Common use of Seller’s Accounts Receivable Clause in Contracts

Seller’s Accounts Receivable. Following the Closing, Buyer shall use its reasonable commercial efforts to collect the Sellers’ Accounts Receivables. Seller agrees to maintain accurate records of each such Account Receivable and the balance remaining on the same and to provide such reasonable documentation as may be requested from time to time by the Purchaser or any obligor under the same. Seller agrees to forebear taking any legal action, including the filing of any claim, to collect any Accounts Receivable following the Closing Date. Purchaser shall, within the first ten (10) days of each calendar month, remit to Seller all amounts collected on any Seller’s Accounts Receivable during the immediately preceding calendar month. During any calendar month, should an obligor under any of the Seller’s Accounts Receivable also have an account with the Purchaser, the Purchaser shall apply any sums collected from such obligor first against such obligor’s Seller’s Accounts Receivable until paid in full and then against the amounts owed the Purchaser. Notwithstanding anything contained herein to the contrary, in no event, whatsoever, shall the Purchaser have any liability for any of the Sellers’ Account Receivable that are uncollected or determined to be uncollectible, nor shall the Purchaser be obligated to expend any funds in furtherance of such collection efforts. On and after the first (1st) anniversary of the Closing Date, Purchaser shall have no further obligations to collect any sums under any of the Sellers’ Accounts Receivable.

Seller’s Accounts Receivable. Following On the ClosingClosing Date, Buyer each Seller shall use its reasonable commercial efforts deliver to collect the Sellers’ Purchaser an update of Seller’s Accounts Receivable list. Thereafter, Purchaser, upon receipt, shall promptly remit to such Seller all sums received by Purchaser in payment of any of Seller’s Accounts Receivables. All sums received by Purchaser from a customer, guest or patron following Closing shall be credited, unless otherwise designated by the payor, first, to the sums owing to Purchaser, and then, to the extent any sums remain, to Seller agrees to maintain accurate records for any Seller’s outstanding Accounts Receivable. For a period of each such Account Receivable and one (1) year after the balance remaining on Close of Escrow, Sellers shall have the same and to provide such reasonable documentation as may be requested right, from time to time by the Purchaser or any obligor under the same. Seller agrees to forebear taking any legal action, including the filing of any claimtime, to collect any Accounts Receivable following inspect and audit the Closing Date. books and records of the Hotels that pertain to income and collections, at Sellers’ sole cost (unless it is determined from such audit or inspection that Purchaser shall, within the first ten (10) days of each calendar month, remit to Seller all amounts collected on has withheld any Seller’s Accounts Receivable during the immediately preceding calendar month. During any calendar monthReceivable, should an obligor under any of the Seller’s Accounts Receivable also have an account with the Purchaser, the then Purchaser shall apply any sums collected from pay the costs of such obligor first against such obligor’s Seller’s Accounts Receivable until paid in audit and inspection), and Purchaser shall provide full and then against the amounts owed the Purchaser. Notwithstanding anything contained herein complete access thereto to the contrarySellers upon not less than three (3) business days prior Notice, in no event, whatsoever, shall the Purchaser have any liability for any to verify receipt and payment of the Sellers’ Accounts Receivable. All information so obtained by Sellers or their agents shall be confidential information which shall be disclosed solely on a need-to-know basis. Nothing in the foregoing shall obligate Purchaser to pursue the collection of any outstanding Seller Account Receivable that are uncollected or determined to be uncollectible, nor shall the Purchaser be obligated to expend any funds in furtherance of such collection efforts. On Receivables and after the first (1st) anniversary of the Closing Date, Purchaser shall have no further obligations obligation to collect any sums under any of the Sellers’ Accounts ReceivableSeller to do so.

Seller’s Accounts Receivable. Following the ClosingExcept as otherwise provided herein, Buyer shall use its reasonable commercial efforts it is expressly agreed by and between Purchaser and Seller that Seller is not selling to collect the Sellers’ Purchaser, and Purchaser is not purchasing from Seller, any of Seller’s Accounts ReceivablesReceivable. Seller agrees to maintain accurate records All of each such Account Receivable and the balance remaining on the same and to provide such reasonable documentation as may be requested from time to time by the Purchaser or any obligor under the same. Seller agrees to forebear taking any legal action, including the filing of any claim, to collect any Accounts Receivable following the Closing Date. Purchaser shall, within the first ten (10) days of each calendar month, remit to Seller all amounts collected on any Seller’s Accounts Receivable during shall be and remain the immediately preceding calendar month. During any calendar monthproperty of Seller, should an obligor under any subsequent to the Closing of the Seller’s transaction contemplated hereby. At the Closing, Seller shall prepare a list of its outstanding Accounts Receivable also have an as of midnight on the date prior to the Closing, specifying the name of each account with and the Purchaser, the amount due to Seller. Purchaser shall apply hold any sums collected from amounts received by Purchaser as payment of such obligor first against such obligor’s Seller’s Accounts Receivable until paid in full and then against the amounts owed the Purchaser. Notwithstanding anything contained herein to the contraryaccounts receivable, in no eventtrust, whatsoeverif Purchaser actually collects any such amounts, and shall pay the Purchaser have any liability for any monies collected in respect thereof (less credit card fees) to Seller at the end of the Sellers’ Account Receivable that are uncollected or determined to be uncollectibleweek, nor shall accompanied by a statement showing the Purchaser be obligated to expend any funds in furtherance of amount collected on each such collection effortsaccount. On and after Other than the first (1st) anniversary of the Closing Dateforegoing, Purchaser shall have no further obligations obligation with respect to any such account, and Purchaser shall not be required to take any legal proceeding or action to effect collection on behalf of Seller. It is generally the intention of Purchaser and Seller that although all of Seller’s Accounts Receivable shall be and remain the property of the Seller, still, if any such accounts are paid to Purchaser, then Purchaser shall collect same and remit to Seller in the manner above provided, but Purchaser shall have no obligation to pursue and Seller reserves the right to collect any sums under any of the Sellers’ its Accounts ReceivableReceivables by all means it deems appropriate, at no cost to Purchaser.

Seller’s Accounts Receivable. Following On the ClosingClosing Date, Buyer each Seller shall use its reasonable commercial efforts deliver to collect the Sellers’ Purchaser an update of Seller’s Accounts Receivable list. Thereafter, Purchaser, upon receipt, shall promptly remit to such Seller all sums received by Purchaser in payment of any of Seller’s Accounts Receivables. All sums received by Purchaser from a customer, guest or patron following Closing shall be credited, unless otherwise designated by the payor, first, to the sums owing to Purchaser, and then, to the extent any sums remain, to Seller agrees to maintain accurate records for any Seller’s outstanding Accounts Receivable . For a period of each such Account Receivable and one (1) year after the balance remaining on Close of Escrow, Sellers shall have the same and to provide such reasonable documentation as may be requested right, from time to time by the Purchaser or any obligor under the same. Seller agrees to forebear taking any legal action, including the filing of any claimtime, to collect any Accounts Receivable following inspect and audit the Closing Date. books and records of the Hotels that pertain to income and collections, at Sellers’ sole cost (unless it is determined from such audit or inspection that Purchaser shall, within the first ten (10) days of each calendar month, remit to Seller all amounts collected on has withheld any Seller’s Accounts Receivable during the immediately preceding calendar month. During any calendar monthReceivable, should an obligor under any of the Seller’s Accounts Receivable also have an account with the Purchaser, the then Purchaser shall apply any sums collected from pay the costs of such obligor first against such obligor’s Seller’s Accounts Receivable until paid in audit and inspection), and Purchaser shall provide full and then against the amounts owed the Purchaser. Notwithstanding anything contained herein complete access thereto to the contrarySellers upon not less than three (3) business days prior Notice, in no event, whatsoever, shall the Purchaser have any liability for any to verify receipt and payment of the Sellers’ Accounts Receivable. All information so obtained by Sellers or their agents shall be confidential information which shall be disclosed solely on a need-to-know basis. Nothing in the foregoing shall obligate Purchaser to pursue the collection of any outstanding Seller Account Receivable that are uncollected or determined to be uncollectible, nor shall the Purchaser be obligated to expend any funds in furtherance of such collection efforts. On Receivables and after the first (1st) anniversary of the Closing Date, Purchaser shall have no further obligations obligation to collect any sums under any of the Sellers’ Accounts ReceivableSeller to do so.