Collection of Accounts Receivables. If, after the Closing Date, Seller receives any payments from any account debtors with respect to any Purchased Accounts Receivables, Seller shall endorse such payments to the order of Purchaser and forward such payments to Purchaser promptly upon receipt thereof.
Collection of Accounts Receivables. For a period of ninety (90) days after the Initial Closing (the “Collection Period”), Purchaser shall use its reasonable efforts to collect any Accounts Receivable reflected on the Closing Statement as having been outstanding and payable to Seller for more than 90 days as of the Closing Date (the “Aged Receivables”). Purchaser shall be entitled to use any reasonable method it determines appropriate in its discretion with respect to its efforts to collect the Aged Receivables; provided that Purchaser shall not be required to institute any litigation or incur any expenses in connection with its collection efforts. After the expiration of the Collection Period, Purchaser shall advise Seller of those Aged Receivables that have not been collected as of the end of the Collection Period. Within ten (10) days of receipt of such advice from Purchaser, Seller shall purchase (without recourse to Purchaser) such Aged Receivables then remaining unpaid for a purchase price equal the full face amount thereof as reflected on the final Closing Statement. Upon Seller’s repurchase of any unpaid Aged Receivables pursuant to this Section 5.15, (i) Purchaser shall promptly deliver to Seller any tangible evidence of such Aged Receivables then in the possession of Purchaser and (ii) Seller shall be entitled to take any reasonable actions that it may deem necessary or appropriate in order to collect such unpaid Aged Receivables; provided, however, that Seller must first consult with Purchaser prior to instigating any formal collection proceedings or litigation in its efforts to collect such Aged Receivables.
Collection of Accounts Receivables. Seller agrees to use reasonable collection methods to collect its accounts receivables consistent with its historical practice and agrees to not use any collection methods that will unduly disrupt Buyer’s ongoing relationship with its customers. Nothing in this Section shall preclude Seller, upon 10 days prior notice to Buyer, which shall not be unreasonably with held, from utilizing courts of competent jurisdiction to collect its accounts receivables.
Collection of Accounts Receivables. (a) As of the Closing Date, Seller hereby authorizes Purchaser to open any and all mail addressed to Seller relating to the Business and delivered to the offices of the Business or otherwise to Purchaser if received on or after the Closing Date, and hereby appoints Purchaser its attorney-in-fact to endorse, cash and deposit any monies, checks or negotiable instruments received by Purchaser after the Closing Date with respect to the Accounts Receivable and any accounts receivables made payable or endorsed to Seller or its order, for Purchaser’s own account.
Collection of Accounts Receivables. The parties acknowledge and agree that accounts receivable of the Business for periods up to the Closing (“Retained Receivables”) are not part of the Purchased Assets, and as such, Sellers shall have the right to collect such Retained Receivables following the Closing Date; provided that, in collecting such Retained Receivables from customers, Sellers (and its representatives) shall act in accordance with its past practice of the Business in collecting such receivables and shall not institute any suit or proceeding against a customer of the Business without the prior written consent with Buyer, which shall not be unreasonably withheld. All amounts received by Buyer in respect of the Retained Receivables shall be promptly remitted to Sellers. Any amounts received in respect of any customer shall be applied first to the oldest then outstanding receivable owed by the applicable customer to Sellers, unless the customer designates the payment to a newer invoice.
Collection of Accounts Receivables. From and after the Closing, Buyer shall have the right and authority to collect for Buyer’s own account all Receivables and other items included in the Assets and transferred to Buyer hereunder. Buyer shall use commercially reasonable efforts (excluding litigation and assignment to a collection agency) to collect the Receivables within the time periods identified in Section 6.2(e). Buyer shall respond reasonably to all reasonable requests by Seller for information concerning the status of Receivables collection in the aggregate within such time periods.
Collection of Accounts Receivables. Buyer shall, for a period of 120 days following the Closing, use its best efforts to collect the accounts receivables of the Company existing at Closing and shall maintain complete and accurate records of all receivables collected, in whole or in part. Buyer will remit to the Company on a weekly basis the amount so collected, less an administrative fee of 5% of such collections. Buyer shall not have the right to discount any such receivables without the consent of the company. Payments received by Buyer shall be credited first to the oldest outstanding receivable of such obligor. Upon the reasonable request of the Company, Buyer shall provide periodic reports regarding the collection efforts and agree to permit the Company or its representatives reasonable access to the Buyer's applicable books and records and customer accounts verify collection activity undertaken by Buyer herein and the application of such collections. Any checks received by Buyer in payment of such accounts receivables may be
Collection of Accounts Receivables. Seller shall remit to Purchaser by check of Seller on a weekly basis (or as otherwise agreed by the parties) any payment Seller receives after the Closing that constitutes payment toward any accounts receivables of Seller included in the Assets. Seller shall allow Purchaser reasonable access during normal business hours to Seller’s books and records for the purpose of Purchaser’s reviewing Seller’s collection of accounts receivables. Seller agrees to maintain correct and appropriate books and records for such purpose.
Collection of Accounts Receivables. From and after the Closing Date through the date that is six (6) months following the date hereof, Acquiror shall, and shall cause the Surviving Corporation and each of their respective Affiliates to (a) operate Target’s business in the ordinary course consistent with Target’s past practices with respect to the collection of Target’s accounts receivable; (b) use their respective commercially reasonable efforts to xxxx and collect Target’s accounts receivable in a timely fashion and in accordance with Target’s past practices, including, as applicable, past year-end collection practices and, without limiting the foregoing, not write off accounts receivable other than in accordance with Target’s past practice; (c) not terminate or materially reduce the hours worked per week of those employees of Target responsible for billing or collecting accounts receivable without devoting substantially similar resources to billing or collecting accounts receivable; (d) not make any changes to Target’s business, policies, or workforce that would materially adversely affect Target’s ability to xxxx or collect accounts receivable (provided that the departure of Target’s Chief Financial Officer at the Closing shall not be deemed to materially adversely affect Target’s ability to xxxx or collect accounts receivable); and (e) not take any willful or intentional action to avoid, decrease or minimize in any way the billing or collection of Target’s accounts receivable. For the avoidance of doubt, Acquiror and the Surviving Corporation and, as applicable, their respective Affiliates, shall not be obligated to institute legal action to collect accounts receivable outside of the ordinary course of business.
Collection of Accounts Receivables. Seller shall transfer and deliver to Buyer any payments received after the Closing Date on account of the Accounts Receivable and Seller shall permit Buyer to collect, in the name of Seller or otherwise, all Accounts Receivable. Seller hereby designates and appoints Buyer as its attorney-in-fact with authority to receive, open and dispose of all mail addressed to it, and to endorse its name on any checks, drafts, money orders or other evidences of payment of the Accounts Receivable.
