Common use of Lockboxes, Payment Instructions and Reconciliation of Receivables Clause in Contracts

Lockboxes, Payment Instructions and Reconciliation of Receivables. Sellers will continue to maintain their existing lockbox accounts for the remittance of the Accounts Receivable. Buyer will not give customers of the Business new payment instructions until it sends out invoices for the first full billing period beginning on or after the Effective Time. From and after the Closing, if Buyer receives or collects any funds intended as payment of any Accounts Receivable, Buyer shall remit such funds to Sellers , and if Sellers receive or collect any funds intended as payment of any accounts receivable of Buyer, Sellers shall remit such funds to Buyer, in each case as promptly as practicable (but in any event within three (3) Business Days of the determination of the party to whom such funds belong).

Lockboxes, Payment Instructions and Reconciliation of Receivables. Sellers will continue to maintain their existing lockbox accounts for the remittance of the Accounts Receivable. Buyer will not give customers of the Business new payment instructions until it sends out invoices for the first full billing period beginning on or after the Effective Time. From and after the Closing, if Buyer receives or collects any funds intended as payment of any Accounts Receivable, Buyer shall remit such funds to Sellers , and if Sellers receive or collect any funds intended as payment of any accounts receivable of Buyer, Sellers shall remit such funds to Buyer, in each case as promptly as practicable (but in any event within three (3) Business Days of the determination of the party to whom such funds belong).three