Common use of Payment Received Clause in Contracts

Payment Received. Each Assignor agrees that it will hold and will promptly transfer and deliver to the appropriate party, 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 which properly belongs to another party, including any insurance proceeds, and will account to the appropriate party for all such receipts. Assignee shall have the right and authority to endorse the name of each Assignor (which endorsement of the name of such Assignor shall include the words "without recourse") on any check or any other evidences of indebtedness received by Assignee on account of the Businesses and the Assigned Assets transferred to Assignee hereunder.