Seller’s Receivables. Following the Closing, upon the receipt of accounts receivable of the Seller, Buyer will remit checks thereof directly to the Seller at its principal office on a weekly basis. Buyer shall accept payment of Seller’s accounts receivable and Manufacturer warranty payments arising out of the operation of the Dealership prior to Closing for a period of 180 days. Buyer shall turn over to Seller on the last day of each calendar month during said period all of the monies it received as cleared funds so accepted on said accounts receivable during the previous calendar month. Buyer is not obligated to accept payments of such accounts receivable after such 180-day period, but if Buyer does so then Buyer will promptly pay the same over to Seller. Buyer is only obligated to accept payment during such period, not to attempt to enforce payment. No adjustment will be made in any of such accounts receivable without Seller’s permission. Seller reserves the right to pursue legal remedies of collection upon default by the customer with respect to any receivables owed to Seller. Buyer shall have no obligation to pursue or otherwise actively work to collect any of such Seller receivables or Manufacturer warranty payments. At the end of said 180-day period, Buyer shall no longer be obligated to accept payments of such accounts receivable. If Buyer does accept payment of any of Seller’s accounts receivable after expiration of the 180-day period, Buyer shall hold same in trust for Seller and promptly pay same over to Seller. It is understood that Buyer’s responsibility, so far as such collection is concerned, is only to accept monies paid on Seller’s accounts receivable and shall not include any obligation to ascertain the correct amount of any accounts receivable. Upon reasonable notice to Buyer, Buyer shall provide Seller with access to records relating to Seller’s operation of the Dealership, but Seller and LMP agree that they shall have no right to utilize the employees of Buyer to provide accounting or other bookkeeping services to themselves.
Seller’s Receivables. Following the Closing, the Purchaser agrees for a period of 120 days or 4 month-ends, whichever is greater (the “Run Out Period”), to accept payment of the Seller’s accounts receivable payments arising out of the operation of the Business prior to Closing and to hold same for prompt payment over to the Seller. At the end of the Run Out Period, the Purchaser shall no longer be obligated to accept payments of such accounts receivable. If the Purchaser does accept payment of any of the Seller’s accounts receivable after expiration of the Run Out Period, the Purchaser shall promptly pay same over to the Seller. It is understood that the Purchaser’s responsibility, so far as such collection is concerned, is only to accept monies paid on such accounts receivable and shall not include any obligation to attempt to enforce payment thereof, or to send out bills or statements therefor.
Seller’s Receivables. Following the Closing, Buyer, on Seller’s behalf and as Seller’s agent, shall accept payment of Seller’s accounts receivable and Manufacturer warranty payments arising out of the operation of the Dealership prior to Closing for a period of 90 days. Buyer shall turn over to Seller on the last day of each calendar month during said period all of the monies so accepted on said accounts receivable during the previous calendar month. Buyer is not obligated to accept payments of such accounts receivable after such 90-day period, but if Buyer does so then Buyer shall hold same in trust for Seller and promptly pay the same over to Seller. Buyer’s responsibility, so far as such collection is concerned, is only to accept monies paid on such accounts receivable and will not include any obligation to attempt to enforce payment thereof, or to send out bills or statements therefor. No adjustment will be made in any of such accounts receivable without Seller’s permission. Seller reserves the right to pursue legal remedies of collection upon default by the customer with respect to any receivables owed to Seller.
Seller’s Receivables. The Sellers shall, and the Company ------------------- shall have caused, all of the Company's officers, directors and/or employees to have repaid in full all material debts and other obligations, if any, owed to the Company.
Seller’s Receivables. Following the Closing, Buyer shall accept payment, but Seller will not be obligated to assign any of Seller’s accounts receivable and Manufacturer warranty payments arising out of the operation of the Dealership prior to Closing for a period of 180 days. Buyer shall turn over to Seller on the last day of each calendar month during said period all of the monies so accepted on said accounts receivable during the previous calendar month. Buyer is not obligated to accept payments of such accounts receivable after such 180-day period, but if Buyer does so then Buyer will promptly pay the same over to Seller. Buyer is only obligated to accept payment during such period, not to attempt to enforce payment. No adjustment will be made in any of such accounts receivable without Seller’s permission. Seller reserves the right to pursue legal remedies of collection upon default by the customer with respect to any receivables owed to Seller.
Seller’s Receivables. The Sellers shall, and the Company shall have caused all of the Company’s officers, directors and/or employees to, have repaid in full all debts and other obligations, if any, owed to the Company other than business advances in the ordinary course of business; provided, however, that this condition shall be deemed waived if the Parent agrees that any such amount outstanding as of the Closing Date would be deducted from the Purchase Price.
Seller’s Receivables. Any accounts receivable or other sums related to services performed by the Business for or on behalf of its hotel customers on or prior to the Closing Date are referred to as the "Seller's Receivables". The Seller's Receivables shall be the sole and exclusive property of Seller. Seller shall be permitted to collect the Seller's Receivables directly from the customers. Buyer agrees to promptly forward to Seller all payments received by Buyer related to or in connection with Seller's Receivables. Buyer and Seller shall cooperate with each other in connection with the collection of the receivables.
Seller’s Receivables. As defined in Section 10.2(b).
Seller’s Receivables. After the Closing Date, Seller shall collect Seller's accounts receivable relating to the Business ("Seller Business Receivables") in a manner consistent with the policies and practices used by Seller in the collection of its own accounts receivable and in compliance with all applicable Laws. For the purposes of this Section 4.2.11, the combination of the Seller Business Receivables plus all other receivables of Seller shall collectively be referred to as "Seller Receivables".
Seller’s Receivables. (a) During the term of the Receivables Management Agreement all amounts recovered by the Company in respect of the Company’s Receivables shall be managed by the Seller pursuant to the Receivables Management Agreement and shall be used by the Company to pay the Seller’s Receivables as provided in the Receivables Management Agreement. At the end of the two year term of the Receivables Management Agreement, all outstanding Seller’s Receivables are hereby forgiven by the Seller.
