Checked Baggage. On the Closing Date, representatives of each Seller and Purchaser shall make a written inventory of all baggage and similar items left in the care of Manager at each Hotel (collectively, “Inventoried Baggage”). Purchaser shall be responsible for, and shall indemnify the Seller Parties against, any Damages incurred by any of the Seller Parties with respect to any theft, loss or damage to any Inventoried Baggage from and after the time of such inventory, and any other baggage or similar items left in the care of such Hotel on or after the Closing Date which was not inventoried. Each Seller shall be responsible for, and shall indemnify the Purchaser Parties against, any Damages incurred by the Purchaser Parties with respect to any theft, loss or damage to any Inventoried Baggage prior to the time of such inventory, and any other baggage or similar items left in the care of such Hotel prior to the Closing Date which was not inventoried. The indemnities set forth in this Section 7.7 shall survive the Closing until the Survival Date, and shall be subject to the limitations set forth in Sections 7.5 and 7.6.
Appears in 2 contracts
Sources: Purchase and Sale Agreement (American Realty Capital Hospitality Trust, Inc.), Purchase and Sale Agreement (American Realty Capital Hospitality Trust, Inc.)
Checked Baggage. On the Closing Date, representatives of each Seller and Purchaser Buyer shall make a written inventory of all any baggage and similar items left in at the care of Manager at each Hotel (collectively, “Inventoried Baggage”). Purchaser Buyer shall be responsible for, and shall indemnify the Seller Indemnified Parties against, any Damages incurred by any of the Seller Indemnified Parties with respect to any theft, loss or damage to any Inventoried Baggage from and after the time of such inventory, and any other baggage or similar items left in the care of such the Hotel on or after the Closing Date which was not inventoried. Each Seller shall be responsible for, and shall indemnify the Purchaser Buyer Indemnified Parties against, any Damages incurred by the Purchaser Buyer Indemnified Parties with respect to any theft, loss or damage to any Inventoried Baggage prior to the time of such inventory, and any other baggage or similar items left in the care of such the Hotel prior to the Closing Date which was not inventoried. The indemnities set forth in this Section 7.7 shall survive the Closing until the Survival Date, and shall be subject to the limitations set forth in Sections 7.5 and 7.6Section 7.5.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Chesapeake Lodging Trust)