Common use of Closing Date Cash Clause in Contracts

Closing Date Cash. (a) On the business day prior to the Initial Closing Date, the Closing Date Cash of the Company and its Subsidiaries shall be an amount equal to the amounts of Cash and Accounts Receivable (as defined below) shown on a schedule provided by Sellers' Representative to Purchaser at the Initial Closing; provided, that, (1) in calculating such amount, amounts owing in respect of checks issued by the Company and the Company Subsidiaries shall not be included, even if they have not cleared or been negotiated, and (2) amounts in respect of checks received by the Company and the Company Subsidiary shall only be included to the extent that payment therefore by the payor has cleared such payor's financial institution. For purposes of this Section 3.30, "Accounts Receivable" shall mean all accounts receivable of the Company and each of Company Subsidiaries, excluding inter-company revenues between the Company and its Subsidiaries, as of the business day prior to the Initial Closing Date. (b) Each of the Accounts Receivable, subject to the reserves shown on the schedule described in Section 3.30(a), will be collected in full, without any set-off or counterclaims, within 365 days after the day on which it became due and payable. ARTICLE IV

Closing Date Cash. (a) On the business day prior to the Initial Closing Date, the Closing Date Cash of the Company and its Subsidiaries shall be an amount equal to the amounts of Cash and Accounts Receivable (as defined below) shown on a schedule provided by Sellers' Representative to Purchaser at the Initial Closing; provided, that, (1) in calculating such amount, amounts owing in respect of checks issued by the Company and the Company Subsidiaries shall not be included, even if they have not cleared or been negotiated, and (2) amounts in respect of checks received by the Company and the Company Subsidiary shall only be included to the extent that payment therefore by the payor has cleared such payor's financial institution. For purposes of this Section 3.30, "Accounts Receivable" shall mean all accounts receivable of the Company and each of Company Subsidiaries, excluding inter-company revenues between the Company and its Subsidiaries, as of the business day prior to the Initial Closing Date. (b) Each of the Accounts Receivable, subject to the reserves shown on the schedule described in Section 3.30(a), will be collected in full, without any set-off or counterclaims, within 365 days after the day on which it became due and payable. ARTICLE IV.