Common use of Other Receivables Clause in Contracts

Other Receivables. Except as otherwise provided with respect to Guest Ledger Accounts and payments under Leases, Seller shall assign to Buyer all undisputed Hotel receivables aged sixty (60) days or less as of Closing and Seller shall receive a proration credit equal to 100% of the face amount of such receivables and all other Hotel receivables shall be retained by Seller. The foregoing proration of receivables shall be final and shall not be subject to adjustment under Section 11. For at least six (6) months after Closing, Buyer shall exercise commercially reasonable efforts to cause Hotel Manager, if the Hotel Management Agreement is assigned to and assumed by Buyer, or any successor manager engaged by Buyer in accordance with its customary billing and collection practices and procedures, to use commercially reasonable efforts to collect such retained receivables for Seller’s account, except for any such receivables as Seller by written notice to Buyer excludes from such efforts; but neither Buyer nor Hotel Manager nor a successor manager shall be obligated to institute any legal action or incur any significant expense in attempting to collect such receivables. Any payment at or relating to the Hotel which is received or recovered after Closing from a person who then owes amounts both on such a Seller-retained receivable and on an account to the Hotel accruing after Closing shall be applied to the invoice(s) specified by the payor, and, if the payor makes such payment without reference to a specific invoice, then such payment shall then be applied first to the oldest outstanding accruing accounts.

Other Receivables. Except as otherwise provided with respect to for Guest Ledger Accounts and payments under Leasesfor amounts which are assigned to Buyer pursuant to Section 8.3.2, Seller shall assign to Buyer at Closing all undisputed Hotel receivables, other than receivables aged which are in excess of sixty (60) days or less past due at Closing and any receivables owed to Seller by Delta Air Lines (the “Retained Receivables”), accrued as of the Closing Date with respect to the Hotel and Seller shall receive be entitled to a proration credit equal to 100% of the face amount ninety-nine percent (99%) of such receivables and all other Hotel receivables shall be retained by Sellerreceivables. The foregoing proration of receivables shall be final and shall not be subject With respect to adjustment under Section 11. For at least six (6) months the Retained Receivables, after Closing, Buyer shall exercise commercially reasonable efforts to cause Hotel Managerits manager of the Hotel, if the Hotel Management Agreement is assigned to and assumed by Buyer, or any successor manager engaged by Buyer in accordance with its customary such manager’s billing and collection practices and procedures, to use commercially reasonable efforts to collect such retained receivables Retained Receivables for Seller’s account, except for any such receivables as Seller by written notice to Buyer excludes from such efforts; but neither Buyer nor its Hotel Manager nor a successor manager shall be obligated to institute any legal action or incur any significant extraordinary expense in attempting to collect such receivables. Any payment at or relating to the Hotel which is received or recovered after Closing from a person who then owes amounts both on such a Seller-retained receivable Seller Retained Receivable and on an account to the Hotel accruing after Closing shall be applied to the invoice(s) specified by the payor, payor (and, if the payor makes such payment without reference to a specific invoice, then such payment shall then be applied allocated first to the oldest outstanding earliest accruing accountsaccount(s)).