Common use of Actions To Be Taken on Termination Clause in Contracts

Actions To Be Taken on Termination. Upon a Termination of this Agreement with respect to any one or more of the Inns, the following shall be applicable: A. Management Company shall prepare a final accounting statement with respect to such Inn or Inns, as more particularly described in Section 9.01 hereof, dated as of the date of Termination. Within thirty (30) days of the receipt by Owner of such final accounting statement, the parties will make whatever cash adjustments are necessary pursuant to such final statement. The cost of preparing such final accounting statement shall be a Deduction, unless the Termination occurs as a result of a default by either party, in which case the defaulting party shall pay such cost. B. Management Company shall release and transfer to Owner any of Owner's funds which are held or controlled by Management Company with respect to such Inn or Inns. C. Management Company shall make available to Owner such books, records and other documents respecting such Inn or Inns (including those from prior years, subject to Management Company's reasonable records retention policies) as will be needed by Owner to prepare the accounting statements, in accordance with the Uniform System of Accounts, for such Inn or Inns for the year in which the Termination occurs and for any subsequent year. D. Management Company shall (to the extent permitted by law) assign to Owner or to the new manager all operating licenses and permits for such Inn or Inns which have been issued in Management Company's name; provided that if Management Company has expended any of its own funds in the acquisition of any of such licenses or permits, Owner shall reimburse Management Company therefor if it has not done so already. E. Appropriate adjustments shall be made regarding the application of this Agreement to any remaining Inns, such as, but not limited to, those adjustments described in Section 19.

Actions To Be Taken on Termination. Upon a Termination of this Agreement with respect to any one or more of the Inns, except in the case of a refinancing of fewer than all of the Inns as provided for in Section 18.04, the following shall be applicable: A. Management Company Manager shall prepare a final accounting statement with respect to such Inn or Inns, as more particularly described in Section 9.01 8.01 hereof, dated as of the date of Termination. Within thirty (30) days of the receipt by Owner Lessee of such final accounting statement, the parties will make whatever cash adjustments are necessary pursuant to such final statement. The cost of preparing such final accounting statement shall be a Deduction, unless the Termination occurs as a result of a default by either party, in which case the defaulting party shall pay such cost. B. Management Company Manager shall release and transfer to Owner Lessee any of OwnerLessee's funds which are held or controlled by Management Company Manager with respect to such Inn or InnsInns with the exception of funds to be held in escrow pursuant to Sections 11.04 and 13.01 C and otherwise in accordance herewith. C. Management Company Manager shall make available to Owner Lessee such books, books and records and other documents respecting such Inn or Inns (including those from prior years, subject to Management CompanyManager's reasonable records retention policies) as will be needed by Owner Lessee to prepare the accounting statements, in accordance with the Uniform System of Accounts, for such Inn or Inns for the year in which the Termination occurs and for any subsequent year. D. Management Company Manager shall (to the extent permitted by law) assign to Owner Lessor, Lessee or to the new manager all operating licenses and permits for such Inn or Inns which have been issued in Management CompanyManager's namename (including liquor and restaurant licenses, if any); provided provided, that if Management Company Manager has expended any of its own funds in the acquisition of any of such licenses or permits, Owner Lessee shall reimburse Management Company Manager therefor if it has not done so already, with such reimbursement to be made on a prorata basis taking into account the remaining time left on the license or permit in the case of licenses and permits that have a stated expiration date. E. Appropriate adjustments shall be made regarding the application of this Agreement to any remaining Inns, such as, but not limited to, those adjustments described in Section 19Sections 18.02 and 18.03. F. Various other actions shall be taken, as described in this Agreement, including, but not limited to, the actions described in Sections 6.01, 9.02, 11.04, and 13.01 C. G. Manager shall peacefully vacate and surrender such Inn or Inns to Lessee.

Actions To Be Taken on Termination. Upon a Termination of this Agreement with respect to any one or more of the Inns, the following shall be applicable: A. Management Company Manager shall prepare a final accounting statement with respect to such Inn or Inns, as more particularly described in Section 9.01 8.01 hereof, dated as of the date of Termination. Within thirty (30) days of the receipt by Owner of such final accounting statement, the parties will make whatever cash adjustments are necessary pursuant to such final statement. The cost of preparing such final accounting statement shall be a Deduction, unless the Termination occurs as a result of a default by either party, in which the case the defaulting party shall pay such cost. B. Management Company Manager shall release and transfer to Owner any of Owner's funds which are held or controlled by Management Company Manager with respect to such Inn or Inns. C. Management Company Manager shall make available to Owner such books, books and records and other documents respecting such Inn or Inns (including those from prior years, subject to Management CompanyManager's reasonable records retention policies) as will be needed by Owner to prepare the accounting statements, in accordance with the Uniform System of Accounts, for such Inn or Inns for the year in which the Termination occurs and for any subsequent year. D. Management Company Manager shall (to the extent permitted by law) assign to Owner or to the new manager all operating licenses and permits for such Inn or Inns which have been issued in Management CompanyManager's namename (including liquor and restaurant licenses, if any); provided that if Management Company Manager has expended any of its own funds in the acquisition of any of such licenses or permits, Owner shall reimburse Management Company Manager therefor if it has not done so already. E. Appropriate adjustments shall be made regarding the application of this Agreement to any remaining Inns, such as, but not limited to, those adjustments described in Section 1918.02 and 7.02.F, and the re- computation of Actual Debt Service, Operating Profit Objective, Total Original Cost and other amounts as described in the definitions of those terms in Article I hereof. F. Various other actions shall be taken, as described in this Agreement, including, but not limited to, the actions described in Sections 5.05, 6.01, 13.01.C, 9.02 and 11.04. G. Manager shall peacefully vacate and surrender such Inn or Inns to Owner.