Hotel Receivables definition
Hotel Receivables means all accounts receivable arising out of the Hotel Business or the Leases and outstanding as of the day prior to the Closing Date.
Examples of Hotel Receivables in a sentence
All Hotel Receivables, including arrears of rent and other charges owed by Tenants that are due and payable prior to the Closing Date, shall remain the property of the Vendor and shall not be adjusted for at Closing.
The Purchaser agrees to make commercially reasonable efforts to assist the Vendor in collecting Hotel Receivables from and after Closing.
In the event the Purchaser receives or recovers any Hotel Receivables after Closing, the Purchaser shall receive same and hold same in trust for the Vendor and shall pay over such Hotel Receivables to the Vendor forthwith without deduction or set-off.