Common use of Room Reservations Clause in Contracts

Room Reservations. Purchaser will honor the terms and rates of all pre-Closing Date room reservations (in accordance with their terms) at the Hotel made in the ordinary course of business by guests or customers, including advance reservation cash deposit, for rooms or services confirmed by Seller for dates after the Closing Date. Purchaser shall receive a credit for such deposit at Closing. Purchaser recognizes that such reservations may include discounts or other benefits, including, without limitation, benefits under frequent player or casino awards programs, group discounts, other discounts or requirements that food, beverage or other benefits be delivered by Purchaser to the guest(s) holding such reservations. Purchaser will honor all room allocation agreements and banquet facility and service agreements which have been granted to groups, persons or other customers for periods after the Closing Date at the rates and terms provided in such agreements provided that such agreements were made in the ordinary course of business. Purchaser agrees that Seller cannot make and has made no representation or warranty that any party holding a reservation or agreement for rooms, facilities or services will utilize such reservation or honor such agreement. Purchaser, by the execution hereof, assumes the risk of non-utilization of reservations and non-performance of such agreements from and after the Closing Date.