Common use of Hotel Revenues Clause in Contracts

Hotel Revenues. Except as set forth below, the Asset Entity -------------- shall be entitled to all hotel room, food service, bar, beverage and liquor revenues and charges and all revenues and charges from hotel room operations, restaurant operations, hotel banquet and conference facility operations, and other revenue of any kind attributable to the same for the period prior to the Adjustment Time. The Operating Partnership shall be entitled to all hotel room, food service, bar, beverage and liquor revenues and charges and all revenues and charges from restaurant operations, hotel banquet and conference facility operations, and all other revenue of any kind attributable to any of the same for the period on and after the Adjustment Time. Notwithstanding the foregoing, the Operating Partnership shall be entitled to one-half (1/2) of the revenue from hotel rooms at the Asset for the night preceding the date of the Final Closing. The Operating Partnership shall not give the Asset Entity a credit at the date of the Final Closing for any accounts receivable in connection with the Asset as of the date of the Final Closing; but the Operating Partnership shall use reasonable efforts to collect such accounts receivable and shall remit them to the Asset Entity upon collection, less all reasonable costs of collection; provided, however, any collection of account receivables shall first be applied to those accruing after the date of the Final Closing. The Asset Entity shall provide the Operating Partnership a credit against the Consideration for the Asset in an amount equal to all guest reservation deposits held by the hotel for hotel guests arriving or staying after check out time for the Asset on the date of the Final Closing.

Hotel Revenues. Except as set forth below, the each Asset Entity -------------- shall be entitled to all hotel room, food service, bar, beverage and liquor revenues and charges and all revenues and charges from hotel room operations, restaurant operations, hotel banquet and conference facility operations, and other revenue of any kind attributable to the same for the period prior to the "Adjustment Time". The Operating Partnership shall be entitled to all hotel room, food service, bar, beverage and liquor revenues and charges and all revenues and charges from restaurant operations, hotel banquet and conference facility operations, and all other revenue of any kind attributable to any of the same for the period on and after the "Adjustment Time". Notwithstanding the foregoing, the Operating Partnership shall be entitled to one-half (1/2) of the revenue from hotel rooms at the each Asset for the night preceding the date of the Final Closing. The Operating Partnership shall not give the any Asset Entity a credit at the date of the Final Closing for any accounts receivable in connection with the Asset as of the date of the Final Closing; but the Operating Partnership shall use reasonable efforts to collect such accounts receivable and shall remit them to the Asset Entity upon collection, less all reasonable third party costs of collection; provided, however, any collection of account receivables shall first be applied to those accruing after prior to the date of the Final Closing. The Each Asset Entity shall provide the Operating Partnership a credit against the Consideration for the such Asset in an amount equal to all guest reservation deposits held by the related hotel for hotel guests arriving or staying after check out time for the such Asset on the date of the Final Closing.

Hotel Revenues. Except as set forth below, the each Asset Entity -------------- shall be entitled to all hotel room, food service, bar, beverage and liquor revenues and charges and all revenues and charges from hotel room operations, restaurant operations, hotel banquet and conference facility operations, and other revenue of any kind attributable to the same for the period prior to the "Adjustment Time". The Operating Partnership shall be entitled to all hotel room, food service, bar, beverage and liquor revenues and charges and all revenues and charges from hotel room operations, restaurant operations, hotel banquet and conference facility operations, and all other revenue of any kind attributable to any of the same for the period on and after the "Adjustment Time". Notwithstanding the foregoing, the Operating Partnership shall be entitled to one-half (1/2) of the revenue from hotel rooms at the each Asset for the night preceding the date of the Final Closing. The Operating Partnership shall not give the any Asset Entity a credit at the date of the Final Closing for any accounts receivable in connection with the Asset as of the date of the Final Closing; but the Operating Partnership shall use reasonable efforts to collect such accounts receivable and shall remit them to the Asset Entity upon collection, less all reasonable third party costs of collection; provided, however, any collection of account receivables by the Operating Partnership shall first be applied to those accruing after prior to the date of the Final Closing. The Each Asset Entity shall provide the Operating Partnership a credit against the Consideration for the such Asset in an amount equal to all guest reservation deposits held by the related hotel for hotel guests arriving or staying after check out time for the such Asset on the date of the Final Closing.

Hotel Revenues. Except as set forth below, the Asset Entity -------------- Seller shall be entitled to all hotel room, food service, bar, beverage and liquor revenues and charges and all revenues and charges from hotel room operations, restaurant operations, hotel banquet and conference facility operations, and other revenue of any kind attributable to the same Project for the period prior to 12:01 a.m. local time on the Adjustment TimeClosing Date. The Operating Partnership Purchaser shall be entitled to all hotel room, food service, bar, beverage and liquor revenues and charges and all revenues and charges from restaurant operations, hotel banquet and conference facility operations, and all other revenue of any kind attributable to any of the same Project for the period on and after 12:01 a.m. local time on the Adjustment TimeClosing Date. Notwithstanding the foregoing, the Operating Partnership Purchaser shall be entitled to one-half (1/2) of the revenue from hotel rooms at the Asset Project for the night preceding the date of the Final Closing. The Operating Partnership Purchaser shall not give the Asset Entity Seller a credit at the date of the Final Closing for any accounts receivable in connection with the Asset Project as of the date of the Final Closing; but the Operating Partnership Purchaser shall use reasonable efforts to collect such accounts receivable and shall remit them to the Asset Entity Seller promptly upon collection, less all reasonable out of pocket costs of collection; provided, however, any collection of account receivables collections shall first be applied first to those accruing after the date of accounts specified by the Final Closingpayor and then to accounts due Purchaser prior to any payments to Seller. The Asset Entity Seller shall deliver to Purchaser or provide the Operating Partnership Purchaser a credit against the Consideration Purchase Price for the Asset Project in an amount equal to all guest reservation deposits held by the hotel for hotel guests arriving or staying after check out time for the Asset Project on the date Closing Date, and Purchaser shall and hereby does indemnify and hold Seller harmless with respect to any claims relating to those deposits credited to Purchaser. The provisions of the Final this Paragraph shall survive Closing.

Hotel Revenues. Except as set forth below, the Asset Entity -------------- shall be entitled to all hotel room, food service, bar, beverage and liquor revenues and charges and all revenues and charges from hotel room operations, restaurant operations, hotel banquet and conference facility operations, and other revenue of any kind attributable to the same for the period prior to the Adjustment Time. The Operating Partnership shall be entitled to all hotel room, food service, bar, beverage and liquor revenues and charges and all revenues and charges from restaurant operations, hotel banquet and conference facility operations, and all other revenue of any kind attributable to any of the same for the period on and after the Adjustment Time. Notwithstanding the foregoing, the Operating Partnership shall be entitled to one-half (1/2) of the revenue from hotel rooms at the Asset for the night preceding the date of the Final Closing. The Operating Partnership shall not give the Asset Entity a credit at the date of the Final Closing for any accounts receivable in connection with the Asset as of the date of the Final Closing; but the Operating Partnership shall use reasonable efforts to collect such accounts receivable and shall remit them to the Asset Entity upon collection, less all reasonable costs of collection; provided, however, any collection of account receivables shall first be applied to those accruing after prior to the date of the Final Closing. The Asset Entity shall provide the Operating Partnership a credit against the Consideration for the Asset in an amount equal to all guest reservation deposits held by the hotel for hotel guests arriving or staying after check out time for the Asset on the date of the Final Closing.