Common use of Trade Payables Clause in Contracts

Trade Payables. Trade payables shall mean (for all purposes) -------------- under this Contribution Agreement, open accounts payable to trade vendors or suppliers of the Asset's hotel, restaurant, bar or similar facilities. The Asset Entity agrees to give the Operating Partnership a credit on the date of the Final Closing for all trade payables from the Asset which have accrued on or prior to the Adjustment Time, and the Operating Partnership shall be obligated to pay such payables to the extent it has received a credit from the Asset Entity on the date of the Final Closing. The Operating Partnership agrees to pay all trade payables from the Asset which have accrued after the Adjustment Time and shall and hereby does indemnify and hold the Asset Entity harmless from payment of the same. The indemnities contained or provided for in this section survive the date of the Final Closing.

Trade Payables. Trade payables shall mean (for all purposes) -------------- under this Contribution Agreement, open accounts payable to trade vendors or suppliers of the Asset's hotel, restaurant, bar or similar facilities. The Each Asset Entity agrees to give the Operating Partnership a credit on the date of the Final Closing for all trade payables from the Asset which have accrued on or prior to the Adjustment Time, and the Operating Partnership shall be obligated to pay such payables to the extent it has received a credit from the Asset Entity on the date of the Final Closing. The Operating Partnership agrees to pay all trade payables from the each Asset which have accrued after the Adjustment Time and shall and hereby does indemnify and hold the each Asset Entity harmless from payment of the same. The indemnities contained or provided for in this section survive the date of the Final Closing.