Settlement of Accounts Receivable. Within twenty (20) days following the Closing, Seller shall provide an accounting to Buyer of the CBSS Accounts Receivable and SSB Accounts Receivable, the Customer Prepayments and the resulting calculation of the CBSS Accounts Receivable Amount and SSB Accounts Receivable Amount based on the CBSS Uncollectible Factor and the SSB Uncollectible Factor respectively, which shall be summarized in an accounts receivable settlement statement (the "Accounts Receivable Settlement Statement"). Within thirty (30) days following the Closing, Buyer shall remit to Seller an amount equal to eighty percent (80%) of the aggregate of the CBSS Accounts Receivable Amount and SSB Accounts Receivable Amount less the full amount of the Customer Prepayments. Within sixty (60) days following the Closing, Buyer shall remit an additional fifteen percent (15%) of the aggregate of the CBSS Accounts Receivable Amount and SSB Accounts Receivable Amount and within ninety (90) days will remit the final five percent (5%). In the event Seller fails to deliver the Accounts Receivable Settlement Statement within the time period set forth herein, Buyer shall be entitled to delay its payment obligations pursuant to this Section 10.14 for the number of days equal to the period of Seller's delay.
Appears in 2 contracts
Samples: Asset Purchase Agreement (Verizon South Inc), Asset Purchase Agreement (Centurytel Inc)
Settlement of Accounts Receivable. Within twenty (20) days following the Closing, Seller Sellers shall provide an accounting to Buyer of the CBSS Accounts Receivable and SSB Accounts Receivable, the Customer Prepayments and the resulting calculation of the CBSS Accounts Receivable Amount and SSB Accounts Receivable Amount based on the CBSS Uncollectible Factor and the SSB Uncollectible Factor respectively, which shall be summarized in an accounts receivable settlement statement (the "Accounts Receivable Settlement Statement"). Within thirty (30) days following the Closing, Buyer shall remit to Seller Sellers an amount equal to eighty percent (80%) of the aggregate of the CBSS Accounts Receivable Amount and SSB Accounts Receivable Amount less the full amount of the Customer Prepayments. Within sixty (60) days following the Closing, Buyer shall remit an additional fifteen percent (15%) of the aggregate of the CBSS Accounts Receivable Amount and SSB Accounts Receivable Amount and within ninety (90) days will remit the final five percent (5%). In the event Seller fails Sellers fail to deliver the Accounts Receivable Settlement Statement within the time period set forth herein, Buyer shall be entitled to delay its payment obligations pursuant to this Section 10.14 for the number of days equal to the period of Seller's Sellers' delay.
Appears in 2 contracts
Samples: Asset Purchase Agreement (Verizon South Inc), Asset Purchase Agreement (Centurytel Inc)