Rent and Other Receipts. All rent payable (subject to subsection (iii) below) pursuant to the Leases and all other receivables of a Partnership Entity that, in either case are allocable to periods, or accrued, on or prior to the Proration Date and have not been paid to such Partnership Entity prior to the Proration Date, will be considered Current Assets of such Partnership Entity, subject to an adjustment for bad debt and subject to the provisions below regarding intercompany receivables. Rents received after the Proration Date with respect to a Lease shall be applied (after deducting all costs of collection) first to amounts due and payable with respect to such Lease for the month in which the Proration Date occurs, then to amounts due and payable with respect to such Lease for the months occurring after the month in which the Proration Date occurred, and thereafter to amounts due and payable with respect to such Lease for all months prior to the month in which the Proration Date occurred. Amounts due and payable as of the Proration Date by tenants under Leases for utility costs and real estate tax expenses, including specifically tenant contributions for unbilled real estate taxes that are to be paid after the Proration Date, will be considered Current Assets of a Partnership Entity but will be allocated ratably over the period to which they apply on a per diem basis for the expenses to which they apply. Notwithstanding anything to the contrary contained herein, if there are any rents payable by tenants under Leases or amounts payable by tenants under Leases for utility costs and real estate tax expenses that are included in Net Current Assets for purposes of preparing a Preliminary Net Current Assets Statement, and such rents or other amounts have not been paid by such tenants by the date of the related Final Net Current Assets Statement, then such amounts so included for purposes of preparing such Preliminary Net Current Assets Statement shall be deducted from Net Current Assets for purposes of preparing the related Final Net Current Assets Statement. Notwithstanding anything to the contrary contained herein, to the extent rent or any other receivable included as a Current Asset at the time of Closing is subsequently excluded as a Current Asset at the time of the final adjustment in accordance with Section 7.1(c), Seller shall have the right, without Primary Purchaser’s prior approval, at Seller’s sole cost and expense, to commence a legal action against a tenant or take any ...
Rent and Other Receipts. The settlement statement executed as of the Closing Date will include a credit to Buyer for any rent received from tenants or sub-tenants under any Assumed Contracts included in the Assets for rent received by Seller for the month in which the Closing Date occurs. In the event that Seller receives any rent or other payments from any tenants or sub-tenants under any Assumed Contracts for any period subsequent to the Closing Date, Seller shall promptly remit such funds to Buyer. In the event that Buyer receives any rent or other payments from any tenants or sub-tenants under any Assumed Contracts for periods prior to the Closing Date (including, without limitation, any percentage rent paid in arrears), Buyer shall promptly remit such funds to Seller.
Rent and Other Receipts. All rent payable pursuant to the leases at the Property (except for amounts (i) payable which are more than 30 days in arrears or (ii) payable by a tenant in bankruptcy or out-of-possession who is not current on all payments due to the GSP Partnership) with respect to the Property (other than percentage rents) and all other income of the GSP Partnership which, in either case are allocable to periods prior to the Closing Date and not previously paid to the GSP Partnership (subject to appropriate reserves), shall be considered current assets of the GSP Partnership except for all unapplied cash security deposits and all interest thereon, if any, made by tenants under such leases which is payable to such tenants pursuant to law or the lease. Amounts payable by tenants for utility costs, operating expenses, insurance costs and real estate tax expenses, including specifically tenant contributions for unbilled real estate taxes which are to be paid after the Closing Date (collectively, "EXPENSE CONTRIBUTIONS"), shall be considered current assets of the GSP Partnership but shall be allocated ratably over the period to which they apply on a PER DIEM basis for the expenses to which they apply. The GSP Partnership's Net Current Assets shall include accounts receivable of the GSP Partnership as of the Closing Date with respect to any tenant-in-occupancy who is not in arrears for more than 30 days and who is not in bankruptcy, after deducting a reasonable reserve therefor.
