Common use of Claim Payment Clause in Contracts

Claim Payment. The parties acknowledge that after the Closing Buyer may receive claims for or be subject to offsets related to Customer Charge-Backs and Pre-Closing Coupons and that Seller may receive claims from, or be subjected to offsets by customers that relate to matters for which Buyer is responsible under this Agreement ("Customer Claims") (Customer Charge-Backs, Pre-Closing Coupons and Customer Claims all being referred to here as "Post-Closing Claims"). In the event a party (the "Receiving Party") receives Post-Closing Claims for which the other party is responsible, it will use its reasonable best efforts to submit such claims to the other party (the "Paying Party") on a weekly basis, with supporting documentation related to the Post-Closing Claims ("Submitted Claims"), and the Paying Party shall pay the Receiving Party, by wire transfer, the amount of such Submitted Claims on the third business day following the date on which it received the Submitted Claims. If such payment is not made timely, the Receiving Party will be entitled to interest thereon at the rate of 18% per annum.

Claim Payment. The parties acknowledge that after the Closing Buyer may receive claims for or be subject to offsets related to Customer Charge-Backs and Pre-Closing Coupons claims for Promotional Payables in excess of the Agreed Amount ("Promotional Payable Claims") and that Seller may receive claims from, or be subjected to offsets by customers that relate to matters for which Buyer is responsible under this Agreement ("Customer Claims") (Customer Charge-Backs, Pre-Closing Coupons Promotional Payable Claims and Customer Claims all being referred to here herein as "Post-Closing Claims"). In the event a party (the "Receiving Party") receives Post-Closing Claims for which the other party is responsibleClaims, it will use its reasonable best efforts to may submit such claims to the other party (the "Paying Party") on a weekly basis, with supporting any documentation related to the Post-Closing Claims received by the Receiving Party ("Submitted Claims"), and the Paying Party shall pay the Receiving Party, by wire transfer, the amount of such Submitted Claims on the third business day following the date on which it received the Submitted Claims. If such payment is not made timely, the Receiving Party will be entitled to interest thereon at the rate of 18% per annum.