Operations Settlement. A final accounting prepared by Sellers’ and Buyer’s accountants in the period between eight o’clock p.m. (local time) on the day prior to the Closing Date and eight o’clock a.m. (local time) on the Closing Date, the results of which shall be incorporated into the closing statement.
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 Transfer Time; 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, Buyer agrees to the Hotel’s employees’ completion of posting of financial activity, all schedules, credit card xxxxxxxx, and all other activities normally associated with the daily activity of the Hotels. Any amounts determined to be due and owing to Sellers by Buyer or to Buyer by Sellers 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. 18 Section 4.02
Operations Settlement. A final accounting as of the Transfer Time prepared by Seller’s accountants in the period between eight o’clock p.m. on the Closing Date and twelve o’clock noon on the day immediately following the Closing Date, the results of which shall be incorporated into a written operations settlement statement which shall be executed by Buyer and Seller and the amount due to Seller thereunder shall be paid for by Buyer on or before noon on the day after the Closing Date. Each party shall bear their own costs of participation in preparation of the Operations Settlement.
Operations Settlement. Room Revenues for the night of the Closing Date; prepaid deposits for confirmed reservations for Hotel/Casino facilities and services for periods after the Transfer Time; and the purchase price for the Tray Ledger shall be determined by the Operations Settlement. Any amounts determined to be due and owing to Seller pursuant to the Operations Settlement shall be paid for by Buyer, by cashier’s or certified check payable directly to Seller (and not by way of endorsement) or by wiring of federal funds to the account designated by Seller, no later than 12:00 noon (Central Time) on the day immediately following the Closing Date.
Operations Settlement. The items listed in subclauses (a) through (c) of this Section 4.2 shall be determined by the Operations Settlement. Any amounts determined to be due and owing to Sellers pursuant to the Operations Settlement shall be paid for by Buyer, by cashier’s or certified check payable directly (and not by way of endorsement) to Sellers (or to a “qualified intermediary” designated by Sellers) or by wiring of federal funds to the account designated by Sellers (or by a “qualified intermediary” designated by Sellers), no later than 12:00 noon (Central Time) on the day immediately following the Closing Date. Each party shall bear its own costs of participation in the preparation of the Operations Settlement.
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 xxxxxxxx, 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.
Operations Settlement. Purchaser's and Seller's accountants shall prorate revenues of the Property as well as all variable operating expenses as of the Operations
Operations Settlement. As soon as reasonably practicable prior to the Closing Date, the parties shall conduct, or cause to be conducted, a preliminary operations settlement (“Operations Settlement”). The Operations Settlement shall contain the parties’ best estimate of the amounts of items to be prorated and adjusted pursuant to this Agreement (including the prorations and the items set forth below):
Operations Settlement. Section 4.3 Accounts Receivable Section 4.4 Adjustment For Progressive Liabilities
Operations Settlement. Room Revenues for the night preceding the Closing Date (e.g., if the Closing Date is January 31, 2007, Room Revenues for the period of time commencing on the evening of January 30, 2007 and ending on the morning of January 31, 2007), prepaid deposits for reservations, hotel facilities and services for periods after the Transfer Time, and the purchase price for the Tray Ledgers, House Funds, Operating Supplies and Accounts Receivable shall be determined by the Operations Settlement. In connection with the Closing, Buyer agrees to each Manager’s completion of posting of financial activity, all schedules, credit card bxxxxxxx, and all other activities normally associated with the daily activity of the Hotels. Any amounts determined to be due and owing to Sellers by Buyer or to Buyer by Sellers 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 conducted within one hundred twenty (120) days following Closing, the obligations of the parties to perform such post-closing adjustment shall survive Closing. Except as set forth in Section 4.02, any matter not raised by either Buyer or Sellers within such one hundred twenty (120) day period following Closing shall not result in a post-closing adjustment.
