Common use of Accounts Receivable (Other than Guest Ledger) Clause in Contracts

Accounts Receivable (Other than Guest Ledger). At the Closing, Seller shall receive a credit for, and Purchaser shall purchase from Seller, all Accounts Receivable (other than the Guest Ledger which is addressed in Section 10.2(a)), that are less than ninety (90) days past due, and Purchaser shall be entitled to all amounts collected for such Accounts Receivable. Such credit shall equal the amount of the Accounts Receivable. Accounts Receivable that are past due for ninety (90) days or more are referred to as “Older Accounts Receivable”. Purchaser shall not be entitled to any amounts collected for Older Accounts Receivable. Purchaser shall cause Manager to cooperate with Seller in collecting the Older Accounts Receivable, at no cost or expense to Purchaser other than any de minimis cost and expense or any cost or expense which Seller agrees in writing to reimburse. If any Older Accounts Receivable (as so designated by the obligor) are paid to Purchaser after the Closing, Purchaser shall pay to Seller the amounts received by Purchaser within ten (10) days after receipt of such amounts, without any commission or deduction for Purchaser.

Accounts Receivable (Other than Guest Ledger). At the Closing, Seller shall receive a credit for, and Purchaser shall purchase from Seller, for all Accounts Receivable (other than the Guest Ledger which is addressed in Section 10.2(a)), that 11.3.1) which are unpaid for less than ninety (90) days past duedays, and Purchaser shall be entitled to all amounts collected for such Accounts Receivable. Such credit Seller shall equal retain the amount of the Accounts Receivable. right to collect all Accounts Receivable that are past due unpaid for ninety (90) days or more are referred to as (the “Older Accounts ReceivableAging Receivables”), and Purchaser shall not receive a credit for the Aging Receivables. Purchaser shall not be entitled to any amounts collected for Older Accounts Receivable. Purchaser shall cause Manager to cooperate with Seller in collecting the Older Accounts ReceivableAging Receivables, at no cost or expense to Purchaser other than any de minimis cost and expense or any cost or expense which Seller agrees in writing to reimburse. Any amounts received by either Party shall be applied first against the oldest Accounts Receivable, including any Aging Receivables, outstanding for the Person paying such amounts. If any Older Accounts Receivable (as so designated by the obligor) Aging Receivables are paid to Purchaser after the Closing, Purchaser shall pay to Seller the amounts received by Purchaser an amount equal to such Aging Receivables within ten (10) days after Purchaser’s receipt of such amountsAging Receivables, without any commission or deduction for Purchaser.

Accounts Receivable (Other than Guest Ledger). At (i) On the ClosingClosing Date, Seller shall receive a credit for, and Purchaser shall purchase from Seller, assign to Buyer all Accounts Receivable (other than the Guest Ledger which is addressed in Section 10.2(a)), that are less than ninety (90) days past due, and Purchaser shall be entitled to all amounts collected for such Accounts Receivable. Such credit shall equal the amount of the Accounts Receivable. Accounts Receivable that are past due for ninety as of the Closing Date (90) days or more are referred to as the “Older Assigned Accounts Receivable”). Purchaser Buyer shall pay to Seller an amount equal to the Assigned Accounts Receivable that are up to and including thirty (30) days past due as of the Closing Date, an amount equal to seventy five percent (75%) of all Assigned Accounts Receivable that are more than thirty (30) days and up to and including sixty (60) days past due as of the Closing Date, and an amount equal to thirty five percent (35%) of all Assigned Accounts Receivable that are more than sixty (60) days and up to and including one hundred twenty (120) days past due as of the Closing Date. Buyer shall not be entitled credit to Seller any amounts collected for Older Accounts Receivable more than one hundred twenty (120) days past due as of the Closing Date. Buyer shall have the sole right to collect and retain all such Assigned Accounts Receivable. Purchaser shall cause Manager to cooperate with Seller in collecting the Older Accounts Receivable, at no cost or expense to Purchaser other than any de minimis cost and expense or any cost or expense which Seller agrees in writing to reimburse. If any Older Assigned Accounts Receivable (as so designated by the obligor) are paid to Purchaser Seller after the Closing, Purchaser then Seller shall pay to Seller Buyer the amounts received by Purchaser Seller within ten (10) days Business Days after receipt of such amounts, amounts without any commission or deduction for PurchaserSeller.

Accounts Receivable (Other than Guest Ledger). At (i) On the Closing Date Seller shall assign to Buyer all Accounts Receivable that are 90 days or less past due as of the Cut-Off Time (the “Assigned Accounts Receivable”), and Buyer shall pay to Seller an amount equal to the sum of the following for all Accounts Receivable: (i) 100% of all the Assigned Accounts Receivable that are 30 days or less past due as of the Cut-Off Time; (ii) 90% of all the Assigned Accounts Receivable that are 31-60 days past due as of the Cut-Off Time; and (iii) 50% of all the Assigned Accounts Receivable that are 61-90 days past due as of the Cut-Off Time. Buyer shall have the sole right to collect and retain all such Assigned Accounts Receivable. After Closing, Seller shall receive a credit for, and Purchaser shall purchase from Seller, retain the right to collect all Accounts Receivable (other than the Guest Ledger which is addressed in Section 10.2(aAssigned Accounts Receivable (the “Retained Accounts Receivable”)), that are less than ninety (90) days past due, and Purchaser . Seller shall be entitled have the sole right to all amounts collected for such collect the Retained Accounts Receivable. Such credit shall equal If after Closing (i) any Retained Accounts Receivable are paid to Buyer or (ii) Buyer collects more than the applicable percentage of the face amount of the Accounts Receivable. Accounts Receivable that are past due for ninety (90) days or more are referred to as “Older Accounts Receivable”. Purchaser shall not be entitled to any amounts collected for Older Accounts Receivable. Purchaser shall cause Manager to cooperate with Seller in collecting the Older applicable Assigned Accounts Receivable, at no cost or expense to Purchaser other than any de minimis cost and expense or any cost or expense which Seller agrees in writing to reimburse. If any Older Accounts Receivable (as so designated by the obligor) are paid to Purchaser after the Closing, Purchaser Buyer shall pay to Seller the such amounts received by Purchaser within ten (10) days Business Days after receipt of such amounts, amounts without any commission or deduction for Purchaserdeduction.

Accounts Receivable (Other than Guest Ledger). At the Closing, Seller shall receive a credit as of the Prorations Date for, and Purchaser shall purchase from Seller, all Accounts Receivable (other than the Guest Ledger which is addressed in Section 10.2(a)), Ledger) that are less than ninety one hundred twenty (90120) days past due, and Purchaser shall be entitled to all amounts collected for such Accounts Receivable. Such credit shall equal the amount of the Accounts Receivable, less (i) credit card charges, travel company charges and similar commissions and (ii) on all accounts receivable other than credit card receivables, a discount for uncollectible amounts based on the Hotel’s historic reserve for uncollectible amounts for receivables that are less than one hundred twenty (120) days past due. Accounts Receivable that are past due for ninety one hundred twenty (90120) days or more are referred to as “Older Accounts Receivable”. Purchaser shall not be entitled to any amounts collected for Older Accounts Receivable. Purchaser shall cause Manager to cooperate with Seller in collecting the Older Accounts Receivable, at no cost or expense to Purchaser other than any de minimis cost and expense or any cost or expense which Seller agrees in writing to reimburse. If any Older Accounts Receivable (as so designated by the obligor) are paid to Purchaser after the Closing, Purchaser shall pay to Seller the amounts received by Purchaser within ten (10) days after receipt of such amounts, without any commission or deduction for Purchaser.

Accounts Receivable (Other than Guest Ledger). At the Closing, Seller shall receive a credit for, and Purchaser shall purchase from Seller, for all Accounts Receivable (other than the Guest Ledger which is addressed in Section 10.2(a)), that 11.3.1) which are unpaid for less than ninety (90) days past duedays, and Purchaser shall be entitled to all amounts collected for such Accounts Receivable. Such credit Seller shall equal retain the amount of the Accounts Receivable. right to collect all Accounts Receivable that are past due unpaid for ninety (90) days or more are referred to as (the “Older Accounts ReceivableAging Receivables”), and Purchaser shall not receive a credit for the Aging Receivables. Purchaser shall not be entitled to any amounts collected for Older Accounts Receivable. Purchaser shall cause Manager to cooperate with Seller in collecting the Older Accounts ReceivableAging Receivables, at no cost or expense to Purchaser other than any de minimis cost and expense or any cost or expense which Seller agrees in writing to reimburse. Any amounts received by either Party shall be applied first against the oldest Accounts Receivable, including any Aging Receivables, outstanding for the Person paying such amounts; provided, however, that if the payor has designated the invoice against which the amount received should be applied, such amount shall be applied to the Accounts Receivable reflected in such invoice. If any Older Accounts Receivable (as so designated by the obligor) Aging Receivables are paid to Purchaser after the Closing, Purchaser shall pay to Seller the amounts received by Purchaser an amount equal to such Aging Receivables within ten (10) days after Purchaser’s receipt of such amountsAging Receivables, without any commission or deduction for Purchaser.