Common use of Advance Bookings and Advance Expenses Clause in Contracts

Advance Bookings and Advance Expenses. Owner JV shall receive a credit at Closing for revenue received by Hersha Owner prior to the Adjustment Point for Advance Bookings made during Hersha Owner’s period of ownership of the Property. Hersha Owner shall receive a credit at Closing for prepaid expenses for goods or services paid (including travel agency or travel service commissions) for rooms at the Hotel to be utilized on or after the Closing.