Common use of Books and Records; Operating Accounts Clause in Contracts

Books and Records; Operating Accounts. (a) Manager shall keep full and adequate books of account and such other records as are necessary to reflect the results of operation of the Project. Such books of account shall be kept in all material respects in accordance with the Uniform System of Accounts. The books of account and all other records relating to, or reflecting the operation of, the Project shall be kept at the Project or at the corporate office of Manager and shall be available to Owner and its representatives at all reasonable times for examination, inspection and copying. Upon any termination of this Agreement, all of such books and records (or copies thereof) shall be turned over to Owner forthwith so as to insure the orderly continuance of the operation of the Project, but the books and records through such date of termination shall thereafter be available to Manager at all reasonable times for inspection, examination and copying. (b) It is acknowledged that Manager has no knowledge and cannot represent the accuracy of historical financial information concerning the Project prior to the Effective Date of this Agreement. To the extent that Project accounting records relating to the period prior to the Effective Date require reconstruction or material correction, Manager shall exercise all reasonable efforts to assist Owner to effect such reconstruction or correction, and notwithstanding any provision in this Agreement to the contrary, to the extent that Manager’s preparation and delivery of financial statements for the Project hereunder are dependent upon such reconstruction or correction, Manager shall not be required to deliver to Owner any such financial statements for the Project until at least thirty (30) days following the completion of such reconstruction or correction. (c) Manager shall cause all funds advanced to the Project by Owner as working capital and all funds derived from the operation of the Project to be deposited in the Operating Accounts. Manager shall have sole signatory authority over the Operating Accounts (provided, however, that Owner shall have the authority to close the Operating Accounts but shall not otherwise have signatory authority thereon) and Manager shall be entitled to pay out of the Operating Accounts all costs and expenses incurred in connection with the operation of the Project, including without limitation all wages, salaries, fringe benefits and other compensation and expenses relating to Project employees, all costs and expenditures which Manager is permitted or required to make pursuant to this Agreement, all fees, charges, reimbursements and other amounts due Manager under this Agreement and all other amounts required to perform Manager’s obligations hereunder. Checks or other documents of withdrawal drawn upon the Operating Accounts shall be signed by representatives of Manager or Project employees designated by Manager. Owner shall be responsible for and shall pay directly from funds outside the Operating Accounts and the Reserve all costs of Capital Improvements, as well as the payments and related costs and expenses for which Owner is responsible pursuant to Section 11.1 hereof. In addition to the Operating Accounts, Manager shall be entitled to maintain such funds as it deems necessary in house banks or in xxxxx cash funds at the Project.

Books and Records; Operating Accounts. (a) Manager shall keep full and adequate books of account and such other records as are necessary to reflect the results of operation of the Project, and such books of account and records shall be the property of Owner. Such books of account shall be kept in all material respects in accordance with generally accepted accounting principles and the Uniform System of AccountsAccounts and shall contain the information necessary to make the cash adjustments required to calculate Operating Cash Flow. The books of account and all other records relating to, or reflecting the operation of, the Project shall be kept at the Project or at the corporate office of Manager and shall be available to Owner and its representatives at all reasonable times for examination, inspection and copying. Upon any termination of this Agreement, all of such books and records (or copies thereof) shall be turned over to Owner forthwith so as to insure the orderly continuance of the operation of the Project, but the books and records through such date of termination shall thereafter be available to Manager at all reasonable times for inspection, examination and copying. (b) It is acknowledged that Manager has no knowledge and cannot represent the accuracy of historical financial information concerning the Project prior to the Effective Date of this Agreement. To the extent that Project accounting records relating to the period prior to the Effective Date require reconstruction or material correction, Manager shall exercise all reasonable efforts to assist Owner to effect such reconstruction or correction, and notwithstanding any provision in this Agreement to the contrary, to the extent that Manager’s preparation and delivery of financial statements for the Project hereunder are dependent upon such reconstruction or correction, Manager shall not be required to deliver to Owner any such financial statements for the Project until at least thirty (30) days following the completion of such reconstruction or correction. (c) Manager shall cause all funds advanced to the Project by Owner as working capital and all funds derived from the operation of the Project to be deposited in the Operating Accounts. Manager shall have sole signatory authority over control of the Operating Accounts (provided, however, that Owner shall have the authority to close the Operating Accounts but shall not otherwise have signatory authority thereon) and Manager shall be entitled to pay out of the Operating Accounts all costs and expenses incurred in connection with the operation of the Project, including without limitation all wages, salaries, fringe benefits and other compensation and expenses relating to of Project employees, all costs and expenditures which Manager is permitted or required Management Agreement to make pursuant to this Agreement, all fees, charges, reimbursements and other amounts due Manager under this Agreement and all other amounts required to perform Manager’s 's obligations hereunder. Checks or other documents of withdrawal drawn upon the Operating Accounts shall be signed by representatives of Manager or Project employees designated by Manager. Subject to the provisions of Section 5.6, Owner shall be responsible for and shall pay directly ----------- from funds outside the Operating Accounts and the Reserve all costs of Capital ImprovementsImprovements and insurance required to be maintained pursuant to this Agreement, as well as the payments and related costs and expenses for which Owner is responsible pursuant to Section 11.1 hereof. In addition to the Operating ------------ Accounts, Manager shall be entitled to maintain such funds as it deems necessary are set forth in the Annual Plan in house banks or in xxxxx cash funds at the Project.

Books and Records; Operating Accounts. (a) Manager shall keep full and adequate books of account and such other records as are necessary to reflect the results of operation of the Project. Such books of account shall be kept in all material respects in accordance with generally accepted accounting principles and the Uniform System of Accounts. The books of account and all other records relating to, or reflecting the operation of, the Project shall be kept at the Project or at the corporate office of Manager and shall be available to Owner and its representatives at all reasonable times for examination, inspection and copying. Upon any termination of this Agreement, all of such books and records (or copies thereof) shall be turned over to Owner forthwith so as to insure the orderly continuance of the operation of the Project, but the books and records through such date of termination shall thereafter be available to Manager at all reasonable times for inspection, examination and copying. (b) It is acknowledged that Manager has no knowledge and cannot represent the accuracy of historical financial information concerning the Project prior to the Effective Date of this Agreement. To the extent Agreement and that Project Manager is not responsible for reconstruction or correction of accounting records relating to the period prior to such date. Owner will furnish Manager with opening balance sheet entries within thirty (30) days after the Effective Date require reconstruction or material correction, Manager shall exercise all reasonable efforts to assist Owner to effect such reconstruction or correctionDate, and notwithstanding any provision in this Agreement to the contrary, to the extent that Manager’s preparation and delivery of financial statements for the Project hereunder are dependent upon such reconstruction or correction, Manager shall not be required to deliver to Owner any such financial statements for the Project until at least thirty (30) days following the completion receipt of such reconstruction or correctionentries by Manager. (c) Subject to the requirements of any Mortgage, Manager shall cause all funds advanced to the Project by Owner as working capital and all funds derived from the operation of the Project to be deposited in the Operating Accounts. Manager shall have sole signatory authority over control of the Operating Accounts (provided, however, that Owner shall have subject to the authority to close the Operating Accounts but shall not otherwise have signatory authority thereonrequirements of any Mortgage) and Manager shall be entitled to pay out of the Operating Accounts all costs and expenses incurred in connection with the operation of the Project, including without limitation all wages, salaries, fringe benefits and other compensation and expenses relating to Project employees, all costs and expenditures which Manager is permitted or required to make pursuant to this Agreement, all fees, charges, reimbursements and other amounts due Manager under this Agreement and all other amounts required to perform Manager’s 's obligations hereunder. Checks or other documents of withdrawal drawn upon the Operating Accounts shall be signed by representatives of Manager or Project employees designated by Manager. Owner shall be responsible for and shall pay directly from funds outside the Operating Accounts and the Reserve all costs of Capital Improvements, as well as the payments and related costs and expenses for which Owner is responsible pursuant to Section 11.1 hereof. In addition to the Operating Accounts, Manager shall be entitled to maintain such funds as it deems necessary in house banks or in xxxxx cash funds at the Project.

Books and Records; Operating Accounts. (a) Manager shall keep full and adequate books of account and such other records as are necessary to reflect the results of operation of the ProjectHotel. Such books of account shall be kept in all material respects in accordance with generally accepted accounting principles (consistently applied) and, to the extent consistent therewith, the Uniform System of AccountsAccounts (and generally in accordance with customary hospitality industry standards and practices). The books of account and all other records relating to, or reflecting the operation of, the Project Hotel (including, without limitation, books and records of Manager relating to the Hotel) shall be kept at the Project or at the corporate office of Manager Hotel and shall be available to Owner and its representatives at all reasonable times for audit, examination, inspection and copying. Upon any termination of this Agreement, all of such books and records (or copies thereof) ), including, without limitation, all Hotel sales files, Hotel reservations lists and Hotel customer lists, shall be immediately turned over to Owner forthwith so as to insure the orderly continuance of the operation of the Project, but the books and records through such date of termination shall thereafter be available to Manager at all reasonable times for inspection, examination and copyingHotel. (b) It is acknowledged that Manager has no knowledge and cannot represent the accuracy of historical financial information concerning the Project prior to the Effective Date of this Agreement. To the extent that Project accounting records relating to the period prior to the Effective Date require reconstruction or material correction, Manager shall exercise all reasonable efforts to assist Owner to effect such reconstruction or correction, and notwithstanding any provision in this Agreement to the contrary, to the extent that Manager’s preparation and delivery of financial statements for the Project hereunder are dependent upon such reconstruction or correction, Manager shall not be required to deliver to Owner any such financial statements for the Project until at least thirty (30) days following the completion of such reconstruction or correction. (c) Manager shall cause all funds advanced to the Project Hotel by Owner as working capital and all funds derived from the operation of the Project Hotel to be deposited in the Operating Accounts. Subject to the provisions of this Agreement and the approved Annual Plan, Manager shall have sole signatory authority over control of the Operating Accounts (provided, however, that Owner shall have the authority to close the Operating Accounts but shall not otherwise have signatory authority thereon) and Manager shall be entitled to pay out of the Operating Accounts all costs and expenses incurred in connection with the operation of the ProjectHotel in accordance with this Agreement, including without limitation all wages, salaries, fringe benefits and other compensation and expenses relating to Project Hotel employees, all costs and expenditures which Manager is permitted or required to make pursuant to this Agreement, all fees, charges, reimbursements and other amounts due Manager under this Agreement and all other amounts required to perform Manager’s 's obligations hereunder. Checks or other documents of withdrawal drawn upon the Operating Accounts shall be signed by representatives of Manager or Project Hotel employees designated by Manager. Owner shall be responsible for and shall pay directly from funds outside the Operating Accounts and the Reserve all costs of Capital Improvements, as well as the payments and related costs and expenses for which Owner is responsible pursuant to Section 11.1 hereof. In addition to the Operating Accounts, Manager shall be entitled to maintain such funds as it deems necessary in an in-house banks bank or in xxxxx cash funds at the ProjectHotel in accordance with the approved Annual Plan or as otherwise approved in writing by Owner. The Operating Accounts shall not be commingled with any other accounts of Manager.

Books and Records; Operating Accounts. (a) Manager shall keep full and adequate books of account and such other records as are necessary to reflect the results of operation of the Project, and such books of account and records shall be the property of Owner. Such books of account shall be kept in all material respects in accordance with generally accepted accounting principles and the Uniform System of AccountsAccounts and shall contain the information necessary to make the cash adjustments required to calculate Operating Cash Flow. The books of account and all other records relating to, or reflecting the operation of, the Project shall be kept at the Project or at the corporate office of f ice of Manager and shall be available to Owner and its representatives at all reasonable times for examination, inspection and copying. Upon any termination of this Agreement, all of such books and records (or copies thereof) shall be turned over to Owner forthwith so as to insure the orderly continuance of the operation of the Project, but the books and records through such date of termination shall thereafter be available to Manager at all reasonable times for inspection, examination and copying. (b) It is acknowledged that Manager has no knowledge and cannot represent the accuracy of historical financial information concerning the Project prior to the Effective Date of this Agreement. To the extent that Project accounting records relating to the period prior to the Effective Date require reconstruction or material correction, Manager shall exercise all reasonable efforts to assist Owner to effect such reconstruction or correction, and notwithstanding any provision in this Agreement to the contrary, to the extent that Manager’s preparation and delivery of financial statements for the Project hereunder are dependent upon such reconstruction or correction, Manager shall not be required to deliver to Owner any such financial statements for the Project until at least thirty (30) days following the completion of such reconstruction or correction. (c) Manager shall cause all funds advanced to the Project by Owner as working capital and all funds derived from the operation of the Project to be deposited in the Operating Accounts. Manager shall have sole signatory authority over control of the Operating Accounts (provided, however, that Owner shall have the authority to close the Operating Accounts but shall not otherwise have signatory authority thereon) and Manager shall be entitled to pay out of the Operating Accounts all costs and expenses incurred in connection with the operation of the Project, including without limitation all wages, salaries, fringe benefits and other compensation and expenses relating to of Project employees, all costs and expenditures which Manager is permitted or required to make pursuant to this Agreement, all fees, charges, reimbursements and other amounts due Manager under this Agreement and all other amounts required to perform Manager’s 's obligations hereunder. Checks or other documents of withdrawal drawn upon the Operating Accounts shall be signed by representatives of Manager or Project employees designated by Manager. Subject to the provisions of Section 5.6, Owner shall be responsible for and shall pay directly from funds outside the Operating Accounts and the Reserve all costs of Capital ImprovementsImprovements and insurance required to be maintained pursuant to this Agreement, as well as the payments and related costs and expenses for which Owner is responsible pursuant to Section 11.1 hereof. In addition to the Operating Accounts, Manager shall be entitled to maintain such funds as it deems necessary are set forth in the Annual Plan in house banks or in xxxxx cash pettx xxxh funds at the Project.