Hotel Receivables Sample Clauses

Hotel Receivables. All Hotel Receivables, including arrears of rent and other charges owed by Tenants that are due and payable prior to the Closing Date, shall remain the property of the Vendor and shall not be adjusted for at Closing. The Purchaser agrees to make commercially reasonable efforts to assist the Vendor in collecting Hotel Receivables from and after Closing. In the event the Purchaser receives or recovers any Hotel Receivables after Closing, the Purchaser shall receive same and hold same in trust for the Vendor and shall pay over such Hotel Receivables to the Vendor forthwith without deduction or set-off. All Hotel Receivables paid after the Closing Date shall be applied first to current amounts owing under the applicable underlying Hotel Contract or Lease and the balance, if any, shall be applied to arrears;
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Hotel Receivables. Except for Over 60 Day Accounts Receivables (as hereinafter defined), all accounts receivables, including, without limitation, credit card sales (“Accounts Receivables”), with respect to the Property shall belong to Buyer and Seller shall receive a credit at Closing for same. Notwithstanding the foregoing, Seller shall retain all accounts receivables that are outstanding for more than sixty (60) days on the Closing Date (“Over 60 Day Accounts Receivables”) and Buyer shall not be obligated to acquire the same from Seller. Accordingly, there will be no proration for Over 60 Day Accounts Receivables. To the extent the Buyer receives payments on account of Over 60 Day Accounts Receivables, Buyer shall promptly pay any such amounts to Seller, as and when such amount is received by Buyer, net of third party collection costs. Buyer shall utilize commercially reasonable efforts, but shall have no obligation to institute litigation, to collect the Over 60 Day Accounts Receivables. All payments of accounts receivable received after the Closing shall be first deemed payment of current receivables and then to Over 60 Day Accounts Receivables, to the extent the payment is made by a party which directly or indirectly has a balance outstanding to Seller, as reasonably determined by the Buyer.
Sample 1
Hotel Receivables. All accounts receivables, including, without limitation, credit card sales with respect to the Property shall belong to Buyer and shall not be subject to proration or reproration.
Sample 1
Hotel Receivables. The sale of the Property shall not include any accounts receivable of Seller for Guest Revenues and Conference Revenues incurred at the Hotel for the period prior to the Cut-off Time (the “Accounts Receivable“), and Seller shall have the sole right to receive, collect, discharge and compromise all Accounts Receivable. Buyer agrees that all monies received after the Closing from debtors owing accounts receivable shall be applied in specific conformance with any specific reference or statement accompanying or inscribed on such payment; if no specific reference or statement exists, the payment shall be applied against the oldest corresponding receivable. The parties’ rights under the provisions of this Section 5.3.2 shall survive the Closing and shall not be merged therein.
Sample 1
Hotel Receivables. The sale of the Property shall not include accounts receivable of Seller for Guest Revenues and Conference Revenues or otherwise incurred as of the Cut-off Time (the "ACCOUNTS RECEIVABLE"). Buyer shall, for a period of ninety (90) days after closing, in good faith and using due diligence, but with no obligation to commence any actions or proceedings with respect thereto, seek to collect certain Accounts Receivable agreed upon prior to Closing in each party's sole discretion and in consideration therefor, Buyer shall be entitled to receive ten percent (10%) of the amounts collected. On or prior to the Closing Date, Seller shall provide written notice to any third parties who pay their Hotel obligations via wire transfer of Buyer's new account number for payment of such obligations after the Closing Date (and Seller shall provide a copy of such notices to Buyer). The parties' rights under the provisions of this Section 7D shall survive the Closing and shall not be merged therein.
Sample 1

Related to Hotel Receivables

  • Receivables (a) Other than in the ordinary course of business consistent with its past practice, such Grantor will not (i) grant any extension of the time of payment of any Receivable, (ii) compromise or settle any Receivable for less than the full amount thereof, (iii) release, wholly or partially, any Person liable for the payment of any Receivable, (iv) allow any credit or discount whatsoever on any Receivable or (v) amend, supplement or modify any Receivable in any manner that could adversely affect the value thereof.

  • Eligible Receivables Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance as of any date is an Eligible Receivable as of such date.

  • Accounts Receivables Each existing Account constitutes, and each hereafter arising Account will, when such Account arises, constitute, the legally valid and binding obligation of the Account Debtor, except where the failure to do so could not reasonably be expected, individually or in the aggregate, to materially adversely affect the value or collectability of the Accounts included in the Collateral, taken as a whole. No Account Debtor has any defense, set-off, claim or counterclaim against any Grantor that can be asserted against the Administrative Agent, whether in any proceeding to enforce the Administrative Agent’s rights in the Accounts included in the Collateral, or otherwise, except for defenses, setoffs, claims or counterclaims that could not reasonably be expected, individually or in the aggregate, to materially adversely affect the value or collectability of the Accounts included in the Collateral, taken as a whole. None of the Grantors’ accounts receivables are, nor will any hereafter arising account receivable be, evidenced by a promissory note or other Instrument (other than a check) that has not been pledged to the Administrative Agent in accordance with the terms hereof.

  • Collection of Receivables Except as otherwise provided in this Security Agreement, such Grantor will collect and enforce, at such Grantor’s sole expense, all amounts due or hereafter due to such Grantor under the Receivables owned by it.

  • Reassignment of Ineligible Receivables (a) In the event any representation or warranty under Subsection 4.02(a)(ii), (iii), (iv), (vi), (vii) or (viii) is not true and correct in any material respect as of the date specified therein with respect to any Receivable or the related Account and as a result of such breach RFC III is required under Subsection 2.05(a) of the Pooling and Servicing Agreement to accept reassignment of such Receivables previously sold by Centurion to RFC III pursuant to this Agreement, Centurion shall accept reassignment of such Receivables on the terms and conditions set forth in Subsection 6.01(b).

  • Servicing of Receivables The Master Servicer shall service the Receivables as required by the terms of this Agreement and in material compliance with its standard and customary procedures for servicing all its other comparable motor vehicle receivables and in compliance with applicable law; and

  • Reassignment of Purchased Receivables Upon deposit in the Collection Account of the Purchase Amount of any Receivable repurchased by Seller under Section 5.1 hereof, Purchaser and the Issuer shall take such steps as may be reasonably requested by Seller in order to assign to Seller all of Purchaser’s and the Issuer’s right, title and interest in and to such Receivable and all security and documents and all Other Conveyed Property conveyed to Purchaser and the Issuer directly relating thereto, without recourse, representation or warranty, except as to the absence of Liens created by or arising as a result of actions of Purchaser or the Issuer. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Purchased Receivable, in any enforcement suit or legal proceeding, it is held that Seller may not enforce any such Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce the Receivable, Purchaser and the Issuer shall, at the expense of Seller, take such steps as Seller deems reasonably necessary to enforce the Receivable, including bringing suit in Purchaser’s or in the Issuer’s name.

  • Bank Accounts; Receivables (a) Part 2.7(a) of the Disclosure Schedule provides accurate information with respect to each account maintained by or for the benefit of the Company at any bank or other financial institution.

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