Suite Revenues definition

Suite Revenues. All revenues, receipts, and income of any kind derived directly or indirectly by Lessee from or in connection with (i) the rental of guest rooms or suites, whether to individuals, groups or transients, at the Hotel and (ii) the Hotel’s meeting rooms, telephones, TV and movie rentals, check room, washroom, laundry, valet, vending machines, and other sources (other than Space Leases), in each case, whether on a cash basis or credit, paid or collected, determined in accordance with generally accepted accounting principles, but, in each case, excluding the following:

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Suite Revenues means that portion of the Gross Revenues of the Inn which is attributable to the rental of the Suites.

Suite Revenues has the meaning ascribed to such term in the form of Operating Lease attached as Exhibit H hereto.

Examples of Suite Revenues in a sentence

Lessor shall be obligated to pay Lessee, when and as required to meet the requirements of the Franchise Agreement and the Management Agreement for a reserve for periodic repair, replacement or refurbishing of furniture, fixtures and equipment that constitute Leased Property, an amount equal up to five percent (5%) of Suite Revenues monthly.
Notify all impacted personnel of approved outages via email with lead time for preparation of the outage.
If and to the extent that Manager pays amounts to Lessee pursuant to the Management Agreement in order to avoid termination of the Management Agreement by Lessee for Manager's failure to meet certain performance hurdles described therein, such amounts shall be treated as additional Suite Revenues for purposes of the Percentage Rent calculation hereunder.
If and to the extent that Manager ----------------------------- pays amounts to Lessee pursuant to the Management Agreement in order to avoid termination of the Management Agreement by Lessee for Manager's failure to meet certain performance hurdles described therein, such amounts shall be treated as additional Suite Revenues for purposes of the Percentage Rent calculation hereunder.
Within twenty (20) days after the close of each Accounting Period, Manager shall submit an interim accounting to Lessee showing Gross Revenues, Suite Revenues, Deductions, Operating Profit, and applications thereof with respect to the Inns, and an operating balance sheet for each Inn.
The Base Management Fee and the Residence Inn System Fee shall be payable based on Gross Revenues and Suite Revenues, as applicable, and shall not be subject to limitations based on the amount of Operating Profit.
Lessor shall be obligated ------------------------------------------- to pay Lessee, when and as required to meet the requirements of the Management Agreement for a reserve for periodic repair, replacement or refurbishing of furniture, fixtures and equipment that constitute Leased Property, an amount equal up to five percent (5%) of Suite Revenues monthly.
The Residence Inn System Fee shall be calculated on the basis of Suite Revenues and will be payable as set forth in this Article V, and shall not be subject to limitations based on the amount of Operating Profit.
Lessor shall be obligated ------------------------------------------ to pay Lessee, when and as required to meet the requirements of the Franchise Agreement and the Management Agreement for a reserve for periodic repair, replacement or refurbishing of furniture, fixtures and equipment that constitute Leased Property, an amount equal up to five percent (5%) of Suite Revenues monthly.
Manager pays amounts to Lessee pursuant to the Management Agreement in order to avoid termination of the Management Agreement by Lessee for Manager’s failure to meet certain performance hurdles described therein, such amounts shall be treated as additional Suite Revenues for purposes of the Percentage Rent calculation hereunder.

More Definitions of Suite Revenues

Suite Revenues means all revenue and income from the rental of guest suites at the Hotel with no deductions except for sales and room taxes. Manager shall establish a reserve for capital replacements on the books of account for the Hotel and the cash amounts required for such reserve shall be placed into an interest-bearing account (the "Reserve Fund") established in the Hotel's name at a bank chosen by Lessee and reasonably acceptable to Manager, with Manager's designees being the only authorized signatories on said account. The Reserve Fund for the Hotel may be consolidated with the Reserve Funds for the Other Hotels. Any expenditures for capital replacements during any calendar year which have been included in an approved Capital Budget may be made without either the Partnership's or Lessee's additional approval and shall be made by Manager from the Reserve Fund (including accrued interest and unused accumulations from prior calendar years). Any amounts remaining in the Reserve Fund at the close of each calendar year shall be carried forward and retained in the Reserve Fund until fully used as herein provided. To the extent the Reserve Fund is insufficient at a particular time, or to the extent the Reserve Fund plus anticipated contributions for the ensuing calendar year is less than budgeted expenditures for the ensuing calendar year, then, in either such event Manager shall give Lessee written notice thereof at least forty-five (45) days before the anticipated date such funds will be needed. Lessee shall supply the necessary funds by deposit to the Reserve Fund at least thirty (30) days before the anticipated date such funds will be needed. All proceeds from the sale of capital items no longer needed for the operation of the Hotel shall be deposited to the Reserve Fund. Sale of such items shall be at the discretion of Manager, and conducted in a commercially reasonable manner; Manager shall not dispose of any capital item or group of capital items having a value in excess of ten thousand dollars ($10,000) without Lessee's prior written consent unless the replacement of such capital item or group of capital items has been contemplated in the applicable Capital Budget. Upon termination of this Agreement for whatever reason, Manager's right to expend any unused portion of the Reserve Fund shall terminate and the balance of the fund shall be paid over to Lessee, less any sums then due Manager. To the extent any expenditure under this paragraph (d) shall exceed ten thous...