Common use of Post-Closing Accounts Receivable Clause in Contracts

Post-Closing Accounts Receivable. Purchaser and Seller acknowledge and agree that in the event that one party receives (the "Receiving Party") payment with respect to an outstanding account receivable (the "AR Amount") that was intended as payment for the other party (the "Proper Party"), the Receiving Party shall promptly, but in no event later than five (5) business days after receipt of the AR Amount, issue payment for the full AR Amount to the Proper Party.

Appears in 1 contract

Sources: Asset Purchase Agreement (Socket Mobile, Inc.)

Post-Closing Accounts Receivable. Purchaser and Seller acknowledge and agree that in the event that one party receives (the "“Receiving Party"”) payment with respect to an outstanding account receivable (the "“AR Amount"”) that was intended as payment for the other party (the "“Proper Party"”), the Receiving Party shall promptly, but in no event later than five (5) business days after receipt of the AR Amount, issue payment for the full AR Amount to the Proper Party.

Appears in 1 contract

Sources: Asset Purchase Agreement (Dpac Technologies Corp)