Common use of Application of Receivables Clause in Contracts

Application of Receivables. Any collections received by Buyer with respect to Pre-Closing Receivables shall be paid over to Seller within five (5) days of receipt without offset or deduction unless the payor of such monies is obligated on both Pre-Closing Receivables and Post-Closing Receivables and the payor has independently and specifically identified such payment as one which should be applied to Post-Closing Receivables. Except in the event of a bona fide dispute between Seller and a customer which dispute has been documented in a writing, or tenants who are in arrears for more than one (1) month, any collections received from parties obligated on both Pre-Closing Receivables and Post-Closing Receivables shall be applied first to the longest outstanding unpaid invoices of the payor. In the case of monies received from parties obligated on both Pre-Closing Receivables and Post-Closing Receivables and where the amount attributable to Pre-Closing Receivables is the subject of a bona fide dispute with customer or in the case of arrearages from tenants, is in arrears in excess of one month (the "Disputed Items"), Buyer will not be obligated to pay the first monies it receives to Seller, but Seller shall directly deal with the applicable third party in connection with the collection of the Disputed Items.

Application of Receivables. Any With respect to each Hotel, any collections received by Buyer with respect to Pre-Closing Receivables shall be paid over to Seller within five (5) days of receipt without offset or deduction unless the payor of such monies is obligated on both Pre-Closing Receivables and Post-Closing Receivables and the payor has independently and specifically identified such payment as one which should be applied to Post-Closing Receivables. Except in the event of a bona fide dispute between Seller and a customer which dispute has been documented in a writing, or tenants who are in arrears for more than one (1) month, any collections received from parties obligated on both Pre-Closing Receivables and Post-Closing Receivables shall be applied first to the longest outstanding unpaid invoices of the payor. In the case of monies received from parties obligated on both Pre-Closing Receivables and Post-Closing Receivables and where the amount attributable to Pre-Closing Receivables is the subject of a bona fide dispute with customer or in the case of arrearages from tenants, is in arrears in excess of one month (the "Disputed Items"), Buyer will not be obligated to pay the first monies it receives to Seller, but Seller shall directly deal with the applicable third party in connection with the collection of the Disputed Items.