Post-Closing Accounts Receivable. Sellers shall promptly forward to RL Franchising any and all proceeds from accounts receivable or other payments relating to the Business that are received by Sellers or their Affiliates following the Closing Date. Sellers shall remit all such payments to RL Franchising by wire transfer no less frequently than every other Friday. Buyer shall promptly forward to TESI any and all proceeds from accounts receivable or other payments relating to any Excluded Assets that are received by Buyer or their Affiliates following the Closing Date. Buyer shall remit all such payments to TESI by wire transfer no less frequently than every other Friday. Upon request after the Closing, Sellers shall provide RL Franchising visual read-only online access to Sellers’ bank account records to confirm compliance with this Section 6.22.
Appears in 2 contracts
Sources: Asset Purchase Agreement, Asset Purchase Agreement (Red Lion Hotels CORP)