Reservation Deposits. Prepaid and unearned reservation deposits and other such third party prepaid items relating to periods after the Cut-Off Time shall be transferred to Purchaser, or the amounts thereof credited to Purchaser, at the Closing.
Reservation Deposits. Buyer shall receive a proration credit equal to the aggregate amount of all outstanding Reservation Deposits with respect to each Hotel.
Reservation Deposits. Prepaid and unearned reservation deposits and other items prepaid by guests of the Hotel shall be transferred to Purchaser at the Closing.
Reservation Deposits. At Closing, Seller shall give Buyer a credit against the Purchase Price in the aggregate amount of any advance deposits then held by Seller with respect to the Property pursuant to the terms of any reservations of rooms or banquet or other facilities. All advance booking deposits as of the Closing Date for the Property for which Buyer receives a credit shall be the obligation of Buyer after Closing. There shall be no post‑Closing Date adjustment based on the amounts actually earned or refunded by Buyer with respect to or on account of advance bookings, regardless of whether Buyer's obligations with respect thereto shall be greater or less than the amount credited to Buyer pursuant to this section.
Reservation Deposits. (i) On the Closing Date the aggregate amount of any deposits ("RESERVATION DEPOSITS") received by Seller (whether paid in cash or by -------------------- credit card) as a downpayment for reservations ("RESERVATIONS") made for ------------ rooms, banquets, meals or other services to be supplied from and/or after the Closing Date shall be credited against the cash portion of the Purchase Price due at the Closing.
(ii) Seller hereby indemnifies and holds Purchaser harmless from and against all claims by and liabilities to any person resulting from Seller's failure to pay over or credit to Purchaser any Reservation Deposits allegedly paid to Seller for the period from and after the Closing Date. Purchaser hereby indemnifies and holds Seller harmless from and against all claims by and liabilities to any person resulting from Purchaser's failure to honor or return any Reservation Deposit paid or credited to Purchaser.
Reservation Deposits. Prepaid and unearned reservation deposits and other items prepaid by guests of the Hotels and unearned shall be credited or transferred (without additional credit to the Sellers pursuant to Section 6.1.11) to Purchaser at the Closing.
Reservation Deposits. A. On the Closing Date the aggregate amount of any deposits ("Reservation Deposits") received by Seller (whether paid in cash or by credit card) as a downpayment for reservations ("Reservations") made for rooms, banquets, meals or other services to be supplied from and/or after the Closing Date shall be properly reflected as deferred revenue in the Working Capital Adjustment made pursuant to Section 6.
B. Seller hereby indemnifies and holds Purchaser harmless from and against all claims by and liabilities to any person resulting from (x) Seller's failure to properly reflect in the Working Capital Adjustment made pursuant to Section 6 any Reservation Deposits received by Seller prior to the Closing Date and (y) Seller's failure to pay over or credit to Purchaser any Reservation Deposits paid to Seller for the period from and after the Closing Date. Purchaser hereby indemnifies and holds Seller harmless from and against all claims by and liabilities to any person resulting from Purchaser's failure to honor or return any Reservation Deposit paid or credited to Purchaser.
C. The provisions of this Section 9 shall survive the Closing.
Reservation Deposits. Each deposit or advance payment received by Seller or the Manager (as defined in the Purchase Agreement) in connection with any Reservation.
Reservation Deposits. All money paid upon signing of this Lease will be deemed a reservation fee until the time of actual occupancy of the rental unit. When the unit is occupied, all money paid as a reservation fee will be credited towards the security deposit. Failure to take possession of the unit will result in a total forfeiture of the reservation fee. The forfeiture of the reservation fee does not include or waive any fees incurred or agreed to by Tenant to market, show and make the Property available for rent to procure a replacement Tenant and does not relinquish the Tenant from their obligations under this Lease Agreement. The Tenant(s) has paid a non- refundable application fee for purposes of processing this Lease.
Reservation Deposits. Notwithstanding anything to the contrary contained in this Agreement, the Seller shall not be permitted to withdraw funds from the Reservation Accounts, to the extent such funds are or may become payable to airlines, the operators of hotels or other lodging facilities or other third parties; provided, however, that such withdrawal may be made if (a) at the Closing (i) the Seller certifies to the Purchaser as to the aggregate amount so withdrawn (the "Reservation Withdrawal Amount") and (ii) the Purchaser receives a credit against the Purchase Price equal to such aggregate withdrawals, or (b) such amounts are to airlines, the operators of hotels or other lodging facilities or other third parties to which such amounts are owing.
