Advance Deposits. The parties acknowledge and agree that, at the Closing, Seller shall hold certain amounts in cash or other forms of payment or security constituting advance deposits for reservations for space at the Hotel subsequent to the Closing ("Advance Deposits"). The Advance Deposits which are held in cash ("Cash Advance Deposits") shall be prorated at the Closing with Seller receiving from the Advance Deposits any amounts or charges earned by Seller prior to the Closing Date and Buyer receiving the balance.
Appears in 3 contracts
Samples: Purchase and Sale Agreement (Hersha Hospitality Trust), Purchase and Sale Agreement (Hersha Hospitality Trust), Purchase and Sale Agreement (Hersha Hospitality Trust)
Advance Deposits. The parties acknowledge and agree that, at the Closing, Seller shall hold certain amounts in cash or other forms of payment or security constituting advance deposits for reservations for space at the each Hotel subsequent to the Closing ("Advance Deposits"). The Advance Deposits which are held in cash ("Cash Advance Deposits") shall be prorated at the Closing with Seller receiving from the Advance Deposits any amounts or charges earned by Seller prior to the Closing Date and Buyer receiving the balance.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Hersha Hospitality Trust)
