Collectibility of Accounts Sample Clauses

Collectibility of Accounts. In the event any of the accounts receivable, retainage receivable, or other assets which relate to any and all of the Company’s construction projects (the “A/R’s”) which were (i) completed and billed in full on a date prior to the date which is nine (9) months next following the Closing Date, and (ii) included in the calculation of the Approved Final Working Capital Statement, remain unpaid as of the date which is nine (9) months next following the Closing Date, the Company and the Seller, jointly and severally, agree to pay to the Buyer a post-closing adjustment to the Purchase Price (hereinafter, the “A/R Adjustment”) in an amount equal to the excess of the (A) the sum of the aggregate face amount of accounts receivable not so collected or so collectible, and the aggregate retainage and other assets not so collected or so collectible, over (B) the amount of any and all accounts receivable, retainage receivables and other assets not appearing on the Approved Final Working Capital Statement, but which are collected by Buyer after the Closing, if any. Notwithstanding the foregoing, the Buyer agrees that it will use commercially reasonable best efforts to collect the A/R’s during the period from the Closing Date to the date which is nine (9) months following the Closing Date. Any such payment by the Seller pursuant to the paragraph next above shall be made by certified or bank check payable to the order of Buyer and delivered to the Buyer by the Seller within thirty (30) days after the Buyer provides notice thereof to the Seller, together with a statement identifying the accounts receivable, retainage and other assets not so collected or so collectible. Upon delivery of any such payment from Seller to Buyer any accounts included in the A/R Adjustment shall revert to Seller’s ownership and Seller shall be authorized to pursue collection as it deems appropriate.
Collectibility of Accounts. The accounts, notes and other receivables which are reflected on the AutoC Financial Statements were acquired in the ordinary and regular course of business of AutoC and are collectible in the ordinary course of business subject to the allowance for doubtful accounts on such financial statements.
Collectibility of Accounts. The Accounts have been generated in the ordinary course of the Business and are collectible in accordance with Seller's historical collection ratios as evidenced by the Records, and such Accounts are not subject to any defense, claim or offset.
Collectibility of Accounts. The accounts, notes and other receivables which are reflected on the East Coast Financial Statements were acquired in the ordinary and regular course of business of East Coast and are collectible in the ordinary course of business subject to the allowance for doubtful accounts on such financial statements.