Common use of Operations Settlement Clause in Contracts

Operations Settlement. Room Revenues for the night prior to the Closing Date (e.g., if the Closing Date is June 15, 2005, Room Revenues for the period of time commencing on the evening of June 14, 2005 and ending on the morning of June 15, 2005), prepaid deposits for confirmed reservations, hotel facilities and services for periods after the Closing; and the purchase price for the Tray Ledgers, House Funds and Accounts Receivable shall be determined by the Operations Settlement. As the Closing Date’s financial results are necessary for completion of the Operations Settlement, CNL agrees to the Contributed Hotel’s employees’ completion of posting of financial activity, all schedules, credit card ▇▇▇▇▇▇▇▇, and all other activities normally associated with the daily activity of the Contributed Hotels. Any amounts determined to be due and owing to Wolf or any applicable Affiliate of Wolf by the Partnership or to the Partnership by Wolf or any applicable Affiliate of Wolf pursuant to the Operations Settlement shall be incorporated into the Closing Statements but to the extent that any of the foregoing information is unavailable or is found to be inaccurate, the same shall be handled as a post-closing adjustment, the obligations of which shall survive the Closing.