager shall maintain books and records reflecting the results of Hotel operations in accordance with the Accounting Principles. In consideration thereof, Manager shall be paid the Accounting Fee as provided in Article 8. Owner and Manager and their respective independent accounting firms will have the right to examine such books and records of the Hotel at any reasonable time and to make and retain copies thereof at the requesting party’s expense. (b) At Owner’s election but as an Ownership Cost, a certified audit of the Hotel operations may be performed annually, and after the Expiration Date, by a nationally recognized, independent Certified Public Accounting firm appointed by Owner and approved by Manager, such approval not to be unreasonably withheld or delayed. In the event that Owner elects to have such an audit performed, Owner must give notice of its election within sixty (60) days after the end of the Fiscal Year, or within sixty (60) days after the Expiration Date of this Agreement, as the case may be. (c) On or before the twenty-fifth (25th) day after the close of each Fiscal Month, Manager shall furnish Owner with a detailed operating statement setting forth the results of Hotel operations with respect to such month. Attached hereto as Exhibit “B” is a form of the operating statement currently utilized by Manager which reflects the results of the prior month as well as the cumulative Fiscal Year-to-date results of operations. Owner acknowledges that the form of the operating statement may be modified from time to time by Manager as it determines appropriate for all hotels operated by it. In the event that either no notice of audit is given within 60 days, or no audit is in fact commenced within 120 days after the end of the Fiscal Year, the year-end operating statement will constitute the final statement for that Fiscal Year, deemed to have been approved by Owner.

Accounting Matters and Fiscal Periods. (a) Manager shall maintain Complete and accurate books and records reflecting the results of Hotel Entertainment Facility operations shall be kept by Manager in accordance with the Standard Accounting Principles. In consideration thereof, Manager Principles and shall be paid maintained either at the Accounting Fee as provided in Article 8Entertainment Facility or at the national or any regional office of Manager or Manager's Affiliate, at Manager's option. Owner shall be solely responsible to maintain ownership level books and Manager accounts reflecting Ownership Costs, the costs of Owner's sales and their respective independent marketing programs, and Owner's tax and accounting firms will matters. Owner's Accountant(s) shall have the right to examine such and privilege of examining the books and records of the Hotel at any reasonable time and to make and retain copies thereof at the requesting party’s expensemaintained by Manager during normal working hours (Monday-Friday) upon no less than forty eight (48) hours advance written notice. (b) At Owner’s election but as an Ownership Cost, a A certified audit of the Hotel Entertainment Facility operations may shall (at Owner's election to be effected by written notice to Manager given on or before the end of any Fiscal Year) be performed annually, and after the Expiration Date, by a nationally recognized, independent Certified Public Accounting firm appointed by Owner and approved by Manager, such approval not to be unreasonably withheld or delayed. In the event that Owner elects to have such an audit performed, Owner must give notice of its election within sixty ninety (6090) days after the end of the such Fiscal Year, and upon termination or within sixty (60) days after the Expiration Date expiration of this Agreement. Such audit shall be performed by Owner's Accountants. The determination of such accounting shall, unless appealed to arbitration by Manager, be conclusive and binding on the parties as to all matters properly addressed thereby, and Owner and/or Manager shall, promptly upon receipt thereof, adjust between them, any over or underpayment made or received by either of them, as the case may be, during the audited period. The cost of accounting services delivered in connection with such audit shall be an Ownership Cost. (c) The fiscal accounting periods (the "Fiscal Periods") for the Entertainment Facility shall be the calendar year ("Fiscal Year"), calendar quarter ("Fiscal Quarter"), and calendar month ("Fiscal Month"). On or before the twenty-fifth (25th) day after of the calendar month next following the close of each a Fiscal Month, Manager shall furnish Owner with a detailed operating statement setting forth the results of Hotel operations with respect to such monthEntertainment Facility operations. Attached There is attached hereto as Exhibit “B” is A a form of the operating statement currently utilized by Manager which reflects the results of the prior month Fiscal Month of operations as well as the cumulative Fiscal Yearfiscal year-to-date results of operations. Owner acknowledges that the The form of the operating statement may be modified from time to time by Manager at its discretion, so long as it determines appropriate for all hotels operated by it. In the event that either no notice of audit is given within 60 days, or no audit is in fact commenced within 120 days after the end of the Fiscal Year, the year-end operating statement will constitute the final statement for that Fiscal Year, deemed to have been approved by Ownerremains consistent with Standard Accounting Principles.