Common use of Collections and Application of Payments after the Closing Clause in Contracts

Collections and Application of Payments after the Closing. After the Closing, Purchaser shall xxxx the tenants for all amounts due under Leases, including amounts accruing prior to the Closing but only with respect to the calendar year of Closing. Any amounts or charges payable by the tenants on or after the Closing with respect to which Seller is entitled to receive a share under this Agreement, which are not paid within thirty (30) days after the due date, and any amount due and owing Seller before the Closing by tenants under the Leases which are unpaid as of the Closing, are collectively herein called “Delinquent Amounts”. Notwithstanding the foregoing or any direction from tenants to the contrary, (i) Current Unpaid Rent shall not be considered to be a Delinquent Amount for purposes of this Section 6(j), and (ii) rental and other payments received by Purchaser or Seller from the tenants (other than Current Unpaid Rent, which shall be handled in the manner provided in Section 6(b) above) shall be first applied toward rent and other charges (including, without limitation, costs of collection) due for any period after Closing, then toward Delinquent Amounts for periods prior to the calendar month of Closing, and any excess monies received shall be applied toward any other amounts due to Purchaser.