Guest Ledger. Subject to (f) below, all accounts receivable of registered guests at the Hotel who have not checked out and were occupying rooms as of the Cutoff Time, shall be prorated as provided herein.
Guest Ledger. Subject to (f) below, all accounts receivable of registered guests at the Hotel who have not checked out and were occupying rooms as of the Cutoff Time, shall be prorated as provided herein. Seller shall receive a credit for all guest ledger receivables, net of credit card commissions, for all room nights and other charges up to but not including the room night during which the Cutoff Time occurs.
Guest Ledger. At the applicable Closing, Sellers will receive a credit in an amount equal to all amounts charged to the Guest Ledger for all room nights up to the night during which the Cut-Off Time occurs (other than any restaurant or bar charges on the Guest Ledger which will be prorated in accordance with Appendix 8.1(b)(ii) below), and Purchaser will be entitled to retain all deposits made and amounts collected with respect to such Guest Ledger. All room revenue for the night during which the Cut-Off Time occurs will be split equally between the applicable Seller and the Purchaser.
Guest Ledger. All revenues received or to be received from transient guests on account of room rents for the period prior to and including the Cut-Off Time shall belong to the Seller. At Closing, the Seller shall receive a credit in an amount equal to: (i) all amounts unpaid as of the Cut-Off Time charged to the Guest Ledger for all room nights up to (but not including) the night during which the Cut-Off Time occurs, and (ii) one-half of all amounts unpaid as of the Cut-Off Time charged to the Guest Ledger for the room night which includes the Cut-Off Time and the Guest Ledger and all amounts charged thereto and unpaid as of the Cut-Off Time shall become the property of the Buyer. For the period beginning on the day immediately following the Cut-Off Time, such revenues collected from the Guest Ledger shall belong to the Buyer. In the event that an amount less than the total amount due from a guest is collected and guest continued in occupancy after the Cut-Off Time, such amount shall be applied first to any amount owing by such person to the Seller and thereafter to such person’s amounts accruing to the Buyer.
Guest Ledger. A copy of the guest ledger dated as of the Proration Time showing all Guest Ledger Receivables and certified by Seller (a) to be a true, correct and complete copy of the guest ledger provided to Seller by Manager; and (b) to Seller's Knowledge, to be true, correct and complete;
Guest Ledger. All revenues received or to be received from transient guests on account of room rents for the period prior to and including the Cut-Off Time shall belong to Seller. At Closing, Seller shall receive a credit in an amount equal to: (i) all amounts charged to the Guest Ledger for all room nights up to (but not including) the night during which the Cut-Off Time occurs, and (ii) one-half of all amounts charged to the Guest Ledger for the room night which includes the Cut-Off Time. For the period beginning on the day immediately following the Cut- Off Time, such revenues collected from the Guest Ledger shall belong to Buyer. In the event that an amount less than the total amount due from a guest is collected and the guest continues in occupancy after the Cut-Off Time, such amount shall be applied first to any amount owing by such person to Seller and thereafter to such person’s amounts accruing to Buyer. The parties’ obligations under this subsection 10.3(a) shall survive the Closing without limitation.
Guest Ledger. The balance (less any contested charges) of the open account (“Guest Ledger Account”) for each guest or group of guests at the Hotel on the night immediately preceding Closing (“Closing Eve”) shall be prorated between Seller and Buyer as follows:
8.3.1.1 Room and service charges (including, without limitation, room service charges, in-house movie fees, health or fitness club charges and honor bar charges) for all times preceding Closing Eve shall be credited to Seller.
8.3.1.2 Room and service charges for all times after Closing Eve shall belong to Buyer.
8.3.1.3 Room charges for Closing Eve shall be divided equally between Seller and Buyer.
8.3.1.4 Subject to clause (A) of Section 8.7, other charges shall be allocated between Seller and Buyer as of the Closing Date, based on the time such charges were actually incurred.
8.3.1.5 Subject to clause (A) of Section 8.7, any other charges for the 24-hour period including Closing Eve, which cannot be fixed as to the actual time of incurrence, shall be apportioned equally between Seller and Buyer.
8.3.1.6 From the amounts apportioned to Seller under the foregoing clauses shall be deducted Seller’s prorated share of all applicable travel and tour agent commissions, license, reservation and franchise fees, and similar expenses. Any proration of revenues from Liquor Operations shall be subject to such limitations and conditions as may be imposed by applicable alcoholic beverage control Laws.
3.1. Buyer shall be responsible for paying any amounts deducted from Seller’s apportioned share under Section 8.3.1.6, Buyer and Seller shall each be responsible for paying their own taxes with respect to amounts for which they receive credit pursuant to this Section 8.3.1.
Guest Ledger. At Closing, Seller shall receive a credit in an amount equal to: (i) all amounts charged to the Guest Ledger for all room nights up to (but not including) the night during which the Cut-Off Time occurs, and (ii) one half ( 1/2) of all amounts charged to the Guest Ledger for the room night which includes the Cut-Off Time net of any occupancy or sales tax due with respect thereto (other than any restaurant or bar charges on the Guest Ledger which shall be prorated in accordance with Section 11.2.11), and Purchaser shall be entitled to retain all deposits made and amounts collected with respect to such Guest Ledger.
Guest Ledger. At Closing, Seller shall receive a credit in an amount equal to: (i) all amounts charged to the Guest Ledger for all room nights up to (but not including) the night during which the Cut-Off Time occurs, and (ii) one half (½) of all amounts charged to the Guest Ledger for the room night which includes the Cut-Off Time (other than any restaurant or bar charges on the Guest Ledger, which shall be prorated in accordance with Section 11.2.8 hereof, and any Function Revenues, which shall be prorated in accordance with Section 11.2.12 hereof), and Purchaser shall be entitled to retain all deposits made and amounts collected with respect to the Guest Ledger.
Guest Ledger. Subject to the requirements of Section 9.15, all revenues received or to be received from transient guests on account of room rents, facilities occupied and the use of the Property (including without limitation parking areas, mini-bar sales, phone and other communication charges and the like) for the period prior to but excluding the Cut-Off Time shall belong to Seller. At Closing, Seller shall receive a credit in an amount equal to: (i) all amounts charged to the Guest Ledger for all room nights up to (but not including) the night during which the Cut-Off Time occurs, and (ii) one half ( 1⁄2) of all amounts charged to the Guest Ledger for the room night which includes the Cut-Off Time. For the period beginning on the day immediately following the Cut-Off Time, such revenues collected from the Guest Ledger shall belong to Buyer and Buyer shall be entitled to retain all deposits made and amounts collected with respect to such Guest Ledger. For the period beginning on the day immediately following the Cut-Off Time, revenues collected from the Guest Ledger shall belong to Buyer. In the event that an amount less than the total amount due from a guest is collected and such guest continued in occupancy after the Cut-Off Time, such amount shall be pro-rated over the period of such guest’s stay. The provisions of this subsection 9.7(a) will survive the Closing for 180 days.
