Shared Accounts Receivable Clause Samples

Shared Accounts Receivable. All accounts or rentals receivable of Seller for goods sold and delivered (or shipped or loaded for shipment), for land, personalty or other property leased, or for services rendered prior to the Closing Date in connection with Seller's Business or Assets are "Excluded Assets" and are retained by Seller. If, however, the accrual period with respect to any account or rental receivable for the lease of land, personalty or other property included in the Assets or for services rendered as a direct part of Seller's Business begins before and ends after the Closing Date, such account or rental receivable (a "Shared Receivable") shall be apportioned between Seller and Refinery Buyer in accordance with GAAP, to the extent applicable, and otherwise in a fair and equitable manner based on the number of days in such period before and after the Closing Date and the relative values of the land, personalty or other property leased or the services rendered during such period before and after the Closing Date, with Seller being entitled to the portion of such Shared Receivable which is attributable to the period prior to the Closing Date and with Refinery Buyer being entitled to the portion of such Shared Receivable which is attributable to the period after the Closing Date.