Guest Ledger Receivables. Guest Ledger Receivables shall mean all amounts, including, without limitation, room charges and housekeeping costs, accrued to the accounts of guests occupying rooms in Heron Beach Inn as of the Cutoff Time. Seller shall receive a credit for all Guest Ledger Receivables for all room nights up to but not including the room night during which the Cutoff Time occurs, and Buyer shall be entitled to the amounts of Guest Ledger Receivables for the room nights after the Cutoff time. Seller and Buyer shall each receive a credit equal to one-half of the amount of Guest Ledger Receivables for the full room night during which the Cutoff Time occurs. All restaurant and bar facilities will be closed as of the Cutoff Time and Seller shall receive the income from the same until the Cutoff time.
Guest Ledger Receivables. Existing Members shall receive a credit at Closing for all Guest Ledger Receivables for all room nights up to and including the room night immediately prior to the night when the Closing Proration Time occurs, and the Company shall be entitled to the amounts of Guest Ledger Receivables for the room nights after the Closing Proration Time. Existing Members shall receive a credit of fifty percent (50%) of Guest Ledger Receivables for the room night when the Closing Proration Time occurs and the Company shall be entitled to the remaining fifty percent (50%) credit. Existing Members shall receive the income from all restaurant and bar facilities located on the Real Property through the Closing Proration Time and the Company shall receive such income thereafter.
Guest Ledger Receivables. Guest ledger receivables (including, but not limited to, room charges, food and beverage charges and parking charges), incurred in the ordinary course of business in accordance with the Hotel’s credit policies consistently applied.
Guest Ledger Receivables. Amounts accrued to the accounts of guests occupying rooms, including without limitation, room charges, meeting room rentals, and pay television at the Hotel and any other accounts receivable of the Hotel Business (the “Guest Ledger Receivables”), for the room nights prior to the Cutoff Time shall be retained by Seller. Buyer and Seller shall share the amounts of Guest Ledger Receivables for the room night in which the Cutoff Time occurs (fifty percent (50%) each.
Guest Ledger Receivables. Contributor shall be entitled to recovery of Guest Ledger Receivables in accordance with Section 8.02 provided that Contributor and the Company shall each receive a credit equal to one-half (50%) of the amount of Guest Ledger Receivables for the full room night during which the Cut-off Time occurs. All restaurant and bar facilities will be closed as of the Cut-off Time and Contributor shall receive all of the cash income from the same until the Cut-off Time.
Guest Ledger Receivables. Seller shall receive a credit for fifty percent (50%) of all guest ledger receivables for guest room rates and applicable taxes from transient guests then in occupancy for their then period of occupancy, as of 11:59 p.m. on the day preceding the Closing (the “Cut-Off Time”) and the other fifty percent (50%) of such guest room rates and applicable taxes shall belong to Purchaser. Other guest ledger receivables before the Cut-Off Time shall belong one hundred percent (100%) to Seller. All guest ledger receivables after the Cut-Off Time shall belong one hundred percent (100%) to Purchaser. Seller shall also receive such income and shall be charged the expenses attributable to any other revenue sources at the Hotel-Related Units, including, without limitation, telephone, parking, restaurant and bar revenue, until the Cut-Off Time, and Purchaser shall receive a credit for the income and expenses attributable to such other revenue sources which remain open after the Cut-Off Time.
Guest Ledger Receivables. In addition to the items set forth in Section 8.4, Seller shall receive a credit for all guest ledger receivables, i.e., those receivables from transient guests then in occupancy for their then period of occupancy, as of 11:59 p.m. on the day preceding the Closing (the ”Cut-Off Time”); provided, however, that Seller and Purchaser shall each receive 50% of such amount of transient guest receivables for the full night preceding the time of Closing (provided, further, however, that 100% of all guest ledger receivables relating to the night beginning on the day of Closing shall belong to Purchaser). Seller shall also receive such income and shall be charged the expenses attributable to any other revenue sources at the Hotel, including, without limitation, telephone, parking, restaurant and bar revenue, until the Cut-Off Time, and the income and expenses attributable to the restaurant or bar facilities which remain open after the Cut-Off Time until such facilities are closed on the date of the Closing.
Guest Ledger Receivables. Sellers shall receive a credit for all Guest Ledger Receivables, at the face value thereof, for all room nights through the Time of Transfer. Sellers and Purchaser shall each receive a credit equal to one half of the amount of the estimated Guest Ledger Receivables for the full room night on the Closing Date, irrespective of the time of posting thereof (less credit card charges, travel company charges and similar commissions). All kitchen and bar facilities will be closed as of 1:00 a.m. on the Closing Date and Sellers shall receive the income from all kitchen and bar facilities through 1:00 a.m. on the Closing Date and Purchaser shall receive the income from all kitchen and bar facilities from and after 1:00 a.m. on the Closing Date, provided that to the extent such income is included in Guest Ledger Receivables it shall be credited in accordance with the prior two sentences of this paragraph. It is acknowledged that under the Company's current accounting system all Guest Ledger Receivables for a given date are posted on 1:00 a.m. on the next succeeding date and, notwithstanding that the Time of Transfer is 12:01 a.m., all such receivables posted as of 1:00 a.m. on the Closing Date shall be deemed to relate to the date prior to the Closing Date and shall be credited to Sellers and notwithstanding the fact that Guest Ledger receivables with respect to the Closing Date are posted at 1:00 a.m. on the following date, such amounts shall be deemed to relate to the Closing Date.
Guest Ledger Receivables. Seller shall be entitled to recovery of Guest Ledger Receivables in accordance with Section 8.03 provided that Seller and Purchaser shall each receive a credit equal to one-half (50%) of the amount of Guest Ledger Receivables for the full room night during which the Cut-off Time occurs. All restaurant and bar facilities will be closed as of the Cut-off Time and Seller shall receive all of the cash income from the same until the Cut-off Time.
Guest Ledger Receivables. Seller shall receive a credit at Closing for all Guest Ledger Receivables for all room nights (but not more than seven (7) nights in total per guest) up to and including the room night immediately prior to the night when the Closing Proration Time occurs, and Buyer shall be entitled to the amounts of Guest Ledger Receivables for the room nights after the Closing Proration Time. Seller and Buyer shall each receive a credit of fifty percent (50%) of Guest Ledger Receivables for the room night when the Closing Proration Time occurs.
