Common use of Payments Received Clause in Contracts

Payments Received. Seller and Purchaser each agree that after the Closing they will (and Purchaser will cause Holdings to) hold and will promptly transfer and deliver to the other, from time to time as and when received by them, any cash, checks with appropriate endorsements (using their best efforts not to convert such checks into cash), or other property that they may receive on or after the Closing which properly belongs to the other party, including without limitation any insurance proceeds, and will account to the other for all such receipts. Following the Closing, Purchaser and Holdings shall have the right and authority to endorse without recourse the name of Seller on any check or any other evidences of indebtedness received by Purchaser or Holdings on account of the Business and the Assets, for the sole purpose of depositing such items into accounts over which Seller has signatory authority.

Payments Received. Seller and Purchaser each agree that after the Closing they will (and Purchaser will cause Holdings to) hold and will promptly transfer and deliver to the other, from time to time as and when received by them, any cash, checks with appropriate endorsements (using their best efforts not to convert such checks into cash), or other property that they may receive on or after the Closing which properly belongs to the other party, whether pursuant to this Agreement, the Previous Agreement or otherwise, including without limitation any insurance proceeds, and will account to the other for all such receipts. Following From and after the Closing, Purchaser and Holdings shall have the right and authority to endorse without recourse the name of Seller on any check or any other evidences of indebtedness received by Purchaser or Holdings on account of the Business and the Assets, for the sole purpose of depositing such items into accounts over which Seller has signatory authorityPurchased Assets transferred to Purchaser hereunder.

Payments Received. Seller Buyer and Purchaser the Sellers each agree that after the Closing they will (and Purchaser will cause Holdings to) hold and will promptly Promptly transfer and deliver (or cause to be transferred and delivered) to the other, from time to time as and when received by themthem (or their respective Affiliates), any cash, checks with appropriate endorsements (using their best reasonable commercial efforts not to convert such checks into cash), or other property that they may receive on or after the Closing which properly belongs to the other partyParty, including without limitation any insurance proceeds, and will account to the other for all such receipts. Following From and after the Closing, Purchaser and Holdings Buyer shall have the right and authority to endorse without recourse the name of Seller the Sellers on any check or any other evidences evidence of indebtedness received by Purchaser or Holdings Buyer on account of the Business and the AssetsAcquired Assets transferred to Buyer (or, for the sole purpose of depositing such items into accounts over which Seller has signatory authorityif applicable, Buyer Designee) hereunder.

Payments Received. Seller and Seller Principals (on the one hand) and Purchaser (on the other hand) each agree that after the Closing they will (and Purchaser will cause Holdings to) hold and will promptly transfer and deliver to the other, from time to time as and when received by them, any cash, checks with appropriate endorsements (using their reasonable best efforts not to convert such checks into cash), or other property that they may receive on or after the Closing which properly belongs to the other party, including without limitation any insurance proceedsParty, and will account to the other for all such receipts. Following From and after the ClosingClosing and subject to Section 6.4, Purchaser and Holdings shall have the right and authority to endorse without recourse the name of Seller on any check or any other evidences of indebtedness received by Purchaser or Holdings on account of the Acquired Business and the Purchased Assets transferred to Purchaser under this Agreement, other than those comprising Excluded Assets, for the sole purpose of depositing such items into accounts over which Seller has signatory authority.