Hotel Consumables. Existing Members shall receive a credit at Closing equal to Existing Members’ Pro Rata Share of the actual cost as disclosed by Existing Members’ or Company’s books of the food and beverages (including alcoholic and non-alcoholic to the extent permitted by Law), engineering, maintenance, and housekeeping supplies (including soap and matches), stationery, printing and other supplies of all kinds (but specifically excluding any stationery, printing and other supplies with proprietary insignia or logos of the Existing Members or Existing Members’ affiliated entities) (collectively, the “Consumables”) located at the Property and used in connection with the ownership, use, operation and maintenance of the Hotel as of the Closing Date; provided, however, if no actual cost is ascertainable with respect to particular Consumables on Existing Members’ or Company’s books, the first in, first out method of valuation shall be used. The amount of such credit shall be determined by an actual inventory of all usable, unopened items of Consumables taken the day preceding the Closing Date (or such other date as the parties hereto may reasonably agree upon). Such credit shall account for (a) all unopened cases of Consumables, (b) all unopened individual items of Consumables which are a part of an opened case, but which have not been stocked in the guest rooms of the Hotel, and (c) all food and similar unused perishables usable in the ordinary course of the operation of the Hotel. Existing Members shall have no right to any credit under this Paragraph for Consumables stocked in the guest rooms of the hotel on the Closing Date.
Hotel Consumables. The Consumables will be addressed in accordance with Section 6.11(C), but will not be subject to any proration.
Hotel Consumables. Seller shall sell to Buyer, and Buyer shall purchase from Seller, inclusive in the Purchase Price for the Property, all of the food and beverages (including alcoholic and non-alcoholic to the extent permitted by Law), engineering, maintenance, and housekeeping supplies (including soap and matches), stationery, printing and other supplies of all kinds (but specifically excluding any stationery, printing and other supplies with proprietary insignia or logos of the Seller or Seller’s affiliated entities) (collectively, the “Consumables”) owned by Seller, located on the Property and used in connection with the ownership, use, operation and maintenance of the Hotel as of the Closing Date free and clear of all liens, claims and other encumbrances, the same to be sold at Seller’s actual cost as disclosed by Seller’s books. The purchase price of the Consumables shall be determined by an actual inventory of all usable, unopened items of Consumables taken the day preceding the Closing Date (or such other date as the parties hereto may reasonably agree upon) and shall be included at Closing in the Purchase Price. Buyer shall have no obligation to pay, and Seller shall have no right to an adjustment, under this Paragraph for Hotel Consumables stocked in the guest rooms of the hotel on the Closing Date. Buyer will purchase (a) all unopened cases of Consumables, (b) all unopened individual items of Consumables which are a part of an opened case, but which have not been stocked in the guest rooms of the Hotel, and (c) all food and similar unused perishables usable in the ordinary course of the operation of the Hotel.
Hotel Consumables. Seller shall have the right to remove from the Hotels, (i) any operating supplies that bear the Extended Stay America brand, logo or trademarks, (ii) breakfast supplies, and (iii) other consumables specific to the Extended Stay America brand; it being agreed that after the Effective Date, if Seller elects to remove any consumables falling within clause (i) or (iii) of this paragraph, Seller shall replenish all such removed consumables with generic supplies such that upon the Closing there shall be adequate stock generally consistent with the quantities in place on the Effective Date. To the extent inventory levels with respect to linens and towels at the Hotels shall not be at one and one-half (1 1/2) par at Closing, Buyer shall receive a credit against the Purchase Price at Closing in an amount sufficient to bring the inventory levels up to such a level.
