Payment of Accounts Receivable Sample Clauses
The Payment of Accounts Receivable clause establishes the terms and conditions under which payments owed for goods or services provided are to be collected. Typically, this clause outlines the timeframe for payment, acceptable payment methods, and any penalties for late payment, ensuring both parties understand their financial obligations. By clearly defining when and how payments must be made, the clause helps prevent disputes over unpaid invoices and supports predictable cash flow for the party providing goods or services.
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Payment of Accounts Receivable. All payments of Accounts Receivable and other payments on behalf of Company received by Factor shall be credited to Company's Reserve Account. No check, draft or other instrument received by Factor shall constitute final payment unless and until such check, draft or other instrument shall have been actually collected by Factor in immediately available funds. The amount of the Purchase Price of any Factor Risk Account Receivable which remains unpaid will be deemed collected and will be credited to Company's account as of the earlier of the following dates: (a) the date of the Account Receivables longest maturity if any proceeding or petition is instituted or filed by or against the Customer for relief under any federal or state bankruptcy or insolvency law, code or act, or if a receiver or trustee is appointed for the Customer; or (b) as of the last day of the fourth (4th) month following its longest maturity date if such Factor Risk Account Receivable remains unpaid as of such date without the happening of any of the events specified in the preceding clause (a). If any Factor Risk Account Receivable credited to Company's Reserve Account is not paid for any reason other than the Customer's financial inability to pay, Factor shall reverse the credit and charge Company's Reserve Account accordingly and such Account Receivable shall then be deemed a Company Risk Account Receivable.
Payment of Accounts Receivable. Factor shall credit to Client all payments by customers of Accounts Receivable and other payments on behalf of Client promptly after crediting such payment to the customer's account. No check, draft or other instrument received by Factor shall constitute final payment unless and until such check, draft or other instrument shall have been actually collected by Factor in immediately available funds. Client shall pay to Factor a Fifteen Dollar ($15) fee for each check received by Factor as payment (in whole or in part) against Client Risk Accounts Receivable that is returned because of insufficient funds. The amount of the Purchase Price of any Factor Risk Account Receivable which remains unpaid shall be credited to Client as of the earlier of the following dates: (a) the longest maturity date of such Factor Risk Account Receivable if any proceeding or petition is instituted or filed by or against the customer for relief under any federal or state bankruptcy or insolvency law, code or act, or if a receiver or trustee is appointed for the customer (each an "Insolvency Event"); or (b) as of the nintieth (90th) day following its longest maturity date if such Factor Risk Account Receivable remains unpaid as of such date without the occurrence of an Insolvency Event; provided, however, that Factor shall not credit the Purchase Price of any unpaid Factor Risk Accounts if (i) Client has breached any of its representations and warranties with respect to such unpaid Factor Risk Accounts Receivable as set forth in Section 7(d), or (ii) Factor determines that any Factor Risk Account Receivable remains unpaid for any reason other than the customer's financial inability to pay. In either case, such Account Receivable shall be converted to a Client Risk Account Receivable.
Payment of Accounts Receivable. Following the Closing, DoveBid agrees ------------------------------ to use its commercially reasonable efforts to collect outstanding accounts receivable of the Company as of the Closing Date (such amounts, "Closing Company Receivables"). On each successive two week anniversary of the Closing Date, DoveBid agrees to pay to the Trees Trust in cash, all amounts received by DoveBid or the Company during the prior two weeks in payment of Closing Company Receivables until the aggregate amount of all such payments by DoveBid to the Trees Trust equals the amount of Trees Indebtedness as of the Closing Date, plus interest accrued under the notes evidencing the Trees Indebtedness. If, on the one year anniversary of the Closing Date, the payments of Closing Company Receivables have not satisfied the amount of Trees Indebtedness as of the Closing Date, DoveBid shall promptly pay in full the remaining unpaid principal and accrued interest of the Trees Indebtedness. Each of the Company, the Trees Trust, ▇▇▇▇▇▇▇ ▇. Trees and ▇▇▇▇▇▇ ▇. Trees hereby agree that (i) the provisions of this Agreement regarding the satisfaction of the Trees Indebtedness supersede and amend in all respects each and every instrument evidencing or regarding the Trees Indebtedness, including, without limitation, the Secured Promissory Note dated March 11, 1998 and the Promissory Note dated December 2, 1998, and that the provisions thereof regarding the schedule of payments due thereunder and the acceleration thereof are of no further force or effect, and (ii) the Security Agreement executed by the Company and the Trees Trust on March 18, 1998 (the "Trees Security Agreement") is hereby terminated.
Payment of Accounts Receivable. At the Closing, Purchaser shall pay the face value of the Accounts Receivable in immediately available funds."
4. Except as herein modified, the Agreement shall remain in full force and effect.
Payment of Accounts Receivable. Purchaser shall deliver to Seller all monies received by Purchaser in payment of any of the accounts receivable of Seller identified in the attached Schedule 1.2(a) (as such Schedule may be updated by Seller in accordance with --------------- Section 1.2(a)) within fifteen (15) days after Purchaser's receipt of such payment.
Payment of Accounts Receivable. If Seller receives payments to satisfy any accounts receivable of the Business after the Closing, Seller shall promptly, and in any event within five business days after receipt, notify Buyer and pay such proceeds to Buyer.
Payment of Accounts Receivable. Simultaneously with the purchase by KCS from TFM of the Initially Transferred Shares, TMX shall make a payment to GTMM in the amount of $402,000 in settlement of existing accounts payable in favor of GTMM.
Payment of Accounts Receivable. The Purchaser shall have paid Masters Health Care LLC (“MHC”) the sum of $62,565.96, and Masters Pharmaceutical, Inc. (“MP”) the sum of $404,268.73 (the “Accounts Receivable”) contemporaneously with the Closing. In addition, the Purchaser shall transfer the sum of $77,338.79 (the "Return Escrow") to the trust account of its attorney, ▇▇▇▇▇▇ & ▇▇▇▇▇▇, LLP, contemporaneously with the Closing. The Return Escrow shall be held in trust by ▇▇▇▇▇▇ & ▇▇▇▇▇▇, LLP until such time as MHC and MP shall have determined the value of certain products being returned to MHC and MP by the Purchaser. Once the value of the returned products is determined, ▇▇▇▇▇▇ & ▇▇▇▇▇▇, LLP shall disburse the Return Escrow to the parties as directed by MHC and MP. MHC and MP are affiliates of the Seller and the Accounts Receivable and Return Escrow (once disbursed) represent all net amounts owed by the Purchaser to MHC and MP as of the Closing Date for pharmaceuticals and healthcare supplies, and all net amounts owed by MHC and MP to the Purchaser. At the closing, the Purchaser shall pay the Accounts Receivable and the Return Escrow in cash by wire transfer of immediately available funds to such accounts as the Seller shall designate in writing.
Payment of Accounts Receivable. Buyer shall have paid to Seller, in cash or other immediately available funds either at or before the Closing, all Accounts Receivable.
Payment of Accounts Receivable. The Purchaser shall have paid Masters Health Care LLC (“MHC”) the sum of $62,565.96, and Masters Pharmaceutical, Inc. (“MP”) the sum of $578,879.52 (the “Accounts Receivable”) contemporaneously with the Closing. MHC and MP are affiliates of the Seller and the Accounts Receivable represent all net amounts owed by the Purchaser to MHC and MP as of the Closing Date for pharmaceuticals and healthcare supplies. At the closing, the Purchaser shall pay the Accounts Receivable in cash by wire transfer of immediately available funds to such accounts as the Seller shall designate in writing.