THE SUM OF
OPERATING COSTS FOR SUCH PERIOD.
1.63
"OPERATING STANDARDS"
SHALL HAVE THE MEANING GIVEN SUCH TERM IN
SECTION 2.1.
1.64
"OPERATING SUPPLIES"
SHALL HAVE THE MEANING GIVEN TO THE TERM
"INVENTORIES" UNDER THE UNIFORM SYSTEM OF ACCOUNTS.
1.65
"OWNER"
SHALL HAVE THE MEANING GIVEN SUCH TERM IN THE PREAMBLE TO
THIS AGREEMENT AND SHALL INCLUDE ITS SUCCESSORS AND ASSIGNS.
9
1.66
"OWNER'S PERCENTAGE PRIORITY"
SHALL MEAN, FOR EACH FISCAL YEAR
AFTER THE 2004 FISCAL YEAR, AN AMOUNT, NOT LESS THAN ZERO ($0) EQUAL TO THE
AGGREGATE OF THE SUM OF SEVEN AND ONE-HALF PERCENT (7.5%) OF THE GROSS REVENUES
OF EACH HOTEL FOR SUCH FISCAL YEAR IN EXCESS OF THE GROSS REVENUES FOR SUCH
HOTEL FOR ITS BASE YEAR.
1.67
"OWNER'S PRIORITY"
SHALL MEAN AN ANNUAL AMOUNT EQUAL TO THE SUM OF
(A) SIXTEEN MILLION EIGHT HUNDRED SEVENTY TWO THOUSAND DOLLARS ($16,872,000) PER
ANNUM PLUS, (B) EFFECTIVE ON THE DATE OF EACH DISBURSEMENT BY PURCHASER OR OWNER
PURSUANT TO SECTIONS 5.2 (C), 15.2 (IN EXCESS OF NET INSURANCE PROCEEDS) OR 16.2
(IN EXCESS OF THE AWARD) HEREOF, AN AMOUNT EQUAL TO THE AMOUNT SO DISBURSED
MULTIPLIED BY THE DISBURSEMENT RATE (DETERMINED AS OF THE DATES ON WHICH SUCH
SUMS ARE ADVANCED) PLUS, (C) EFFECTIVE AS OF THE FIRST DAY OF THE FIRST RENEWAL
TERM, THE AMOUNT, IF ANY, TO BE ADDED TO THE OWNER'S PRIORITY PURSUANT TO
SECTIONS 17.5(B) OR 17.5(D). OWNER'S PRIORITY SHALL BE SUBJECT TO FURTHER
ADJUSTMENT AS PROVIDED IN SECTION 15.1(C).
1.68
"PARENT"
SHALL MEAN WITH RESPECT TO ANY PERSON, ANY PERSON WHO
OWNS DIRECTLY, OR INDIRECTLY THROUGH ONE OR MORE SUBSIDIARIES OR AFFILIATES,
GREATER THAN FIFTY PERCENT (50%) OF THE VOTING OR BENEFICIAL INTEREST IN, OR
OTHERWISE HAS THE RIGHT OR POWER (WHETHER BY CONTRACT, THROUGH OWNERSHIP OF
SECURITIES OR OTHERWISE) TO CONTROL, SUCH PERSON.
1.69
"PERSON"
SHALL MEAN ANY INDIVIDUAL OR ENTITY, AND THE HEIRS,
EXECUTORS, ADMINISTRATORS, LEGAL REPRESENTATIVES, SUCCESSORS AND ASSIGNS OF SUCH
INDIVIDUAL OR ENTITY WHERE THE CONTEXT SO ADMITS.
1.70
"PLEDGED HOTELS"
SHALL MEAN, WITH RESPECT TO ANY LOAN OR OTHER
DEBT SECURED BY AN AUTHORIZED MORTGAGE, COLLECTIVELY, THE HOTELS WHICH SECURE
SUCH LOAN OR OTHER DEBT.
1.71
"PRIORITY COVERAGE RATIO"
SHALL MEAN 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 PERIOD PURSUANT TO SECTIONS 10.1(A), (B), (F) (H) AND (I), OF THIS
AGREEMENT ALLOCATED TO SUCH HOTEL OR GROUP OF HOTELS (AS APPLICABLE), DIVIDED BY
(B) THE SUM OF THE OWNER'S PRIORITY ALLOCATED TO SUCH HOTEL OR GROUP OF HOTELS
(AS APPLICABLE)FOR SUCH PERIOD, PLUS THE OWNER'S PERCENTAGE PRIORITY FOR SUCH
PERIOD ALLOCATED TO SUCH HOTELS OR GROUP OF HOTEL (AS APPLICABLE), PLUS, FOR
PURPOSES OF SECTION 17.5(B) ONLY, ANY INCREASE IN THE OWNER'S PRIORITY THAT WILL
OCCUR UPON THE RETURN OF THE DEPOSIT TO MANAGER PURSUANT TO THAT SECTION.
1.72
"PURCHASE AGREEMENT"
SHALL MEAN THAT CERTAIN PURCHASE AND SALE