Hotel Management Agreement Draft Page 5
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17limitation all revenue form guests, tenants , concessionaires and
from other persons occupying space in the Hotel, or from rendering
services to the Hotel or its guests, determined in accordance with
sound accounting principles and the Uniform System of Accounts
for Hotels, but shall not include interest earned or monies placed on
fixed deposit by ABC in the name of the Hotel, or otherwise, sums
received or receivable by way of Government excise, sales or other
taxes, gains arising from the sale or disposition of capital assets.
Gross turnover shall be exclusive of all taxes.
10.
“Gross Operating Profit” shall mean profit before interest,
depreciation, tax & head office expenses, Management Fee,
renovation, but after interest on working capital.
11.
It is expressly understood that all costs and expenses not
specifically provided for in this Agreement shall be borne and met
by ABC including the following:
a. Provision for depreciation
b. Interest on loans
c. Payment of loans
d. Ground rent
e. Municipal taxes on property by whatever name called
f. All corporate expenses of ABC
PART II
OPERATION OF THE HOTEL
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