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<br />ARTICLE VI <br />LCRA'S AGREEMENT TO ASSIGN ACCOUNTS RECEIVABLE <br />AND CITY'S ASSUMPTION OF CERTAIN OBLIGATIONS <br /> <br />6.01 LCRA agrees to sell, transfer, assign, and deliver to <br />CITY on said Closing Date, all of the accounts receivable, <br /> <br />whether due or not yet due, for electric service, owned as of the <br /> <br />Closing Date, however classified on LCRA's books, arising out of <br /> <br />the operation of the Properties described in Article II of this <br /> <br />Agreement, and business incident thereto. <br /> <br />6.02 In consideration of the transfer and assignment of said <br /> <br />accounts, CITY agrees to pay LCRA, as early as practicable after <br /> <br />the Closing Date, the following amounts computed as of said <br /> <br />Closing Date: <br /> <br />100% of billed active accounts receivable from customers for <br /> <br />electric service, however classified on LCRA's books. <br /> <br />For any <br /> <br />account receivable purchased by and transferred to CITY which are <br /> <br />uncollected within 60 days from billing, LCRA shall reimburse CITY <br />the full amount originally paid by CITY for said account. <br /> <br />LCRA and CITY will develop a mutually agreeable method of <br /> <br />prorating retail customer usage represented by actual meter <br /> <br />reading during the meter reading cycle first ending after Closing <br /> <br />Date such that LCRA shall receive credit for prorated portions of <br /> <br />metered quantities representing retail electric service rendered <br /> <br />by LCRA prior to the Closing Date. <br /> <br />CITY will pay LCRA 100% of the <br /> <br />unbilled amounts due LCRA calculated in the manner described above <br /> <br />for all accounts. <br /> <br />For any amounts due LCRA so calculated and <br /> <br />10. <br />