Any amount received by Buyer with respect to any Account Receivable that has been reassigned to SDWCA, or as to which SDWCA has elected to receive a reassignment, shall be turned over by Buyer to SDWCA promptly after receipt. From and after its election to receive a reassignment of any Account Receivable and thereafter, Buyer shall have no right, title or interest in or to such Account Receivable or proceeds thereof, and SDWCA shall be entitled to receive and retain any and all collections upon such Account Receivable.
#Nch express accounts schedule c free
Upon SDWCA's request with respect thereto, Buyer shall execute such documents as SDWCA shall reasonably request to effectuate such transfer and reassignment, which transfer and reassignment shall be free and clear of any liens, claims and encumbrances not existing against the Account Receivable immediately prior to the Closing. SDWCA shall have the option, at its sole and absolute election, to receive a reassignment from Buyer of any Account Receivable which is not collected by Buyer within 120 days of Closing. For purposes of this SECTION 2.2, "collection" shall occur at such time as Buyer receives any payment from the account debtor on account of such Account Receivable provided, however, Buyer shall have a right to be reimbursed by SDWCA for any amount paid by Buyer to SDWCA (but not including any amount offset as provided below) under this SECTION 2.2 which relates to a payment on an Account Receivable which is later dishonored or charged back to Buyer by Buyer's depositary bank as a result of dishonor by the account debtor's payor bank. 70% of all Accounts Receivable collected at 61-120 days from Closing.
80% of all Accounts Receivable collected at 31-60 days from Closing. On the tenth (10th) day of each month, commencing in January, 1999, Buyer shall pay to SDWCA the following amounts with respect to all Accounts Receivable collected by Buyer during the previous calendar month: - 90% of all Accounts Receivable collected at 0-30 days from Closing.
Buyer acknowledges that the Schedule was prepared by Amcraft and SDWCA makes no representation or warranty of any kind whatsoever with respect to the Accounts Receivable, express or implied, including but not limited to, the existence or amount thereof or the existence or lack thereof of any defenses to payment thereon. Attached hereto as Exhibit. B" is a schedule (the "Schedule") of the Accounts Receivable as of December 7, 1998.
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