Accounts Receivables from Asset Purchase Agreement
THIS ASSET PURCHASE AGREEMENT (Agreement) is made and entered into this 29th day of January, 2008 by and between Temps, Inc., a Missouri corporation (Buyer) and TeamStaff Rx, Inc. (TeamStaff Rx), a Texas corporation and a wholly-owned subsidiary of TeamStaff, Inc., a New Jersey corporation (TeamStaff) which includes the Nursing Innovations division (Nursing Innovations) of TeamStaff Rx, Inc. TeamStaff Rx and TeamStaff are sometimes individually and collectively referred to herein as Seller.
Accounts Receivables. Seller shall cooperate with Buyer in the collection of the Accounts Receivables that are being sold to Buyer under this Agreement. At Closing, Seller shall notify those parties that have an outstanding Account Receivable to Seller that all payments should be made to Buyer as directed by Buyer. Seller agrees that it shall remit to Buyer any monies it receives attributable to Accounts Receivables being sold to Buyer under this Agreement not less frequently than once per week, provided that on any day when the aggregate monies received by Seller on such day and if applicable, the immediately preceding days, are equal to or greater than $25,000, Seller shall promptly transfer such monies to Buyer by wire transfer for receipt not later than the next business day. In addition, Seller agrees to provide Buyer with a daily list of all monies it receives attributable to Accounts Receivables specified by amount and payee.