Revenue From Operations. With respect to each Property, all revenues from Hotel operations, including, without limitation, guest room rentals, revenue from the minibars (if any), banquet rooms rentals, vending machines, coin telephones, and other income-producing equipment arising through 12:01 a.m. EST on the Closing Date (“Cut-Off Time”) shall be a credit to the RLJ REITs. All revenues from Hotel operations, including, without limitation, guest room rentals, revenue from the minibars (if any), banquet rooms rentals, vending machines, coin telephones, and other income producing equipment arising after the Cut-Off Time shall belong to Parent. Revenue from guest room rentals for the evening before the Closing Date through to the day of the Closing Date shall be credited one-half (1/2) to the RLJ REITs and one-half (1/2) to Parent. All prepaid rentals, room rental deposits, and all other deposits for advance reservations and Bookings for the period after the Cut-Off Time, shall be credited to Parent.
Appears in 4 contracts
Samples: Agreement and Plan of Merger (Inland American Real Estate Trust, Inc.), Agreement and Plan of Merger (Inland American Real Estate Trust, Inc.), Agreement and Plan of Merger (Inland American Real Estate Trust, Inc.)
Revenue From Operations. With respect to each Property, all revenues from Hotel operations, including, without limitation, guest room rentals, revenue from the minibars (if any), banquet rooms rentals, vending machines, coin telephones, and other income-producing equipment arising through 12:01 a.m. EST local time on the Closing Date Close of Escrow (“Cut-Off Time”) shall be a credit belong to the RLJ REITsSeller. All revenues from Hotel operations, including, without limitation, guest room rentals, revenue from the minibars (if any), banquet rooms rentals, vending machines, coin telephones, and other income producing equipment arising after the Cut-Off Time shall belong to ParentPurchaser. Revenue from guest room rentals for the evening before the Closing Date date of the Close of Escrow through to the day of the Closing Date Close of Escrow shall be credited allocated one-half (1/2) to the RLJ REITs Seller and one-half (1/2) to ParentPurchaser. All prepaid rentals, room rental deposits, and all other deposits for advance reservations and Bookings for the period after the Cut-Off Time, shall be credited to ParentPurchaser.
Appears in 1 contract
Samples: Purchase and Sale Agreement and Escrow Instructions (Chatham Lodging Trust)
