Common use of Accounting and Interim Payment Clause in Contracts

Accounting and Interim Payment. A. Subject to Section 6.01 C above, within twenty (20) days after the close of each Accounting Period, Management Company shall submit an accounting to Owner showing Gross Revenues, Deductions, Operating Profit, and distributions thereof for such Accounting Period. Management Company shall transfer to Owner with each accounting any Operating Profit or other sums then available for distribution to Owner and shall retain any periodic Base and Incentive Management Fees due Management Company. Such interim accountings shall be in the form of statements reasonably approved by Owner.

Appears in 2 contracts

Samples: Management Agreement (Highland Hospitality Corp), Management Agreement (Highland Hospitality Corp)

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Accounting and Interim Payment. A. Subject to Section 6.01 C above, within twenty (20) days after the close of each Accounting Period, Management Company shall submit an accounting to Owner showing Gross Revenues, Deductions, Operating Profit, and distributions thereof for such Accounting Period. Management Company shall transfer to Owner with each accounting any Operating Profit or other sums then available for distribution to Owner and shall retain any periodic Base and Incentive Management Fees Fee due Management Company. Such interim accountings shall be in the form of statements reasonably approved by Owner.by

Appears in 1 contract

Samples: Management Agreement (Highland Hospitality Corp)

Accounting and Interim Payment. A. Subject to Section 6.01 C above, within Within twenty (20) days after the close of each Accounting Period, Management Company shall submit an interim accounting to Owner showing Gross Revenues, Deductions, Operating Profit, Net House Profit and distributions thereof for applications thereof. All such Accounting Periodinterim accountings will furnish at least the level of detail shown on Exhibit "B" hereto. Management Company shall transfer to Owner with each accounting any Operating Profit or other sums then available for distribution interim amounts to be retained by Owner and shall retain pay any periodic Base and Incentive Management Fees interim management fee due Management Company. Such interim accountings shall be in the form of statements reasonably approved by Owner.

Appears in 1 contract

Samples: Management Agreement (Mutual Benefit Chicago Marriott Suite Hotel Partners L P)

Accounting and Interim Payment. A. Subject to Section 6.01 C above, within Within twenty (20) days after the close of each Accounting Period, Management Company shall submit an accounting to Owner showing Gross Revenues, Deductions, Operating Profit, and distributions thereof for such Accounting Period. Management Company shall transfer to Owner with each accounting any Operating Profit or other sums then available for distribution to Owner and shall retain any periodic Base and Incentive Management Fees due Management Company. Such interim accountings shall be in the form of statements reasonably approved by Owner.

Appears in 1 contract

Samples: Stock Purchase and Rights Agreement (Sandalwood Lodging Investment Corp)

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Accounting and Interim Payment. A. Subject to Section 6.01 C above, within Within twenty (20) days after the close of each Accounting Period, Management Company Manager shall submit an interim accounting to Owner showing Gross Revenues, Deductions, Operating Profit, Available Cash Flow, and distributions the application thereof for such Accounting Periodunder Section 5.02. Management Company Manager shall transfer to Owner with each accounting any Operating Profit or other sums then available for distribution interim amounts to be paid to Owner and shall retain any periodic Base and interim Management Fees, Deferred Incentive Management Fees Fee, and other amounts due Management Company. Such interim accountings shall be in the form of statements reasonably approved by OwnerManager.

Appears in 1 contract

Samples: Management Agreement (Courtyard by Marriott Limited Partnership)

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