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shall be determined by deducting all operating expenses of the Hotel, the monthly <br /> interest payments required to be paid by Owner pursuant to its purchase of the Hotel, <br /> the maintenance and replacement reserve allocated to each month of the term and the <br /> initial working capital allocated to each month of the term from the net revenues of the <br /> Hotel. <br /> Section 2. Horve shall pay to Owner on or before the first day of each month, <br /> beginning November 1, 2007, monthly interest payment based on $7,225,000 at 5.15% <br /> per annum. <br /> ARTICLE IV <br /> FINANCE <br /> Section 1. During the term of this Agreement and as provided herein, Horve shall <br /> be responsible for and shall maintain the records and books for the Hotel in accordance <br /> with industry standards. All costs and expenses required to do such shall be <br /> considered operating expenses. <br /> Section 2. Horve shall be responsible for the negotiation and execution of all <br /> contracts, leases and concessions as are necessary or desirable in connection with the <br /> operation or maintenance of the Hotel and all payments due shall be considered <br /> operating expenses. <br /> Section 3. Horve shall provide Owner, no less than monthly, with financial <br /> statements covering the operations of the Hotel for the preceding month. Said <br /> statements shall, at a minimum, consist of a balance sheet, a cash flow report and a <br /> detailed monthl rofit and loss statement and a ear to date rofit and loss statement. <br /> YP Y P <br />' 6 <br />