Common use of Accounts Receivable (Other than Guest Ledger) Clause in Contracts

Accounts Receivable (Other than Guest Ledger). At Closing, Seller shall receive a credit for all Accounts Receivable (other than the Guest Ledger which is addressed in Section 11.3.1) which are unpaid for less than ninety (90) days, and Purchaser shall be entitled to all amounts collected for such Accounts Receivable. Seller shall retain the right to collect all Accounts Receivable that are unpaid for ninety (90) days or more (the “Aging Receivables”), and Purchaser shall not receive a credit for the Aging Receivables. Purchaser shall cooperate with Seller in collecting the Aging Receivables, at no cost or expense to Purchaser other than any de minimis cost and expense or any cost or expense which Seller agrees in writing to reimburse. Any amounts received by either Party shall be applied first against the oldest Accounts Receivable, including any Aging Receivables, outstanding for the Person paying such amounts; provided, however, that if the payor has designated the invoice against which the amount received should be applied, such amount shall be applied to the Accounts Receivable reflected in such invoice. If any Aging Receivables are paid to Purchaser after the Closing, Purchaser shall pay to Seller an amount equal to such Aging Receivables within ten (10) days after Purchaser’s receipt of such Aging Receivables, without any commission or deduction for Purchaser.

Accounts Receivable (Other than Guest Ledger). At Closing, Seller shall receive a credit for all Accounts Receivable (other than the Guest Ledger which is addressed in Section 11.3.1) which are unpaid for less than ninety (90) days, and Purchaser shall be entitled to all amounts collected for such Accounts Receivable. Seller shall retain the right to collect all Accounts Receivable that are unpaid for ninety (90) days or more (the “Aging Receivables”), and Purchaser shall not receive a credit for the Aging Receivables. Purchaser shall cooperate with Seller in collecting the Aging Receivables, at no cost or expense to Purchaser other than any de minimis cost and expense or any cost or expense which Seller agrees in writing to reimburse. Any amounts received by either Party shall be applied first against the oldest Accounts Receivable, including any Aging Receivables, outstanding for the Person paying such amounts; provided, however, that if the payor has designated the invoice against which the amount received should be applied, such amount shall be applied to the Accounts Receivable reflected in such invoice. If any Aging Receivables are paid to Purchaser after the Closing, Purchaser shall pay to Seller an amount equal to such Aging Receivables within ten (10) days after Purchaser’s receipt of such Aging Receivables, without any commission or deduction for Purchaser.

Accounts Receivable (Other than Guest Ledger). At Closing, Seller shall receive a credit for as of the Prorations Date for, and Purchaser shall purchase from Seller, all Accounts Receivable (other than the Guest Ledger which is addressed in Section 11.3.1Ledger) which that are unpaid for less than ninety one hundred twenty (90120) days, and Purchaser days past due. Such credit shall be entitled to all amounts collected for such equal the amount of the Accounts Receivable, less (i) credit card charges, travel company charges and similar commissions and (ii) on all accounts receivable other than credit card receivables, a discount for uncollectible amounts based on the Hotel’s historic reserve for uncollectible amounts for receivables that are less than one hundred twenty (120) days past due. Seller shall retain the right to collect all Accounts Receivable that are unpaid past due for ninety one hundred twenty (90120) days or more (the are referred to as “Aging ReceivablesOlder Accounts Receivable”), and . Purchaser shall not receive a credit be entitled to any amounts collected for the Aging ReceivablesOlder Accounts Receivable. Purchaser shall cooperate with Seller in collecting the Aging ReceivablesOlder Accounts Receivable, at no cost or expense to Purchaser other than any de minimis cost and expense or any cost or expense which Seller agrees in writing to reimburse. Any amounts received by either Party shall be applied first against the oldest Accounts Receivable, including If any Aging Receivables, outstanding for the Person paying such amounts; provided, however, that if the payor has designated the invoice against which the amount received should be applied, such amount shall be applied to the Older Accounts Receivable reflected in such invoice. If any Aging Receivables are paid to Purchaser after the Closing, Purchaser shall pay to Seller an amount equal to such Aging Receivables the amounts received by Purchaser within ten (10) days after Purchaser’s receipt of such Aging Receivablesamounts, without any commission or deduction for Purchaser.

Accounts Receivable (Other than Guest Ledger). At the Closing, Seller shall receive a credit for for, and Purchaser shall purchase from Seller, all Accounts Receivable (other than the Guest Ledger which is addressed in Section 11.3.1) which 10.2(a)), that are unpaid for less than ninety (90) daysdays past due, and Purchaser shall be entitled to all amounts collected for such Accounts Receivable. Seller Such credit shall retain equal the right to collect all amount of the Accounts Receivable. Accounts Receivable that are unpaid past due for ninety (90) days or more (the are referred to as “Aging ReceivablesOlder Accounts Receivable”), and . Purchaser shall not receive a credit be entitled to any amounts collected for the Aging ReceivablesOlder Accounts Receivable. Purchaser shall cause Manager to cooperate with Seller in collecting the Aging ReceivablesOlder Accounts Receivable, at no cost or expense to Purchaser other than any de minimis cost and expense or any cost or expense which Seller agrees in writing to reimburse. Any amounts received by either Party shall be applied first against the oldest Accounts Receivable, including If any Aging Receivables, outstanding for the Person paying such amounts; provided, however, that if the payor has designated the invoice against which the amount received should be applied, such amount shall be applied to the Older Accounts Receivable reflected in such invoice. If any Aging Receivables (as so designated by the obligor) are paid to Purchaser after the Closing, Purchaser shall pay to Seller an amount equal to such Aging Receivables the amounts received by Purchaser within ten (10) days after Purchaser’s receipt of such Aging Receivablesamounts, without any commission or deduction for Purchaser.