Common use of Payment Rights Clause in Contracts

Payment Rights. A net three percent (3%) of the right, title and working interest in all (a) accounts, instruments and general intangibles (as such terms are defined in the Uniform Commercial Code of Texas) arising from the sale or other disposition on or after the Effective Date of any of the Assets described in Sections 1.1 through 1.6, inclusive; and (b) liens and security interests in favor of Seller under any law, rule or regulation or under the Contracts arising from the sale or other disposition on or after the Effective Date of any of the Assets described in Sections 1.1 through 1.6, inclusive (the "Payment Rights").

Payment Rights. A net three percent (3%) of the right, title and working interest in all (a) accounts, instruments and general intangibles (as such terms are defined in the Uniform Commercial Code of Texas) arising from the sale or other disposition on or after the Effective Date of any of the Assets described in Sections 1.1 through 1.6, inclusive; and (b) liens and security interests in favor of Seller under any law, rule or regulation or under the Contracts arising from the sale or other disposition on or after the Effective Date of any of the Assets described in Sections 1.1 through 1.6, inclusive (the "Payment RightsPAYMENT RIGHTS").