Common use of Post-Closing Receipts and Possession of Assets Clause in Contracts

Post-Closing Receipts and Possession of Assets. If after the Closing Date any Party receives any funds properly belonging to another party in accordance with the terms of this Agreement, the receiving party will promptly advise such other party, will segregate and hold such funds in trust for the benefit of such other party and will promptly deliver such funds, but in any event within five (5) Business Days after its receipt thereof, together with any interest earned thereon, to an account or accounts designated in writing by such other party. In the event that after the Closing Date, Buyer receives or otherwise is in possession of any Excluded Asset, Buyer shall promptly notify Seller of its receipt or possession of the Excluded Asset and transfer, at Seller’s expense, such Excluded Asset to Seller. In the event that after the Closing Date, Seller receives or otherwise is in possession of any Transferred Asset, Seller shall promptly notify Buyer of its receipt or possession of the Transferred Asset and transfer, at Buyer’s expense (unless such receipt or possession is a result of a breach of this Agreement by Seller, in which case, at Seller’s expense), such Transferred Asset to Buyer.

Post-Closing Receipts and Possession of Assets. If after the Closing Date any Party party receives any funds properly belonging to another party in accordance with the terms of this Agreement, the receiving party will promptly advise such other party, will segregate and hold such funds in trust for the benefit of such other party and will promptly deliver such funds, but in any event within five (5) Business Days after its receipt thereof, together with any interest earned thereon, to an account or accounts designated in writing by such other party. In the event that after the Closing Date, Buyer receives or otherwise is in possession of any Excluded Asset, Buyer shall promptly notify Seller of its receipt or possession of the Excluded Asset and transfer, at Seller’s expense, such Excluded Asset to Seller. In the event that after the Closing Date, any of Seller or Principals receives or otherwise is in possession of any Transferred Purchased Asset, Seller and Principals shall promptly notify Buyer of its their receipt or possession of the Transferred Purchased Asset and transfer, at Buyer’s expense (unless such receipt or possession is a result of a breach of this Agreement by SellerSeller or any Principal, in which case, at Seller’s and Principals’ expense), such Transferred Purchased Asset to Buyer.

Post-Closing Receipts and Possession of Assets. If after the Closing Date any Party party or its Affiliate receives any funds properly belonging to another party in accordance with the terms of this Agreement, the receiving party will promptly advise such other party, will segregate and hold such funds in trust for the benefit of such other party and will promptly deliver such funds, but in any event within five (5) Business Days after its receipt thereof, together with any interest earned thereon, to an account or accounts designated in writing by such other party. In the event that after the Closing Date, Buyer or its Affiliates receives or otherwise is in possession of any Excluded Asset, Buyer shall promptly notify Seller of its receipt or possession of the Excluded Asset and transfer, at Seller’s expense, such Excluded Asset to Seller. In the event that after the Closing Date, Seller or its Affiliates receives or otherwise is in possession of any Transferred Purchased Asset, Seller shall promptly notify Buyer of its receipt or possession of the Transferred Purchased Asset and transfer, at Buyer’s expense (unless such receipt or possession is a result of a breach of this Agreement by Seller, in which case, at Seller’s expense), such Transferred Purchased Asset to Buyer.