Common use of Collection of Accounts Receivable Clause in Contracts

Collection of Accounts Receivable. From and after the Closing, Seller shall pursuant to the Management Contract (subject to that certain Termination Agreement dated as of even date herewith pursuant to which such foregoing Management Contract is being terminated) and Buyer and Seller shall use their commercially reasonable efforts to cause IPS, pursuant to the IPS Contract (subject to that certain Termination Agreement dated as of November 30, 2014 pursuant to which the foregoing IPS Contract is being terminated), to xxxx for services provided by Seller to GAA prior to the Closing Date and to collect, in the ordinary course, the Accounts Receivable of Seller (determined pursuant to the Management Contract) attributable solely to services provided by Seller to GAA, pursuant to the Management Contract, prior to the Closing Date (collectively, the “Pre-Closing Seller Accounts Receivable”). Buyer shall have no obligation to file collection actions or lawsuits with respect to any such Pre-Closing Seller Accounts Receivable attributable to services provided by Seller to GAA prior to the Closing Date (or with respect to any “Pre-Closing Accounts Receivable” being accounts receivable attributable to services provided by GAA prior to the Closing Date); nor shall Buyer have any liability to Seller or Seller Owner for any failure by IPS to timely xxxx for services provided by GAA prior to the Closing Date or to collect any such Pre-Closing Accounts Receivable attributable to services provided by GAA prior to the Closing Date. This Section shall not apply with respect to any billing for services provided by Buyer on or after the Closing Date or any accounts receivable attributable to services provided by Buyer on or after the Closing Date (“Post-Closing GAA Accounts Receivable”).

Collection of Accounts Receivable. Without limiting the generality of the provisions of Section 5.2, prior to the Closing, Seller and its Subsidiaries shall collect all Accounts Receivable in the ordinary course of business, consistent with Seller’s and its Subsidiaries’ past practice with respect to the Acquired Assets. From and after the Closing, Seller Purchaser shall pursuant have the sole right and authority to the Management Contract (subject to that certain Termination Agreement dated as of even date herewith pursuant to which such foregoing Management Contract is being terminated) and Buyer and Seller shall use their commercially reasonable efforts to cause IPS, pursuant to the IPS Contract (subject to that certain Termination Agreement dated as of November 30, 2014 pursuant to which the foregoing IPS Contract is being terminated), to xxxx collect for services provided by Seller to GAA prior to the Closing Date its own account all Accounts Receivable and to collect, in endorse with the ordinary course, the Accounts Receivable name of Seller (determined pursuant to the Management Contract) attributable solely to services provided by Seller to GAA, pursuant to the Management Contract, prior to the Closing Date (collectively, the “Pre-Closing Seller Accounts Receivable”). Buyer shall have no obligation to file collection actions and its Subsidiaries any checks or lawsuits drafts received with respect to any such Pre-Closing Accounts Receivable. Seller agrees to deliver promptly to Purchaser all cash, checks or other property received directly or indirectly by Seller and its Subsidiaries with respect to such Accounts Receivable, including, without limitation, any amounts payable as interest thereon. From and after the Closing, unless specifically requested by Purchaser, Seller and its Subsidiaries shall not contact any current or former customer regarding any Accounts Receivable attributable and shall refer promptly to services provided by Seller to GAA prior to the Closing Date (or Purchaser all inquiries with respect to any “Pre-Closing Accounts Receivable” . If and to the extent requested by Purchaser, Seller and its Subsidiaries shall take such actions as may be reasonably necessary or advisable to facilitate the collection of any Accounts Receivable; it being accounts receivable attributable to services provided by GAA prior to agreed and understood that customers of the Acquired Business may also be customers of Seller’s and its Subsidiaries’ businesses with whom Seller and its Subsidiaries may have continuing business relationships. If not collected within 90 days from the Closing Date); nor , Seller and its Subsidiaries shall Buyer have pay promptly to Purchaser the amount of any liability uncollected Accounts Receivable in cash, and Purchaser shall assign and transfer back to Seller or Seller Owner for any failure by IPS to timely xxxx for services provided by GAA prior to the Closing Date or to collect any and its Subsidiaries each such Pre-Closing Accounts Receivable attributable to services for collection by Seller and its Subsidiaries; provided by GAA prior to the Closing Date. This Section that Seller and its Subsidiaries shall not apply take any action in connection with respect to any billing for services provided by Buyer on or after such collection that would adversely affect Purchaser’s ongoing business relationship with the Closing Date or any accounts receivable attributable to services provided by Buyer on or after the Closing Date (“Post-Closing GAA Accounts Receivable”customer(s).

Collection of Accounts Receivable. From and after the ClosingOn a weekly basis, Seller agrees to pay to Buyer any payments on Buyer's accounts receivable remitted to Seller. On a weekly basis, Buyer agrees to pay to Seller any payment on Seller's accounts receivable remitted to Buyer. With respect to any accounts receivable payments received by either Buyer or Seller relating to customers common to both Buyer and Seller, if the documentation relating to such accounts receivable payment does not specify whether the payment relates to Seller's invoice or Buyer's invoice, the party receiving such payment shall pursuant notify the other party and such payment shall not be utilized by the recipient thereof until the application thereof has been mutually agreed to the Management Contract (subject to that certain Termination Agreement dated as of even date herewith pursuant to which such foregoing Management Contract is being terminated) by Buyer and Seller. Buyer and Seller shall use provide each other with reasonable access to their commercially reasonable efforts respective books and records for the purposes of reconciling the accounts receivable relating to cause IPSthe Business Unit. On the date that is thirty (30) days after the Closing Date, pursuant to the IPS Contract (subject Lockbox Documents, Seller shall assign to Buyer the lockbox located at LaSalle National Bank into which Seller's accounts receivable relating to the Business Unit are deposited. Notwithstanding anything herein to the contrary, Buyer and Seller acknowledge and agree that certain Termination Agreement dated all accounts receivable of the Business Unit as of November 30, 2014 pursuant to which the foregoing IPS Contract is Closing (except for the Sysco Equipment Lease Receivables) are being terminated), to xxxx for services provided retained by Seller as an Excluded Asset. Seller hereby grants to GAA prior Buyer a limited power of attorney to the Closing Date endorse any checks payable to Seller which are received by Buyer and to collect, in the ordinary course, the Accounts Receivable of Seller (determined pursuant to the Management Contract) attributable specifically relate solely to services provided by Seller to GAA, pursuant to the Management Contract, prior to the Closing Date (collectively, the “Pre-Closing Seller Accounts Receivable”). Buyer shall have no obligation to file collection actions or lawsuits with respect to any such Pre-Closing Seller Accounts Receivable attributable to services provided by Seller to GAA prior to the Closing Date (or with respect to any “Pre-Closing Accounts Receivable” being accounts an account receivable attributable to services provided by GAA prior to the Closing Date); nor shall Buyer have any liability to Seller or Seller Owner for any failure by IPS to timely xxxx for services provided by GAA prior to the Closing Date or to collect any such Pre-Closing Accounts Receivable attributable to services provided by GAA prior to the Closing Date. This Section shall not apply with respect to any billing for services provided by Buyer on or after the Closing Date or any accounts receivable attributable to services provided by Buyer on or after the Closing Date (“Post-Closing GAA Accounts Receivable”)of Buyer.