Common use of Cutoff Clause in Contracts

Cutoff. Buyer is purchasing Seller’s accounts receivable, which have accrued through (and including) the date of Closing, and for all accounts receivable generated after the Closing. Buyer is not assuming any of Seller’s accounts payable except as specifically set forth in Schedule 2.4(a). Seller shall be responsible for all expenses incurred or accrued with respect to the Assets through and including the Closing Date. Buyer shall be responsible for all expenses incurred or accrued and shall be entitled to all revenues earned with respect to the Assets commencing on the day after the closing date. To the extent either party is required to pay any expense that is the responsibility of the other, the responsible party shall promptly reimburse the paying party, on the receipt of reasonable notice. To the extent either party receives revenues that were earned or are due to the other party, then the receiving party shall promptly pay such revenues to the other party.