Accounts Receivable Collection. I will collect and otherwise enforce all of my unpaid Accounts Receivable at my cost and expense, until you end my authority to do so, which you may do at any time to protect your best interests. I will not sell, assign or otherwise dispose of any Accounts Receivable without your written consent. I will not commingle the Accounts Receivable proceeds with any of my other property.
Accounts Receivable Collection. The Assets which are being sold hereunder shall include all accounts receivable of the Company as reflected on the Company's books as of the Closing Date. In connection with the sale of the accounts receivable, the Company agrees to execute such instruments of transfer, conveyance and assignment as may be reasonably requested by Buyer to give effect to such sale.
(i) Buyer agrees to use its best efforts to collect such accounts receivable as are sold hereunder by the Company. This shall include, but not be limited to, at least one (1) written contact by mail or wire during each thirty (30) day period for each account debtor who is in default of its agreed terms of payment. With respect to those accounts which are over thirty (30) days in default, Buyer shall contact each such account debtor at least once by mail or wire and once by phone during each thirty (30) day period. With respect to each account receivable which is sold to Buyer by the Company hereunder, Buyer agrees to apply all payments received by it from the account debtor following the Closing Date to the account receivable which is being sold herein unless the account debtor is disputing the account or the product or service sold to the account debtor which gave rise to the account.
(ii) With respect to those accounts receivable, if any, which are secured as of the Closing Date, Buyer shall take such steps as are necessary to maintain the security. In addition, with respect to those accounts receivable which are 50 not secured on the date of Closing, Buyer may use reasonable efforts to obtain security.
(iii) Buyer shall not release any account debtor or compromise any account receivable for less than the amount shown on the Company's books as of the Closing Date unless Buyer receives the written consent of the Company to release and\or compromise the account, which consent shall not be unreasonably withheld.
(iv) If, after a period of ninety (90) days from the date of the Closing, Buyer has been unable to collect the accounts receivable, then in that event the Company agrees to repurchase the accounts receivable for one hundred percent (100%) of the amount which has been uncollected, such payment to be made by way of a redelivery of Centrum Common Stock from those shares held by the Escrow Agent pursuant to the Stock Pledge and Escrow Agreement. In connection with such a repurchase by the Company, Buyer agrees to execute such documents as are necessary to properly transfer and assign the accoun...
Accounts Receivable Collection. Schedule H sets forth a listing showing aging by customer of the Accounts Receivable that are outstanding as of the date hereof. The Accounts Receivable are not subject to any written or, to Seller's knowledge, oral agreement or understanding providing for any credit, chargeback, counterclaim, setoff, discount, returns or co-operative marketing payments in respect thereof, except for any such credits, chargebacks, counterclaims, setoffs, discounts, returns or co-operative marketing payments that have been estimated and reserved for based on historical experience (either generally or specifically) on the books and records of Seller. Seller has not accelerated or delayed collection of Accounts Receivable in advance of or beyond their regular due dates or the dates when the same would otherwise have been collected other than in the ordinary course of business. Accounts Receivable with extended payment terms providing for payments over more than 90 days are carried at no greater than present value.
Accounts Receivable Collection. Issuing any credit on account will be the responsibility of the office clerk. This will include credits to customers, employees and new sales contracts.
Accounts Receivable Collection. 16 2.13 Software............................................................ 16 2.14
Accounts Receivable Collection. The Company shall exercise its reasonable commercial efforts to collect the Accounts Receivable but shall not be obligated to initiate litigation as part of such collection efforts. All payments received by the Company after the Transfer Time from third parties who are the obligors on the
Accounts Receivable Collection. Following the AR ----------- ------------------------------ Closing, Purchaser agrees to: (i) use reasonable commercial efforts to collect the Accounts Receivable (and such efforts shall be no less diligent in all material respects than Purchaser uses to collect its accounts receivable generated in its own operations); (ii) apply Seller's written standard accounts receivable collection practices in the collection of the Accounts Receivable; (iii) apply proceeds received by Seller from debtors under the Accounts Receivable in order of maturity of the Accounts Receivable (and other existing accounts receivable of Purchaser from the same debtor); and (iv) not intentionally compromise, cancel, excuse or modify in any material respect any Accounts Receivable without Seller's prior written consent, which consent shall not be unreasonably withheld. Subject to the foregoing, regardless of any disclosure and to the extent that Purchaser is required to record a write-off with respect to all or any portion of the Accounts Receivable in connection with the preparation of its year
Accounts Receivable Collection. The Company will collect and otherwise enforce all of its unpaid Accounts Receivable at its cost and expense, until you end its authority to do so, which you may do at any time to protect your best interests. Notwithstanding the foregoing, you agree that you will not end its authority to collect its unpaid Accounts Receivables until the Company is in default of this Agreement or any other Loan Documents. The Company will not sell, assign or otherwise dispose of any Accounts Receivable without your written consent.
Accounts Receivable Collection. All accounts receivable of the Business as of the Closing Date are being retained by Seller. In the event Buyer shall receive any amounts due to Seller pursuant to such accounts receivable, Buyer shall remit such amounts to Seller at the end of each month. In the event Buyer or Seller shall receive any amounts due to the other under this Agreement after the Closing Date, Buyer and/or Seller shall remit such amounts to the other before the end of each month. Nothing in this Agreement shall obligate Buyer to initiate or prosecute any collection or other action with respect to any accounts receivable retained by Seller; provided that Buyer shall cooperate with Seller in any such action initiated by Seller. All future receivables generated post closing subsequent to the Closing Date shall become the property and asset of Buyer.
Accounts Receivable Collection. Seller acknowledges that payments for Accounts Receivable may still be sent to Seller subsequent to the Closing Date. Seller acknowledges that payments on Accounts Receivable received subsequent to Closing shall constitute property of the Buyer hereunder unless such Accounts Receivable are subsequently assigned and transferred to the Seller as contemplated by the last sentence of Section II.A.2.b hereof. Seller agrees to wire to Buyer, on a weekly basis, the aggregate amount of all checks received subsequent to the Closing Date on Accounts Receivable; provided, however, that once the Seller cumulatively receives a total of One Hundred Thousand Dollars ($100,000) or more with respect to Accounts Receivable, the Seller will wire such amount to Buyer on the next business day. The Buyer shall pay the cost of any such wires. Seller shall obtain the consent and release of KeyBank, N.A. of any claims, rights and secured interests in the Accounts Receivable.
