Common use of Misdirected Customer Payments and Deductions Clause in Contracts

Misdirected Customer Payments and Deductions. (a) On the first Business Day following the end of each calendar month during the 12-month period following the Distribution: (i) Horizon will notify TriMas of (A) the amount of customer payments that relate to accounts receivable of any member of the TriMas Group (“TriMas Receivables”) received by any member of the Horizon Group during the previous calendar month (such payments, “Misdirected TriMas Payments”) and (B) the amount of any customer deductions that relate to TriMas Receivables made during the previous calendar month against payments owed to any member of the Horizon Group (such deductions, “Misdirected TriMas Deductions”), and (ii) TriMas will notify Horizon of (A) the amount of customer payments that relate to Horizon Receivables received by any member of the TriMas Group during the previous calendar month (such payments, “Misdirected Horizon Payments”) and (B) the amount of any customer deductions that relate to Horizon Receivables made during the previous calendar month against payments owed to any member of the TriMas Group (such deductions, “Misdirected Horizon Deductions”). Each such notice will include the name of each applicable customer and the amount of each applicable payment and deduction.