Hotel Revenues. Except as set forth below, the Asset Entity -------------- shall be entitled to all hotel room, food service, bar, beverage and liquor revenues and charges and all revenues and charges from hotel room operations, restaurant operations, hotel banquet and conference facility operations, and other revenue of any kind attributable to the same for the period prior to the Adjustment Time. The Operating Partnership shall be entitled to all hotel room, food service, bar, beverage and liquor revenues and charges and all revenues and charges from restaurant operations, hotel banquet and conference facility operations, and all other revenue of any kind attributable to any of the same for the period on and after the Adjustment Time. Notwithstanding the foregoing, the Operating Partnership shall be entitled to one-half (1/2) of the revenue from hotel rooms at the Asset for the night preceding the date of the Final Closing. The Operating Partnership shall not give the Asset Entity a credit at the date of the Final Closing for any accounts receivable in connection with the Asset as of the date of the Final Closing; but the Operating Partnership shall use reasonable efforts to collect such accounts receivable and shall remit them to the Asset Entity upon collection, less all reasonable costs of collection; provided, however, any collection of account receivables shall first be applied to those accruing after the date of the Final Closing. The Asset Entity shall provide the Operating Partnership a credit against the Consideration for the Asset in an amount equal to all guest reservation deposits held by the hotel for hotel guests arriving or staying after check out time for the Asset on the date of the Final Closing.
Hotel Revenues. (a) At Closing, Seller shall receive one-half (1/2) of all revenues from the Hotel guest rooms and facilities occupied on the evening immediately preceding the Closing Date, including without limitation any sales taxes, room taxes, occupancy taxes and other taxes charged to guests in such rooms, all parking charges, sales from mini-bars, in-room food and beverage, telephone, facsimile and data communications, in-room movie, laundry, and other service charges allocable to such rooms with respect to the evening immediately preceding the Closing Date. All revenues from restaurants, bars, lounges, vending machines and other service operations conducted at the Property shall be allocated based on whether the same accrued before or after the Cut-Off Time, and Seller shall cause the Manager to separately record sales occurring before and after the Cut-Off Time at the Property. Notwithstanding the foregoing, all revenues from any bars and lounges at the Property shall be prorated based on the actual closing time for such bar or lounge. For example, if such bar or lounge closes at 2 a.m. on the Closing Date, Seller shall retain the revenues from such services and operations even though such revenues were generated two (2) hours after the Cut-Off Time.
Hotel Revenues. (a) At Closing, Seller and Purchaser shall share equally all revenues from the Hotel guest rooms and facilities occupied on the evening immediately preceding the Closing Date, including any sales taxes, room taxes, occupancy taxes and other taxes charged to guests in such rooms, all parking charges, sales from mini-bars, in-room food and beverage, telephone, facsimile and data communications, in-room movie, laundry, and other service charges allocable to such rooms with respect to the evening immediately preceding the Closing Date. All revenues from restaurants, lounges, vending machines and other service operations conducted at the Property shall be allocated based on whether the same accrued before or after the Cut-Off Time as described in the preceding sentence, and Seller shall cause the Manager to separately record sales occurring before and after the Cut-Off Time at the Property. The foregoing amounts are referred to collectively as “Guest Revenues”. Notwithstanding the foregoing, all revenues from any bars and lounges at the Property shall be prorated based on the actual closing time for such bar or lounge. For example, if such bar or lounge closes at 2 a.m. on the Closing Date, Seller shall retain the revenues from such services and operations even though such revenues were generated two (2) hours after the Cut-Off Time.
Hotel Revenues. (a) At Closing, Seller shall receive a credit for one-half of all revenues from the Hotel guest rooms and facilities occupied on the evening immediately preceding the Closing Date (and, for the avoidance of doubt, if any guest checks into a Hotel room after the Cut-off Time and such guest is charged for occupying such Hotel room for the evening immediately preceding the Closing Date, then such Hotel room shall be deemed to have been occupied on the evening immediately preceding the Closing Date), including any sales taxes, room taxes, occupancy taxes and other taxes charged to guests in such rooms, all parking charges, sales from mini-bars, in-room food and beverage, telephone, facsimile and data communications, in-room movie, laundry, and other service charges allocable to such rooms with respect to the evening immediately preceding the Closing Date. In light of such credit to Seller at Closing, all such revenues shall be assigned to Buyer, and, from and after the Closing, Buyer shall be entitled to collect and retain the same. All other revenues from restaurants, lounges, vending machines and other service operations conducted at the Property shall be allocated based on whether the same accrued before or after the Cut-Off Time, and Seller shall separately record sales occurring before and after the Cut-Off Time at the Property. Notwithstanding the foregoing, all revenues from any bars and lounges at the Property shall be prorated based on the actual closing time for such bar or lounge. For example, if such bar or lounge closes at 2 a.m. on the Closing Date, Seller shall retain the revenues from such services and operations even though such revenues were generated two (2) hours after the Cut-Off Time.
Hotel Revenues. (a) At Closing, Purchaser shall receive one-half (1/2) of all revenues from the Hotel guest rooms and facilities occupied on the evening immediately preceding the Closing Date, including without limitation any sales taxes, room taxes, occupancy taxes and other taxes charged to guests in such rooms that Seller is obligated to remit to the applicable taxing authorities, all parking charges, sales from mini-bars, in-room food and beverage, telephone, facsimile and data communications, in-room movie, laundry, and other service charges allocable to such rooms with respect to the evening immediately preceding the Closing Date. All revenues from restaurants, bars, lounges, vending machines and other service operations conducted at the Property shall be allocated based on whether the same accrued before or after the Cut-Off Time, and Seller shall cause the Manager to separately record sales occurring before and after the Cut-Off Time at the Property. Notwithstanding the foregoing, all revenues from any bars and lounges at the Property shall be prorated based on the actual closing time for such bar or lounge. For example, if such bar or lounge closes at 2 a.m. on the Closing Date, Seller shall retain the revenues from, and be responsible for the operating costs reasonably attributable to, such services and operations even though such revenues were generated two (2) hours after the Cut-Off Time.
Hotel Revenues. Gross Revenues, minus Food Sales and gross revenues from the sale of alcoholic beverages at or from the Leased Property. Indemnified Party. Either of a Lessee Indemnified Party or a Lessor Indemnified Party. Indemnifying Party. Any party obligated to indemnify an Indemnified Party pursuant to any provision of this Lease.
Hotel Revenues. (a) At Closing, Seller and Purchaser shall each be entitled to one-half (1/2) of all revenues from the Hotel guest rooms and facilities occupied on the evening immediately preceding the Closing Date, including any sales taxes, room taxes, occupancy taxes and other taxes charged to guests in such rooms, all parking charges, sales from mini-bars, in-room food and beverage, telephone, facsimile and data communications, in-room movie, laundry, and other service charges allocable to such rooms with respect to the evening immediately preceding the Closing Date. All revenues from restaurants, bars, lounges, vending machines and other service operations conducted at the Property shall be allocated based on whether the same accrued before or after the Cut-Off Time (defined below), and Seller shall cause the Manager to separately record sales occurring before and after the Cut-Off Time at the Property. The foregoing amounts are referred to collectively as “Guest Revenues”. Notwithstanding the foregoing, all revenues collected from any bars and lounges at the Property shall be prorated based on the actual closing time for such bar or lounge. For example, if such bar or lounge closes at 2 a.m. on the Closing Date, Seller shall retain the revenues collected from such bar or lounge even though such revenues were generated two (2) hours after the Cut-Off Time.
Hotel Revenues. Except as set forth below, Seller shall be entitled to all hotel room, food service, bar, beverage and liquor revenues and charges and all revenues and charges from hotel room operations, restaurant operations, hotel banquet and conference facility operations, and other revenue of any kind attributable to the same for the period prior to 12:01 a.m. on the Closing Date. Purchaser shall be entitled to all hotel room, food service, bar, beverage and liquor revenues and charges and all revenues and charges from restaurant operations, hotel banquet and conference facility operations, and all other revenue of any kind attributable to any of the same for the period on and after 12:01 a.m. on the Closing Date. Notwithstanding the foregoing, Purchaser shall be entitled to one-half (1/2) of the revenue from hotel rooms at the Project for the night preceding the Closing. Purchaser shall not give Seller a credit at Closing for any accounts receivable in connection with the Project as of Closing; but Purchaser shall use reasonable efforts to collect such accounts receivable and shall remit them to Seller upon collection, less all reasonable costs of collection; provided, however, any collection of account receivables shall first be applied to those accruing after Closing. Seller shall deliver to Purchaser or provide Purchaser a credit against the Purchase Price for the Project in an amount equal to all guest reservation deposits held by the hotel for hotel guests arriving or staying after check out time for the Project on the Closing Date.
Hotel Revenues. (a) One-half of all revenues, sales taxes, room taxes, occupancy taxes and other taxes from the Hotel guest rooms for the evening commencing on the day immediately prior to the Closing Date and ending on the morning of the Closing Date shall be credited to each of Seller and Purchaser. Except for Purchaser’s Closing Date Guest Room Incidentals (as defined below), Seller shall receive all other revenues from the Hotel guest rooms and facilities occupied on the morning of the Closing Date. Such revenues to be allocated to Seller shall include, but not be limited to, (i) all revenues, sales taxes, room taxes, occupancy taxes and other taxes charged to guests for the occupancy of such rooms, all for the period ending at the Cut-Off Time, and (ii) all parking charges, sales from mini-bars, in-room food and beverage, telephone, facsimile, computer, and data communications, in-room movie and entertainment, laundry, other service charges and all taxes relating to any of the foregoing (collectively, the items in this clause (ii), the “Guest Room Incidentals”), in each case, allocable to such rooms or its occupants with respect to the period ending at the Cut-Off Time.
Hotel Revenues
