Additional Payments Received Clause Samples
The 'Additional Payments Received' clause defines how any extra payments, beyond the standard or expected amounts, are to be handled under the agreement. Typically, this clause specifies the circumstances under which such additional payments may be received, such as refunds, rebates, or third-party contributions, and outlines the process for allocating or crediting these funds. Its core function is to ensure transparency and fairness in the distribution or application of unexpected or supplementary payments, thereby preventing disputes and clarifying financial responsibilities between the parties.
Additional Payments Received. After the Final Settlement Date, each Party covenants and agrees that it will hold and promptly transfer and deliver to the rightful Party, from time to time as and when received by it, any cash, checks with appropriate endorsements (using its reasonable efforts not to convert such checks into cash), or other property that it may receive which properly belongs to the other Party, and will account to the other Party for all such receipts.
Additional Payments Received. After the Final Settlement Date, Seller covenants and agrees that it will hold and promptly transfer and deliver to Buyer, from time to time as and when received by it, any cash, checks with appropriate endorsements (using its reasonable efforts not to convert such checks into cash), or other property that it may receive which properly belongs to Buyer, and will account to Buyer for all such receipts.
Additional Payments Received. After the Final Settlement Date, Seller shall promptly deliver to Buyer, from time to time as and when received by it, any cash, checks with appropriate endorsements (using its reasonable efforts not to convert such checks into cash), or other property that it may receive which properly belongs to Buyer, and shall account to Buyer for all such receipts.
Additional Payments Received. After the Final Settlement Date, Seller covenants and agrees that it will within forty eight (48) hours transfer and deliver to Buyer, from time to time as and when received by it, any cash, checks with appropriate endorsements (using its reasonable efforts not to convert such checks into cash) or other property that it receives which properly belong to Buyer, and will account to Buyer for all such receipts.
Additional Payments Received. After the Closing, each of Seller and Buyer covenants and agrees that it shall, and shall cause its Affiliates, to promptly (and in any event within five Business Days) transfer and deliver to the other party, from time to time as and when received by it or its Subsidiaries, any cash, checks with appropriate endorsements (using its reasonable efforts not to convert such checks into cash) or other property that it (or any of its Affiliates) receives which is a payment from a client or customer that is incorrectly addressed to, in the case of Seller, Seller or any of its Affiliates, and in the case of Buyer, the Transferred Entities, and will account to such other party for all such receipts.