Accounts Payable; Accounts Receivable. (a) All accounts payable of the Company as set forth on Schedule 3.24(a) arose in bona fide arm’s length transactions in the ordinary course of business and no account payable in excess of $5,000 is delinquent in its payment. Since its inception, the Company has paid its accounts payable in the ordinary course of business and in a manner which is consistent with its past practices.
Accounts Payable; Accounts Receivable. (a) Except as set forth on Schedule 3.23, all of the Accounts Payable represent bona fide transactions in the Ordinary Course of Business of Seller or one or more of its Subsidiaries as to which performance has been rendered. All of the Accounts Payable are for purchases of goods or services from suppliers of the Business, none of which is an Affiliate of Seller.
Accounts Payable; Accounts Receivable. Since December 31, 2003, the accounts and notes payable and other accrued expenses of the Company are and have been paid in the ordinary course of business in a manner consistent with past practice. All accounts receivable of the Company represent valid obligations arising from sales actually made or services actually performed in the ordinary course of business and since December 31, 2003, are being collected in the ordinary course of business in a manner consistent with past practice, and as to which reserves have been maintained on the Company's books and records which are adequate in accordance with GAAP and calculated consistent with past practice.
Accounts Payable; Accounts Receivable. Each of the accounts payable, accounts receivable (and any reserves or allowances thereto) and notes receivable of the Company arose from bona fide transactions consummated in the ordinary course of business and has been calculated and recorded in accordance with GAAP. No contra account, set-off, defense, counterclaim, allowance or adjustment has been asserted or, to the Knowledge of the Company, threatened by any of the account debtors of such accounts receivable and notes receivable. The execution of this Agreement or the occurrence of the Closing of the transactions set forth herein shall not give cause to any acceleration or discounting in the accounts receivable or increase in the accounts payable. There have been no material write-offs or delays in collection of notes and accounts receivable as a result of or otherwise arising out of the COVID-19 virus or COVID-19-related Laws or Orders through the Closing Date. As of the date hereof, the Company does not expect there to be any, and, to the Knowledge of the Company, there is no reasonable basis for, any material write-offs or delays in collection of notes and accounts receivable following the Closing Date as a result of or otherwise arising out of the COVID-19 virus or COVID-19-related Laws or Orders.
Accounts Payable; Accounts Receivable. (a) All accounts payable of the Company arose in bona fide arm’s length transactions in the ordinary course of business and no such account payable is delinquent in its payment. The reserves set forth on the Company Audited Balance Sheet and the Company Interim Balance Sheet against the accounts receivable for bad debts have been calculated in an appropriate manner consistent with Singapore FRS and with the past practices of the Company. Since the Balance Sheet Date, the Company has paid its accounts payable in the ordinary course of its business and in a manner which is consistent with its past practices. The Company has not had any account payable to any person who is affiliated with it or any of its directors, officers, employees or shareholders.
Accounts Payable; Accounts Receivable. All obligations and liabilities (for services and materials ordered, or otherwise) and accounts payable for the Resort and the Real Property for merchandise, equipment, tour agents’ and travel agents’ commissions, advertisements, supplies and other materials and services shall be identified as of the Cut-Off Time. Seller shall retain all the accounts receivable as of the Cut-Off Time, and Seller shall retain the right to pursue collection of all accounts receivable, provided that in connection with such efforts, Seller shall have no right to terminate any Contract that Purchaser has assumed. Seller shall provide Purchaser with a schedule of such accounts receivable at Closing. Purchaser agrees to collect such receivables on Seller’s behalf and in the ordinary course of business, and to promptly remit such receivables when collected to Seller. To the extent not paid by Seller at Closing, Seller hereby covenants that Seller shall retain the obligation for payment (and shall pay prior to the earlier of (i) delinquency or (ii) the date that is thirty (30) days after the Closing) of all trade accounts due and payable as of the Cut-Off Time that relate to matters arising or accruing prior to the Closing (including, without limitation, for any work performed or materials delivered prior to Closing in connection with any capital expenditures at the Property, as well as all other goods and services delivered to or performed at, or for the benefit of, the Property prior to Closing) in the ordinary course when due (subject to any disputes in connection therewith), and Purchaser shall be responsible for all such trade accounts payable, as well as any other trade payables that first arise or accrue from and after the Closing. Seller shall provide Purchaser with a schedule of any such accounts payable which are not paid by Seller at Closing. Revenue from room rentals (including food and beverage receivables charged to guest room accounts) shall belong to Seller to the extent attributable to any period prior to the Closing. Each Party shall promptly remit any funds that such Party receives that belong to the other Party in accordance with the provisions of this Agreement. Each of Purchaser and Seller shall be responsible for the payment of any sales, use, and/or hotel/motel occupancy taxes collected or otherwise due and payable in connection with the revenue allocated to such party under this Section 4.6.
Accounts Payable; Accounts Receivable. (a) All accounts receivable of the Company and its Subsidiaries have arisen from bona fide transactions and represent arm’s length sales made in the ordinary course of business to Persons that are not Affiliates of the Company and, to the extent not previously collected, are fully collectible, net of the allowance for doubtful accounts (on an aggregate basis), in the ordinary course of business. None of such accounts receivable is subject to any valid contest, claim, defense, counterclaim or right of setoff other than credits, returns and allowances arising in the ordinary course of business. The reserves, allowances and discounts with respect to such accounts receivable were and are adequate and consistent in extent with reserves, allowances and discounts previously maintained by the Company in the ordinary course of business. No Person has any Encumbrance on any such accounts receivable or any part thereof, and no agreement, for deduction, free goods, discount or other deferred price or quantity adjustment has been made with respect to any such accounts receivable.
Accounts Payable; Accounts Receivable. (a) The Company's Financial Statements fairly present the Company's accounts payable and accrued expenses (collectively, the "Accounts Payable") in accordance with GAAP as of the date or dates thereof. At the time of the Closing, the Accounts Payable shall not exceed $2,000,000.
Accounts Payable; Accounts Receivable. (a) All accounts receivable of the Acquired Companies were acquired or arose from sales actually made or services actually performed in the ordinary course of business that represent bona fide transactions and valid claims, are not subject to any setoff, counterclaim or Legal Proceeding and are enforceable in accordance with their terms, except to the extent of any specific reserves against such accounts receivable are reflected on the Company SEC Documents.
Accounts Payable; Accounts Receivable. (a) All accounts payable of the Company arose in bona fide arm’s length transactions in the ordinary course of business and no such account payable is delinquent in its payment. Since December 31, 2009, the Company has paid its accounts payable in the ordinary course of its business and in a manner which is consistent with its past practices. The Company does not have any account payable to any person which is affiliated with it or any of its directors, officers, employees or stockholders.
