Common use of Suspended Funds Clause in Contracts

Suspended Funds. At Closing Sellers will transfer to Buyer all funds, if any, held by Sellers in suspense owing to Third Persons on account of production from the Purchased Assets, together with identification of those funds on a Well-by-Well and owner-by-owner basis. Buyer shall assume responsibility for the payment thereof to Third Persons entitled to the same, to the extent of the funds transferred, and shall indemnify and hold Sellers harmless for claims related to or arising out of Buyer’s payment, mispayment or failure to make payment of such funds. Sellers shall indemnify and hold harmless Buyer for claims related to wrongfully withheld suspended funds attributable to the period of time prior to the Effective Time.

Suspended Funds. At Closing Sellers will transfer to Buyer all funds, if any, held by Sellers in suspense owing to Third Persons on account of production from the Purchased Assets, together with identification of those funds on a Well-by-Well and owner-by-owner basis. Buyer shall assume responsibility for the payment thereof to Third Persons entitled to the same, to the extent of the funds transferred, and shall indemnify and hold Sellers harmless for claims related to or arising out of Buyer’s payment, mispayment mispayments or failure to make payment of such funds. Sellers shall indemnify and hold harmless Buyer for claims related to wrongfully withheld suspended funds attributable to the period of time prior to the Effective Time.

Suspended Funds. At Closing Sellers Seller will transfer to Buyer all funds, if any, held by Sellers Seller in suspense owing to Third Persons third parties on account of production from the Purchased Assets, together with identification of those funds on a Wellwell-by-Well well, and owner-by-owner basis. Buyer shall assume responsibility for the payment thereof to Third Persons third parties entitled to the same, to the extent of the funds transferred, and shall indemnify and hold Sellers Seller harmless for claims related to or arising out of Buyer’s 's payment, mispayment or failure to make payment of such funds. Sellers Seller shall indemnify and hold harmless Buyer for claims related to wrongfully withheld suspended funds attributable to the period of time prior to the Effective Time.