Aggregate Deductions definition

Aggregate Deductions means the sum of Deductions of the Hotels.

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Aggregate Deductions means, for any given period, the sum of Deductions for the Portfolio Properties for such period.

Aggregate Deductions means the sum of all Deductions for all Hotels under all Management Agreements.

Examples of Aggregate Deductions in a sentence

• If the termination occurs on a day other than the last day of a calendar month, the parties shall exclude such prorated amounts of the Gross Revenues and Deduction (and other amounts as may be necessary) applicable to such Hotel for such calendar month, as mutually agreed in their reasonable judgment, in the calculation of Aggregate Gross Revenues and Aggregate Deductions (and other amounts as may be necessary) for the calendar month in which the termination occurred.

• Payment of the Aggregate Deductions, excluding the Aggregate Base Management Fee, the Aggregate Reservation Fee and the Aggregate System Fee, shall be made in the ordinary course of business.

• The parties agree that so long as a Hotel is subject to this Agreement, all Working Capital and all Gross Revenues of such Hotel shall be pooled pursuant to this Agreement and disbursed to pay all Aggregate Deductions, fees and other amounts due to Managers and Owners (not including amounts due pursuant to Section 11.20 of the Management Agreements) with respect to the Hotels and that the corresponding provisions of each Management Agreement shall be superseded as provided in Section 3.03.

• Within twenty (20) days after the close of each Portfolio Accounting Period, Marriott shall deliver an interim accounting (the “Aggregate Accounting Period Statement”) to Tenant showing Aggregate Gross Revenues, Aggregate Deductions, Aggregate Operating Profit, and applications and distributions thereof for the preceding Portfolio Accounting Period.

• Within twenty (20) days after the close of each Portfolio Accounting Period, Marriott shall deliver an interim accounting (the “Aggregate Accounting Period Statement”) to the Tenants showing Aggregate Gross Revenues, Aggregate Deductions, Aggregate Operating Profit, and applications and distributions thereof for such Portfolio Accounting Period.

• Marriott, on behalf of and in coordination with the Managers pursuant to their obligations under the Management Agreements, and in each instance subject to the provisions of this Agreement, shall make expenditures, to the extent of the sufficiency of funds available therefor pursuant to this Agreement, for all Aggregate Deductions.

• Within twenty (20) days after the close of the last Accounting Period included within a Portfolio Accounting Period, Marriott shall deliver an interim accounting to Tenant showing Aggregate Gross Revenues, Aggregate Deductions, Aggregate Operating Profit, and application and distributions thereof.

• Penney may, with the prior consent of the Operator, create and place advertising and may include the cost thereof in Aggregate Deductions.

• Failure on the part of Penney to deduct from Gross Sales any item or items includable in Aggregate Deductions shall not be deemed to constitute a waiver by Penney of its right to receive payment therefor from the Operator, and the Operator shall continue to be liable therefor notwithstanding any termination of this Agreement as to all or any Licensed Departments.

More Definitions of Aggregate Deductions

Aggregate Deductions shall have the meaning given such term in the Penney Agreement.

Aggregate Deductions shall include the following: (i) adjustments and refunds to customers of the individual Licensed Department; (ii) costs and expenses of Penney which have been acknowledged by Penney and Operator to be allocable to, or incurred on behalf of, the Operator in the operation of the individual Licensed Department, including any costs or expenses associated with any bad checks; provided however, such costs and expenses shall not include equipment unless due to negligence or intentional misconduct; (iii) payments and reimbursements which Penney shall be entitled to receive from the Operator under this Agreement; and (iv) license fees payable to Penney pursuant to Section 6;