Common use of Uncollected Accounts Receivable Clause in Contracts

Uncollected Accounts Receivable. The Seller shall promptly ------------------------------- purchase all notes and accounts receivable of the PO/MTBE Business included in the Closing Working Capital, which have not been collected by the Ninetieth (90th) Day following the Closing Date and the Two Hundred Tenth (210/th/) day for non-U.S. shipments which have payment terms more than Ninety (90) days ("Uncollected Receivables"). The purchase price for the Uncollected Receivables shall be the aggregate face amount thereof (net of the aggregate reserves for bad debts relating to such receivables shown on the Final Statement); provided however, that if Buyer shall have collected notes and accounts receivable included in the Closing Working Capital which, when added to the amount of the Uncollected Receivables, is greater than the amount of the notes and accounts receivable included in the Closing Working Capital (after deducting therefrom the reserve for bad debts relating to such receivables shown on the Final Statement), the difference shall be credited against the amount of the Uncollected Receivables to be purchased. In the event that Buyer shall collect any Uncollected Receivables subsequent to Seller's purchase of such Uncollected Receivables, Buyer shall pay all amounts so collected to Seller no later than five (5) Business Days after collection.

Uncollected Accounts Receivable. The Within 135 days after the Effective Date, Buyer shall have the right to (i) notify Seller shall promptly ------------------------------- purchase all notes and in writing (the "Receivables Notice") of the dollar amounts of the accounts receivable of the PO/MTBE Business included in existing on the Closing Working Capital, which Effective Date that have not been collected by Buyer by the Ninetieth (90th) Day following the Closing Date date of such notice and the Two Hundred Tenth (210/th/) day for non-U.S. shipments which have payment terms are more than Ninety 120 days past due as of the date of such notice (90) days (the "Uncollected Greater than 120-Day Receivables"). The purchase price for the Uncollected Receivables shall be the aggregate face amount thereof ) and (net ii) at its option, assign to Seller 100% of the aggregate reserves then-outstanding Greater than 120-Day Receivables. If so assigned, Seller shall purchase the Greater than 120-Day Receivables for bad debts relating a price equal to such receivables shown on (x) the Final Statement); provided however, that if Buyer shall have collected notes and accounts receivable included in the Closing Working Capital which, when added to the face amount of the Uncollected Receivables, is greater Greater than 120-Day Receivables less (y) the full amount of the notes and accounts receivable included reserve for receivables reflected in the Closing Working Capital Net Current Assets, plus (after deducting therefrom z) interest on (x) minus (y) accrued from the reserve for bad debts relating Effective Date at a rate equal to such receivables shown the 30-day Treasury bill ▇▇▇e in effect on the Final Statement)Effective Date, payable by wire transfer of immediately available funds to (or by interbank transfer, if applicable) Buyer within three (3) business days following receipt of the difference Receivables Notice. In determining the amount collected with regard to any account receivable, all amounts received from any obligor shall be credited against allocated to the amount of receivable specified by such obligor, or if not specified, to the Uncollected Receivables to be purchased. In the event that Buyer shall collect any Uncollected Receivables subsequent to Seller's purchase receivables of such Uncollected Receivables, Buyer shall pay all amounts so collected to Seller no later than five (5) Business Days after collection.obligor in the order in which