Revenue and Expense Allocations. All revenues and expenses with respect to the Property, and applicable to the period of time before and after Closing, determined in accordance with sound accounting principles consistently applied, shall be allocated between Seller and Purchaser as provided herein. Seller shall be entitled to all revenue and shall be responsible for all expenses for the period of time up to but not including the Closing Date, and Purchaser shall be entitled to all revenue and shall be responsible for all expenses for the period of time from, after and including the Closing Date provided that the housekeeping costs and the Final Rooms Revenue shall be shared equally between Seller and Purchaser. Such adjustments shall be shown on the closing statement (with such supporting documentation as the parties hereto may reasonably require being attached as exhibits to the closing statements) and shall increase or decrease (as the case may be) the cash amount payable by Purchaser pursuant to Section 2.2 hereof. All prorations shall be made on the basis of the actual number of days in the year and month in which the Closing occurs or in the period of computation. Without limiting the generality of the foregoing, the following items of revenue and expense shall be allocated and prorated at Closing:
Revenue and Expense Allocations. All revenues and expenses with ------------------------------- respect to the Property, and applicable to the period of time before and after Closing, determined in accordance with sound accounting principles consistently applied, shall be allocated between Crow and Patriot as provided herein. Crow shall be entitled to all revenue and shall be responsible for all expenses for the period of time up to but not including the date of Closing, and Patriot shall be entitled to all revenue and shall be responsible for all expenses for the period of time from, after and including the date of Closing (provided that housekeeping costs and the Tray Ledger for the date of Closing shall be shared equally between Patriot and Crow). Notwithstanding the foregoing, revenues generated by food and beverage facilities at the Hotel shall be prorated as of 6:00 a.m. on the Closing Date. Such adjustments shall be shown on the closing statements (with such supporting documentation as the parties hereto may require being attached as exhibits to the closing statements) and shall increase or decrease (as the case may be) the Purchase Price. Without limiting the generality of the foregoing, the following items of revenue and expense shall be allocated at Closing:
Revenue and Expense Allocations. All revenues and expenses with respect to the Property, and applicable to the period of time before and after Closing, determined in accordance with sound accounting principles consistently applied, shall be allocated between Fee Owner (or Operating Lessee) and Purchaser as provided herein. Pursuant to such allocation, Fee Owner (and Operating Lessee) shall be entitled to all revenue and shall be responsible for all expenses for the period of time up to but not including the date of Closing, and Purchaser shall be entitled to all revenue and shall be responsible for all expenses for the period of time from, after and including the date of Closing. Such allocations and adjustments shall be shown on the closing statement (with such supporting documentation as the parties hereto may reasonably require being attached as exhibits to the closing statements) and shall increase or decrease (as the case may be) the cash amount payable by Purchaser pursuant to Section 2.2 hereof. All prorations shall be made on the basis of the actual number of days in the year and month in which the Closing occurs or in the period of computation. Without limiting the generality of the foregoing, the following items of revenue and expense shall be allocated and prorated at Closing:
Revenue and Expense Allocations. 7.1.1 The following items shall be allocated or prorated at Closing as follows:
Revenue and Expense Allocations. The following items of revenue and expense shall be allocated as of 12:01 a.m. on the Closing Date:
Revenue and Expense Allocations. All revenues and expenses with respect to the Property, and applicable to the period of time before and after Closing, determined in accordance with sound accounting principles consistently applied, shall be allocated between Contributor and the Partnership as provided herein. Contributor shall be entitled to all revenue and shall be responsible for all expenses for the period of time up to and including the date of Closing, and the Partnership shall be entitled to all revenue and shall be responsible for all expenses for the period of time after the date of Closing (provided that housekeeping costs and the Rooms Ledger for the date of Closing shall be shared equally between the Partnership and Contributor). Such adjustments shall be shown on the closing statements (with such supporting documentation as the parties hereto may require being attached as exhibits to the closing statements) and shall increase or decrease (as the case may be) the Units to be issued pursuant to Section 2.2 hereof. All amounts payable under the Marriott Lease shall be settled between Marriott and Contributor. Purchaser shall receive a credit to the Contribution Value in an amount equal to the difference between (i) all amounts distributed and to be distributed to Contributor under the Marriott Lease during the fiscal year in which the Closing occurs, and (ii) the sum of (x) the debt service actually paid by Contributor under the Existing Lien during such partial fiscal year through the Closing Date, and (y) one-half (1/2) of the Net House Profit (as defined in the Marriott Lease) for such partial fiscal year through the Closing Date after deduction of an amount equal to five percent (5%) of Gross Revenues (as defined in the Marriott Lease) for such partial fiscal year through the Closing Date and the amount set forth in clause (x) of this sentence. The following is an example of the calculation of the foregoing credit based on the assumptions contained in items A-E:
Revenue and Expense Allocations. All revenues (including operating expense escalations) and expenses with respect to the Property, the Corporations and the Partnerships, and applicable to the period of time before and after Closing, determined in accordance with sound accounting principles consistently applied, shall be allocated between Xxxxxxxx and Brandywine OP as provided herein. Xxxxxxxx shall be entitled to all revenue and shall be responsible for all expenses for the period of time up to but not including the Closing Date, and Brandywine OP shall be entitled to all revenue and shall be responsible for all expenses for the period of time from, after and including the date of Closing. Such adjustments shall be shown on the closing statements (with such supporting documentation as the parties hereto may require being attached as exhibits to the closing statements) and shall increase or decrease (as the case may be) the Purchase Price payable by the parties hereto. Without limiting the generality of the foregoing, the following items of revenue and expense shall be allocated at Closing:
Revenue and Expense Allocations. All revenues (including operating expense escalations) and expenses with respect to the Property, and applicable to the period of time before and after Closing, determined in accordance with sound accounting principles consistently applied, shall be allocated between Xxxxxxxx and Brandywine OP as provided herein. Xxxxxxxx shall be entitled to all revenue and shall be responsible for all expenses for the period of time up to but not including the Closing Date, and Brandywine OP shall be entitled to all revenue and shall be responsible for all expenses for the period of time from, after and including the date of Closing. Such adjustments shall be shown on the closing statements (with such supporting documentation as the parties hereto may require being attached as exhibits to the closing statements) and shall increase or decrease (as the case may be) the cash amount payable by the parties hereto. Without limiting the generality of the foregoing, the following items of revenue and expense shall be allocated at Closing:
Revenue and Expense Allocations. All cash items of revenue and expense with respect to the Properties, and applicable to the period of time before and after Closing, determined in accordance with GAAP consistently applied, shall be allocated between Owner (or Operating Lessee) and Purchaser as provided herein. Pursuant to such allocation, Owner (and Operating Lessee) shall be entitled to all revenue and shall be responsible for all expenses for the period of time up to but not including the date of Closing, and Purchaser shall be entitled to all revenue and shall be responsible for all expenses for the period of time from, after and including the date of Closing; provided that the Rooms Ledger and room attendant wages for the date of Closing shall be shared equally between Purchaser and Owner (and Operating Lessee). Such adjustments shall be shown on the closing statement (with such supporting documentation as the parties hereto may reasonably require being attached as exhibits to the closing statements and shall increase or decrease (as the case may be) the cash amount payable by Purchaser pursuant to Section 2.2 hereof. All prorations shall be made on the basis of the actual number of days in the year and month in which the Closing occurs or in the period of computation. Non-cash items, such as depreciation and amortization expense, shall not be prorated. Without limiting the generality of the foregoing, the following items of revenue and expense shall be allocated and prorated at Closing:
Revenue and Expense Allocations. All revenues and expenses with respect to the Property, and applicable to the period of time before and after Closing, determined in accordance with sound accounting principles consistently applied, shall be allocated between Summerfield, Patriot and Tenant as provided herein. Summerfield shall be entitled to all revenue and shall be responsible for all expenses for the period of time up to but not including the Closing Date, and, pursuant to the Facility Lease referred to in the Agreement to Lease, Tenant shall be entitled to all revenue and shall be responsible for all expenses for the period of time from, after and including the Closing Date (provided that housekeeping costs and the Rooms Ledger for the date of Closing shall be shared equally between Tenant and Summerfield pursuant to the Transfer Agreement). Subject to the last paragraph in this Section 7.6, such adjustments shall be shown on the closing statements to be prepared as agreed upon by Summerfield, Patriot (without regard to whether it has assigned its interest hereunder), any assignee of Patriot and Tenant (with such supporting documentation as the parties thereto may require being attached as exhibits to the closing statements) and shall be deducted from or added to the Purchase Price. Without limiting the generality of the foregoing, the following items of revenue and expense shall be allocated at Closing unless the information which is necessary for such allocation is not then available, in which event these items shall be allocated as provided in the last paragraph of this Section 7.6:
