Total Hotel Sales means, with respect to any Property, for each Fiscal Year during the Term, all revenues and receipts of every kind derived by Tenant from operating such Property and parts thereof, including, but not limited to: income (from both cash and credit transactions), after deductions for bad debts, and discounts for prompt or cash payments and refunds, from rental of rooms, stores, offices, meeting, exhibit or sales space of every kind; license, lease and concession fees and rentals (not including gross receipts of licensees, lessees and concessionaires); income from vending machines; health club membership fees; food and beverage sales; wholesale and retail sales of merchandise (other than proceeds from the sale of furnishings, fixture and equipment no longer necessary to the operation of the Hotel located thereon, which shall be deposited in the FF&E Reserve); service charges, to the extent not distributed to the employees at the Hotel located thereon as gratuities; and proceeds, if any, from business interruption or other loss of income insurance; provided, however, that Total Hotel Sales shall not include the following: gratuities to or collected on behalf of Hotel employees; federal, state or municipal excise, sales, use, occupancy or similar taxes collected directly from patrons or guests or included as part of the sales price of any goods or services; insurance proceeds (other than proceeds from business interruption or other loss of income insurance); Award proceeds (other than for a temporary Condemnation); any proceeds from any sale of such Property or from the refinancing of any debt encumbering such Property; proceeds from the disposition of furnishings, fixture and equipment no longer necessary for the operation of the Hotel located thereon; interest which accrues on amounts deposited in the FF&E Reserve; and any security deposits and other advance deposits, until and unless the same are forfeited to Tenant or applied for the purpose for which they were collected; and interest income from any bank account or investment of Tenant.
Total Hotel Sales means, for the applicable period of time, all gross revenues and receipts of every kind derived by Tenant from operating or causing the operation of the Leased Property and parts thereof, including, but not limited to: income from both cash and credit transactions (after reasonable deductions for bad debts and discounts for prompt or cash payments and refunds) from rental of rooms, stores, offices, meeting, exhibit or sales space of every kind; license, lease and concession fees and rentals (not including gross receipts of licensees, lessees and concessionaires); income from vending machines and video machines; health club membership fees; food and beverage sales; wholesale and retail sales of merchandise (other than proceeds from the sale of furnishings, fixture and equipment no longer necessary to the operation of the Hotel, which shall be deposited in the Reserve); service charges, to the extent not distributed to the employees at the Hotel as gratuities; provided, however, that Total Hotel Sales shall not include the following: neither income from rental or leasing of space (not to exceed six hundred (600) square feet of area) for, nor receipts related to, time-share sales and/or marketing activities at the Leased Property of Guarantor or any Affiliated Person of Guarantor (except for revenue from use of the Hotel's rooms, facilities and services by guests utilizing the Hotel as part of any time-share sales and marketing activity); gratuities to Hotel employees; federal, state or municipal excise, sales, occupancy, use or similar taxes collected directly from patrons or guests or included as part of the sales price of any goods or services; insurance proceeds; Award proceeds (other than for a temporary Condemnation); any proceeds from any sale of the Leased Property or from the refinancing of any debt encumbering the Leased Property; proceeds from the disposition of furnishings, fixture and equipment no longer necessary for the operation of the Hotel; and interest which accrues on amounts deposited in the Reserve.
Total Hotel Sales means, for each Fiscal Year, or Fiscal Quarter, during the Term, all revenues and receipts of every kind derived by Tenant from operating the Leased Property and parts thereof, including, but not limited to: income (from both cash and credit transactions), after deductions for bad debts, and discounts for prompt or cash payments and refunds, from rental of rooms, stores, offices, meeting, exhibit or sales space of every kind; license, lease and concession fees and rentals (not including gross receipts of licensees, lessees and concessionaires); income from vending machines; health club membership fees; food and beverage sales; wholesale and retail sales of merchandise (other than proceeds from the sale of furnishings, fixture and equipment no longer necessary to the operation of the Hotel, which shall be deposited in the Reserve); service charges, to the extent not distributed to the employees at the Hotel as gratuities; and proceeds paid to Tenant, if any, from business interruption or other loss of income insurance; provided, however, that Total Hotel Sales shall not include the following: gratuities to Hotel employees; federal, state or municipal excise, sales, occupancy, use or similar taxes collected directly from patrons or guests or included as part of the sales price of any goods or services; insurance proceeds (other than proceeds from business interruption or other loss of income insurance paid to Tenant); Award proceeds (other than for a temporary Condemnation); any proceeds from any sale of the Leased Property or from the refinancing of any debt encumbering the Leased Property; proceeds from the disposition of furnishings, fixture and equipment no longer necessary for the operation of the Hotel; and interest which accrues on amounts deposited in the Reserve.
Examples of Total Hotel Sales in a sentence
Tenant shall utilize, or cause to be utilized, an accounting system for the Leased Property in accordance with its usual and customary practices and in accordance with GAAP, which will accurately record all Total Hotel Sales and Tenant shall retain, for at least three (3) years after the expiration of each Lease Year, reasonably adequate records conforming to such accounting system showing all Total Hotel Sales for such Lease Year.
If such deficiency, as agreed upon or compromised as aforesaid, is more than three percent (3%) of the Total Hotel Sales reported by Tenant for such Fiscal Year and, as a result, Landlord did not receive at least ninety-five percent (95%) of the Percentage Rent payable with respect to such Fiscal Year, Tenant shall pay the reasonable cost of such audit and examination.
Tenant shall utilize, or cause to be utilized, an accounting system for the Leased Property in accordance with its usual and customary practices and in accordance with GAAP, which will accurately record all Total Hotel Sales and Tenant shall retain, for at least three (3) years after the expiration of each Lease Year, reasonably adequate records conforming to such accounting system showing all Total Hotel Sales for such Fiscal Year.
In the case of any underpayment of Percentage Rent arising out of variation in Total Hotel Sales from Fiscal Quarter to Fiscal Quarter, the Accrual Date shall be the payment due date for the final installment of Percentage Rent for such preceding Fiscal Year.
In addition, on or before March 31 of each year, commencing March 31 following the Base Year, Tenant shall deliver to Landlord a statement setting forth the Total Hotel Sales for such preceding Fiscal Year, together with an audit of Total Hotel Sales for the preceding Fiscal Year, conducted by Xxxxxx Xxxxxxxx LLP, or another so-called "Big Five" firm of independent certified public accountants proposed by Tenant and approved by Landlord (which approval shall not be unreasonably withheld or delayed).
More Definitions of Total Hotel Sales
Total Hotel Sales means, for the applicable period of time, all gross revenues and receipts of every kind derived by Tenant from operating or causing the operation of the Leased Property and parts thereof, including, but not limited to: income from both cash and credit transactions (after reasonable deductions for bad debts and discounts for prompt or cash payments and refunds) from rental of rooms, stores, offices, meeting, exhibit or sales space of every kind; license, lease and concession fees and rentals (not including gross receipts of licensees, lessees and concessionaires); income from vending machines and video machines; health club membership fees; food and beverage sales; wholesale and retail sales of merchandise (other than proceeds from the sale of furnishings, fixture and equipment no longer necessary to the operation of the Hotel, which shall be deposited in the Reserve); service charges, to the extent not distributed to the employees at the Hotel as gratuities; provided, however, that Total Hotel Sales shall not include the following: income from receipts related to time share sales and/or marketing activities at the Leased Property (and the space leased for such purposes shall not exceed 000 xxxxxx xxxx xx xxxx) of Marriott or any Affiliated Person of Marriott (except for revenue from use of the Hotel's rooms, facilities and services by guests utilizing the Hotel as part of any time share sales and marketing activity, gratuities to Hotel employees; federal, state or municipal excise, sales, occupancy, use or similar taxes collected directly from patrons or guests or included as part of the sales price of any goods or services; insurance proceeds; Award proceeds (other than for a temporary Condemnation); any proceeds from any sale of the Leased Property or from the refinancing of any debt encumbering the Leased Property; proceeds from the disposition of furnishings, fixture and equipment no longer necessary for the operation of the Hotel; interest which accrues on amounts deposited in the Reserve; rebates or refunds of any Impositions; and refunds of any Claims as described in Article 8.
Total Hotel Sales means, for the applicable period of time, all gross revenues and receipts of every kind derived by or for the benefit of Tenant or Manager from operating or causing the operation of the Leased Property and all parts thereof, including, but not limited to: income from both cash and credit transactions (after reasonable deductions for commissions paid to credit card companies for credit transactions, bad debts and discounts for prompt or cash payments and refunds), rental of rooms, stores, offices, meeting, exhibit or sales space of every kind; license, lease and concession fees and rentals, off premises catering, if any, and parking rental income from vending machines and video machines, health club membership fees; food and beverage sales; wholesale and retail sales of merchandise (other than proceeds from the sale of furnishings, fixtures and equipment no longer necessary to the operation of the Hotel, which, except with respect to Tenant's Personal Property, shall be deposited in the Reserve), and service charges, to the extent not distributed to employees at the Hotel as gratuities; provided, however, that Total Hotel Sales shall not include the following: gratuities to Hotel employees; federal, state or municipal excise, sales, occupancy, use or similar taxes collected directly from patrons or guests or included as part of the sales price of any goods or services; Awards or insurance proceeds; any proceeds from any sale of the Leased Property or from the refinancing of any debt encumbering the Leased Property; proceeds from the disposition of furnishings, fixture and equipment no longer necessary for the operation of the Hotel; interest which accrues on working capital of Tenant and amounts deposited in the Reserve; and gross receipts of licensees, lessees and concessionaires if other than Tenant or an Affiliated Person of Tenant.
Total Hotel Sales means, with respect to each Property, for each Fiscal Year during the Term, all revenues and receipts of every kind derived by Tenant or any subtenant from operating such Property and parts thereof, including, but not limited to: income (from both cash and credit transactions) (after deductions for bad debts, and discounts for prompt or cash payments and refunds) from rental of rooms, stores, offices, meeting, exhibit or sales space of every kind; license, lease and concession fees and rentals (not including gross receipts of licensees, lessees and concessionaires); income from vending machines; health club membership fees; food and beverage sales; wholesale and retail sales of merchandise (other than proceeds from the sale of furnishings, fixture and equipment no longer necessary to the operation of any Hotel, which shall be deposited in the FF&E Reserve); service charges, to the extent not distributed to the employees at such Hotel as gratuities; and proceeds, if any, from business interruption or other loss of income insurance; provided, however, that Total Hotel Sales shall not include the following: gratuities to Hotel employees; federal, state or municipal excise, sales, use or similar taxes collected directly from patrons or guests or included as part of the sales price of any goods or services; insurance proceeds (other than proceeds from business interruption or other loss of income insurance); Award proceeds (other than for a temporary Condemnation); any proceeds from any sale of such Property or from the refinancing of any debt encumbering such Property; proceeds from the disposition of furnishings, fixture and equipment no longer necessary for the operation of such Hotel; interest which accrues on amounts deposited in the FF&E Reserve; and recoveries against predecessors in title to the extent such recoveries are compensation attributable to items not otherwise includable in the calculation of Total Hotel Sales.
Total Hotel Sales shall be defined as all revenues and income of any nature derived directly or indirectly from the Hotel or from the use or operation thereof, including, without limitation, total room sales, food and beverage sales (including, without limitation, sales from the Trade Name Operations), telephone, telegraph and telex revenues, rental or other payments from lessees, sublessees, and concessionaires (but not the gross receipts of such lessees, sublessees or concessionaires) and the proceeds of business interruption, use, occupancy or similar insurance. There shall be excluded from Total Hotel Sales:
Total Hotel Sales means, with respect to any Property, for each Fiscal Year during the Term, all revenues and receipts of every kind derived by Tenant from operating such Property and parts thereof, including, but not limited to: income (from both cash and credit transactions), after deductions for bad debts, and discounts for prompt or cash payments and refunds, from rental of rooms, stores, offices, meeting, exhibit or sales space of every kind; license, lease and concession fees and rentals (not including gross receipts of licensees, lessees and concessionaires); income from vending machines; health club membership fees; food and beverage sales; wholesale and retail sales of merchandise (other than proceeds from the sale of furnishings, fixture and equipment no longer necessary to the operation of the Hotel located thereon, which shall be deposited in the FF&E Reserve); service charges, to the extent not distributed to the employees at the Hotel located thereon as gratuities; and proceeds, if any, from business interruption or other loss of income insurance; provided, however, that Total Hotel
Total Hotel Sales means, with respect to each Property, any and all sums derived from the operation of the Property as a hotel pursuant to the applicable Lease Agreement, determined on an accrual basis after deducting all allowances for rebates and adjustments, whether cash or credit, derived directly or indirectly from any source including, without limitation, (i) the amounts received as payment for the use and occupancy of all meeting rooms, banquet function rooms, and public areas, (ii) all revenues derived from the sale of food and other edibles in restaurants, lounges, meeting rooms, banquet rooms, guest rooms and any other locations at the Property, (iii) all revenues derived from the sale of liquor, beverages, and other potables in restaurants, lounges, meeting rooms, banquet rooms, guest rooms and any other locations at the Property, (iv) all revenues derived from the use of telephones in guest rooms or in public areas and (v) all revenues derived from leases (other than the Lease Agreements), subleases, concessions, vending, valet services, banquet extras, movies or income of a similar or related nature, but excluding any proceeds received as a result of a casualty or condemnation loss.
Total Hotel Sales means, with respect to each Property, for ----------------- each Fiscal Year during the Term, all revenues and receipts of every kind derived by Tenant from operating such Property and parts thereof, including, but not limited to: income (from both cash and credit transactions), after deductions for bad debts, and discounts, from rental of rooms, stores, offices, meeting, exhibit or sales space of every kind; license, lease and concession fees and rentals (not including gross receipts of licensees, lessees and concessionaires); income from vending machines; health club membership fees; food and beverage sales; wholesale and retail sales of merchandise (other than proceeds from the sale of furnishings, fixture and equipment no longer necessary to the operation of any Hotel, which shall be deposited in the FF&E Reserve);service charges, to the extent not distributed to the employees at any Hotel as gratuities; and proceeds, if any, from business interruption or other loss of income insurance; provided, however, that Total Hotel Sales shall -------- ------- not include the following: gratuities to or collected on behalf of Hotel employees; federal, state or municipal excise, sales, use, occupancy or similar taxes collected directly from patrons or guests or included as part of the sales price of any goods or services; insurance proceeds (other than proceeds from business interruption or other loss of income insurance); Award proceeds (other than for a temporary Condemnation); any proceeds from any sale of such Property or from the refinancing of any debt encumbering such Property; proceeds from the disposition of furnishings, fixture and equipment no longer necessary for the operation of any Hotel; interest which accrues on amounts deposited in the FF&E Reserve; and any security deposits and other advance deposits, until and unless the same are forfeited to Tenant or applied for the purpose for which they were collected; and interest income from any bank account or investment of Tenant.