Hotel Receivables Sample Clauses

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.
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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;
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.
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.
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.

Related to Hotel Receivables

  • Receivables (a) No amount payable to such Grantor under or in connection with any Receivable is evidenced by any Instrument or Chattel Paper which has not been delivered to the Administrative Agent. (b) None of the obligors on any Receivables is a Governmental Authority. (c) The amounts represented by such Grantor to the Lenders from time to time as owing to such Grantor in respect of the Receivables will at such times be accurate.

  • 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.

  • Conveyance of Initial Receivables In consideration of the Issuing Entity’s delivery to or upon the order of the Depositor of the Notes and the Certificates, on the Closing Date the Depositor does hereby sell, transfer, assign, set over and otherwise convey to the Issuing Entity, without recourse (subject to the obligations of the Depositor set forth herein), pursuant to an assignment in the form attached hereto as Exhibit C (the “Initial SSA Assignment”) all right, title and interest of the Depositor, whether now or hereafter acquired, and wherever located, in and to the following: (a) the Initial Receivables identified in the Schedule of Receivables to the Initial SSA Assignment delivered to the Issuing Entity (all of which are identified in World Omni’s computer files by a code indicating the Initial Receivables are owned by the Trust and pledged to the Indenture Trustee) and all monies received thereon and in respect thereof after the Initial Cutoff Date; (b) the security interests in, and the liens on, the Financed Vehicles granted by Obligors in connection with the Initial Receivables and any other interest of the Depositor in such Financed Vehicles; (c) any proceeds with respect to the Initial Receivables from claims on any physical damage, credit life or disability insurance policies covering such Financed Vehicles or Obligors; (d) any Financed Vehicle that shall have secured an Initial Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer or the Trust; (e) all funds on deposit in, and “financial assets” (as such term is defined in the Uniform Commercial Code as from time to time in effect) credited to, the Trust Accounts, including the Reserve Account, the Negative Carry Account, if any, and the Pre-Funding Account, if any, from time to time, including the Reserve Account Initial Deposit, any Reserve Account Subsequent Transfer Deposit, the Negative Carry Account Initial Deposit, if any, and the Pre-Funding Account Initial Deposit, if any, and in all investments and proceeds thereof (including all income thereon); (f) the Receivables Purchase Agreement; (g) all “accounts,” “chattel paper,” “general intangibles” and “promissory notes” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or relating to the foregoing; and (h) the proceeds of any and all of the foregoing (including Liquidation Proceeds); provided, however, that the foregoing items (a) through (h) shall not include the Notes and Certificates.

  • Reassignment of Ineligible Receivables (a) In the event any representation or warranty under Subsection 4.02(a)(ii), (iii), (iv), (vii), (viii), (ix) or (x) 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 VIII is required under Subsection 2.6(a) of the Transfer Agreement to accept reassignment of such Receivables previously sold by TRS to RFC VIII pursuant to this Agreement, TRS shall accept reassignment of such Receivables on the terms and conditions set forth in Subsection 6.01(b). (b) TRS shall accept reassignment of any Receivables described in Subsection 6.01(a) from RFC VIII on the date on which such Receivables are reassigned to RFC VIII pursuant to Subsection 2.6(a) of the Transfer Agreement, and shall pay for such reassigned Receivables by paying to RFC VIII in immediately available funds an amount equal to the unpaid balance of such Receivables. Upon reassignment of such Receivables, RFC VIII shall automatically and without further action sell, transfer, assign, set-over and otherwise convey to TRS, without recourse, representation or warranty, all the right, title and interest of RFC VIII in and to such Receivables, all Recoveries allocable to such Receivables, all monies due or to become due and all amounts received or receivable with respect thereto, all Collections with respect thereto, and all proceeds (including “proceeds” as defined in the UCC) thereof. Such reassigned Receivables shall be treated by RFC VIII as collected in full as of the date on which they were reassigned. RFC VIII shall execute such documents and instruments of transfer or assignment and take such other actions as shall reasonably be requested by TRS to effect the conveyance of such Receivables and other property pursuant to this Subsection.

  • 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.

  • The Receivables SECTION 3.01 Representations and Warranties of the Seller with Respect to the Receivables.......

  • Notes and Accounts Receivable All notes and accounts receivable of the Company, all of which are reflected properly on the books and records of the Company, are valid receivables subject to no setoffs, defenses or counterclaims, are current and, to the Company's Knowledge, collectible subject in each case only to the reserve for bad debts set forth on the face of the Most Recent Balance Sheet as adjusted for operations and transactions through the Closing Date in accordance with the past custom and practice of the Company.

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