Utility Contracts. Telephone and telex contracts and contracts for the supply of heat, steam, electric power, gas, lighting and any other utility service shall be prorated as of the Cut-off Time, with Seller receiving a credit for each deposit, if any, made by Seller as security under any such public service contracts if the same is transferable and provided such deposit remains on deposit for the benefit of Purchaser. Where possible, cut-off readings will be secured for all utilities on the Closing Date.
Appears in 2 contracts
Sources: Asset Purchase Agreement (Players International Inc /Nv/), Asset Purchase Agreement (Players International Inc /Nv/)
Utility Contracts. Telephone Telecommunications and telex cable contracts and contracts for the supply of heat, steam, electric power, gas, lighting gas and any other utility service shall be prorated as of the Cut-off Time, with Seller receiving a credit for each deposit, if any, made by Seller as security under any such public service contracts if the same is transferable and provided such deposit remains on deposit for the benefit of Purchaser. Where possible, cut-off readings will be secured for all utilities on the morning of the Closing Date.
Appears in 2 contracts
Sources: Agreement for Sale and Purchase of Hotel (Strategic Hotel Capital Inc), Agreement for Sale and Purchase of Hotel (Strategic Hotel Capital Inc)
Utility Contracts. Telephone and telex contracts and contracts for the supply of heat, steam, electric power, gas, lighting lighting, internet access and any other utility service shall be prorated as of the Cut-off Time, with Seller receiving a credit for each deposit, if any, made by Seller as security under any such public service contracts if the same is transferable and provided such deposit remains on deposit for the benefit of Purchaser. Where possible, cutreadings as of the Cut-off readings Time will be secured for all utilities on the Closing Date.
Appears in 1 contract
Sources: Agreement for Sale and Purchase of Hotel (Hersha Hospitality Trust)
Utility Contracts. Telephone and telex contracts and contracts for the supply of heat, steam, electric power, gas, lighting and any other utility service shall be prorated as of the Cut-off Time, with Seller receiving a credit for each deposit, if any, made by Seller as security under any such public service contracts if the same is transferable and provided such deposit remains on deposit account for the benefit of Purchaser. Where possible, cutreadings as of the Cut-off readings Time (or as close thereto as practicable) will be secured for all utilities on the Closing Date.
Appears in 1 contract
Sources: Hotel Purchase and Sale Agreement (Boykin Lodging Co)