Common use of Hotel Matters Clause in Contracts

Hotel Matters. Purchaser shall receive a credit for: (i) deposits and other advance payments, if any, under Bookings for Hotel facilities for the period after Closing that remain in effect as of Closing; (ii) commissions due to travel agencies, online travel agencies, credit and referral organizations for any Bookings related to the period prior to Closing and (iii) all outstanding gift certificates, vouchers, trade-outs and similar items for free or discounted use of any of the Hotel rooms or other activities or services (collectively, “Vouchers”) issued specifically for use at the Hotel, in an amount equal to (A) twenty percent (20%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from January 1, 2013 through the Closing Date, (B) five percent (5%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from January 1, 2011 through December 31, 2011, or (C) two percent (2%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from January 1, 2010 through December 31, 2010. To the extent a Voucher does not include a face value, such Voucher will be valued pursuant to Exhibit U attached hereto. Seller shall receive a credit for (x) coin machine, telephone, washroom and checkroom income relating to the period prior to the Cut Off Time and (y) commissions paid by Seller to any travel agencies, online travel agencies, or other referral organization prior to Closing with respect to any Bookings related to the period after Closing. Purchaser shall assume all ordinary course purchase orders for Consumables and Inventory to be delivered after Closing and credit Seller for any prepayments thereunder.

Hotel Matters. Purchaser shall receive a credit for: (i) deposits and other advance payments, if any, under Bookings for Hotel facilities for the period after Closing that remain in effect as of Closing; (ii) commissions due to travel agencies, online travel agencies, credit and referral organizations for any Bookings related to the period prior to Closing and (iii) all outstanding gift certificates, vouchers, trade-outs and similar items for free or discounted use of any of the Hotel rooms or other activities or services services, as more particularly described on Exhibit V-1 (collectivelythe “Comp Certificates”), Exhibit V-2 (the “VouchersGolf Certificates”) and Exhibit V-3 (the “Gift Cards”), issued specifically for use at the Hotel, in an amount equal to (A) twenty with respect to the Comp Certificates and Gift Certificates, fifty percent (2050%) of the face value or remaining balance thereof and (where a B) with respect to the Gift Cards, (i) thirty percent (30%) of the face value exists) or remaining balance thereof if such Voucher Gift Card was sold as a gift card or gift certificate from January 1, 2013 2009 through the Closing DateDecember 31, 2013, (Bii) five sixty-seven percent (567%) of the face value or remaining balance thereof (where a face value exists) if such Voucher Gift Card was sold as a gift card or gift certificate from January 1, 2011 2014 through December 31, 20112014, or (Ciii) seventy-two percent (272%) of the face value or remaining balance thereof (where a face value exists) if such Voucher Gift Card was sold as a gift card or gift certificate from January 1, 2010 2015 through December 31, 2010. To 2015 or (iv) eighty-five percent (85%) of the extent face value or remaining balance thereof if such Gift Card was sold as a Voucher does not include a face valuegift card or gift certificate from January 1, such Voucher will be valued pursuant to Exhibit U attached hereto2016 through the Closing Date. Seller shall receive a credit for (x) coin machine, telephone, washroom and checkroom income relating to the period prior to the Cut Off Time and (y) commissions paid by Seller to any travel agencies, online travel agencies, or other referral organization prior to Closing with respect to any Bookings related to the period after Closing. Purchaser shall assume all ordinary course purchase orders for Consumables and Inventory to be delivered after Closing and credit Seller for any prepayments thereunder.

Hotel Matters. Purchaser shall receive a credit for: (i) deposits and other advance payments, if any, under Bookings for Hotel facilities for the period after Closing that remain in effect as of Closing; (ii) commissions due to travel agencies, online travel agencies, credit and referral organizations for any Bookings related to the period prior to Closing and (iii) all outstanding gift certificates, vouchers, trade-outs and similar items for free or discounted use of any of the Hotel rooms or other activities or services (collectively, “Vouchers”) issued specifically for use at the Hotel, in an amount equal to (A) twenty percent (20%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from January 1, 2013 through the Closing Date, (B) five percent (5%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from January 1, 2011 through December 31, 2011, or (C) two percent (2%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from January 1, 2010 through December 31, 2010. To the extent a Voucher does not include a face value, such Voucher will be valued pursuant to Exhibit U V attached hereto. Seller shall receive a credit for (x) coin machine, telephone, washroom and checkroom income relating to the period prior to the Cut Off Time and (y) commissions paid by Seller to any travel agencies, online travel agencies, or other referral organization prior to Closing with respect to any Bookings related to the period after Closing. Purchaser shall assume all ordinary course purchase orders for Consumables and Inventory to be delivered after Closing and credit Seller for any prepayments thereunder.

Hotel Matters. Purchaser shall receive a credit for: (i) deposits and other advance payments, if any, under Bookings for Hotel facilities for the period after Closing that remain in effect as of Closing; (ii) commissions due to travel agencies, online travel agencies, credit and referral organizations for any Bookings related to the period prior to Closing and (iii) all outstanding gift certificates, vouchers, trade-outs and similar items for free or discounted use of any of the Hotel rooms or other activities or services (collectively, “Vouchers”) issued specifically for use at the Hotel (as opposed to any Vouchers for use at any Le Meridien or Starwood-branded hotel, the revenue from which is directly paid to Franchisor or its Affiliates and is not retained by the Hotel), in an amount equal to (A) eighty percent (80%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from January 1, 2016 through the Closing Date, (B) sixty percent (60%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from January 1, 2015 through December 31, 2015, (C) twenty percent (20%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from January 1, 2013 through the Closing DateDecember 31, 2014, (BD) five ten percent (510%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from January 1, 2011 through December 31, 2011, 2012 or (CE) two five percent (25%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from prior to January 1, 2010 through December 31, 20102011. To the extent a Voucher does not include a face value, such Voucher will be valued pursuant to Exhibit U attached hereto. For the avoidance of doubt, Purchaser shall not receive a credit for any gift card or gift certificate purchased for use at any Le Meridien or Starwood-branded hotel, to the extent that the revenue therefrom is directly paid to Franchisor or its Affiliates and is not retained by the Hotel. Seller shall receive a credit for (x) coin machine, telephone, washroom and checkroom income relating to the period prior to the Cut Off Time and (y) commissions paid by Seller to any travel agencies, online travel agencies, or other referral organization prior to Closing with respect to any Bookings related to the period after Closing. Purchaser shall assume all ordinary course purchase orders for Consumables and Inventory to be delivered after Closing and credit Seller for any prepayments thereunder.. In addition to the foregoing, Seller and Purchaser shall prorate the so-called Starwood SPG Supplemental Award, payable by Franchisor to Seller for 2016, but paid in 2017, between Seller and Purchaser based on the actual number of days the Seller owned the Hotel during calendar year 2016. The proration of the Starwood SPG Supplement Award shall occur upon the actual payment by Franchisor of the Starwood SPG Supplement Award

Hotel Matters. Purchaser shall receive a credit for: (i) deposits and other advance payments, if any, under Bookings for Hotel facilities for the period after Closing that remain in effect as of Closing; (ii) commissions due to travel agencies, online travel agencies, credit and referral organizations for any Bookings related to the period prior to Closing and (iii) all outstanding gift certificates, vouchers, trade-outs and similar items for free or discounted use of any of the Hotel rooms or other activities or services (collectively, “Vouchers”) issued specifically for use at the Hotel (as opposed to any Vouchers for use at any Marriott-branded hotel, the revenue from which is directly paid to Franchisor or its Affiliates and is not retained by the Hotel), in an amount equal to (A) eighty percent (80%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from January 1, 2016 through the Closing Date, (B) sixty percent (60%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from January 1, 2015 through December 31, 2015, (C) twenty percent (20%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from January 1, 2013 through the Closing DateDecember 31, 2014, (BD) five ten percent (510%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from January 1, 2011 through December 31, 2011, 2012 or (CE) two five percent (25%) of the face value thereof (where a face value exists) if such Voucher was sold as a gift card or gift certificate from prior to January 1, 2010 through December 31, 2010. To 0000.Xx the extent a Voucher does not include a face value, such Voucher will be valued pursuant to Exhibit U attached hereto. For the avoidance of doubt, Purchaser shall not receive a credit for any gift card or gift certificate purchased for use at any Marriott-branded hotel, to the extent that the revenue therefrom is directly paid to Franchisor or its Affiliates and is not retained by the Hotel. Seller shall receive a credit for (x) coin machine, telephone, washroom and checkroom income relating to the period prior to the Cut Off Time and (y) commissions paid by Seller to any travel agencies, online travel agencies, or other referral organization prior to Closing with respect to any Bookings related to the period after Closing. Purchaser shall assume all ordinary course purchase orders for Consumables and Inventory to be delivered after Closing and credit Seller for any prepayments thereunder.