Priority Coverage Ratio definition
Priority Coverage Ratio means, for any period, the ratio of (a) the excess of Gross Revenue for such period over the sum of the amounts distributed or applied for such period pursuant to Sections 10.1(a), (b), (e), (g), (h), (i), (k) and (l) of the Management Agreement, to (b) the sum for such period of Owner’s Priority and Owner’s Percentage Priority.
Priority Coverage Ratio means, for any period, for any Hotel or group of Hotels, the quotient of (a) the excess of Gross Revenue for such Hotel or group of Hotels for such period over amounts distributed or applied for such Hotel or group of Hotels for such period pursuant to Sections 10.1(a), 10.1(b) (determined as though the Reserve Percentage for the Expansion Hotels and the Parsippany Hotel was at all times five percent (5%)), 10.1(f), 10.1(h) and 10.1(i), divided by (b) the sum of the Owner’s Priority allocated to such Hotel or group of Hotels (as applicable) for such period pursuant to Section 10.8, plus the Owner’s Percentage Priority allocated to such Hotels or group of Hotels for such period (as applicable).
Priority Coverage Ratio means for any period, for any Hotel or group of Hotels, the quotient of (a) the excess of Operating Profit for such Hotel or group of Hotels over an implied reserve for capital replacements equal to five percent (5%) of Gross Revenues for such Hotel or group of Hotels (as applicable) divided by (b) the sum of the Owner's First Priority allocated pursuant to SECTION 10.9 to such Hotel or group of Hotels (as applicable) for such period. To the extent that any amount (or portion thereof) used to calculate the Priority Coverage Ratio is denominated in any currency other than United States Dollars, the same shall be converted to United States Dollars using a reasonable method consistent with the Accounting Principles used by Manager and its Affiliates to account for foreign currencies.
More Definitions of Priority Coverage Ratio
Priority Coverage Ratio means, for any period, the ratio of (a) the excess of Gross Revenue for such period over the sum of the amounts distributed or applied for such period pursuant to SECTIONS 10.1(a), (b), (e), (g), (h), (i), (k) AND (l) of the Management Agreement, to (b) the sum for such period of Owner's Priority and Owner's Percentage Priority.
Priority Coverage Ratio means for any period, for any Hotel or group of Hotels, the quotient of (a) the excess of Operating Profit for such Hotel or group of Hotels over an implied reserve for capital replacements equal to five percent (5%) of Gross Revenues for such Hotel or group of Hotels (as applicable) divided by (b) the sum of the Owner’s First Priority allocated pursuant to Section 10.9 to such Hotel or group of Hotels (as applicable) for such period. To the extent that any amount (or portion thereof) used to calculate the Priority Coverage Ratio is denominated in any currency other than United States Dollars, the same shall be converted to United States Dollars using a reasonable method consistent with the Accounting Principles used by Manager and its Affiliates to account for foreign currencies.
Priority Coverage Ratio means for any period, for any Hotel or group of Hotels, the quotient of (a) the excess of Gross Revenue for such Hotel or group of Hotels for such period over amounts distributed or applied (or required to be distributed or applied) for such period pursuant to Sections 10.1(a), 10.1(b), 10.1(e), 10.1(f), 10.1(g) and 10.1(i) of this Agreement allocated to such Hotel or group of Hotels (as applicable), divided by (b) the Owner's First Priority allocated to such Hotel or group of Hotels (as applicable)for such period. For purposes of calculating the Priority Coverage Ratio, the FF&E Reserve Commencement Month shall be deemed to be the month next after the month in which the Effective Date shall occur.