Definition of Pre-Closing Ordinary Obligations

Pre-Closing Ordinary Obligations means, to the extent arising on a regular or recurring basis in the ordinary course of business in connection with day-to-day operations, all Liabilities and other obligations relating to the ownership or operation of the Acquired Assets, Properties and Owner Entities prior to the Closing Date and any Liabilities thereof or relating thereto and arising, occurring, relating or otherwise attributable to the period prior to the Closing Date (including, without limitation, trade payables; interest; amounts payable for sales; gross receipts; hotel occupancy; ad valorem; property; withholding and other similar taxes; other operational accruals of Current Liabilities of the type disclosed in the Schedules of Combined Working Capital; and any expenditures made for capital improvements at the Properties ). Pre-Closing Ordinary Obligations shall not include Pre-Closing Income Tax Obligations.
Sample 1