Common use of Suspended Proceeds Clause in Contracts

Suspended Proceeds. Seller shall transfer and pay to Buyer at Closing, and Buyer agrees to accept from Seller, all monies representing the value or proceeds of production removed or sold from the Assets and held by Seller at the time of the Closing for accounts from which payment has been suspended, such monies being hereinafter called “Suspended Proceeds”. Seller shall provide to Buyer all documentation or justification pertaining to the Suspended Proceeds. Buyer shall be solely responsible for the proper distribution of such Suspended Proceeds to the party or parties which or who are entitled to receive payment of the same, and hereby agrees to indemnify, defend and hold Seller harmless from any Claims therefor, up to the amount of the Suspended Proceeds.

Suspended Proceeds. Seller shall transfer and pay to Buyer at Closing, and Buyer Xxxxx agrees to accept from Seller, all monies representing the value or proceeds of production removed or sold from the Assets and held by Seller at the time of the Closing for accounts from which payment has been suspended, such monies being hereinafter called “Suspended Proceeds”. Seller shall provide to Buyer all documentation or justification pertaining to the Suspended Proceeds. Buyer shall be solely responsible for the proper distribution of such Suspended Proceeds to the party or parties which or who are entitled to receive payment of the same, and hereby agrees to indemnify, defend and hold Seller harmless from any Claims therefor, up to the amount of the Suspended Proceeds.

Suspended Proceeds. Seller shall transfer and pay to Buyer at Closing, and Buyer agrees (as a post closing adjustment to accept from Seller, the Purchase Price) all monies representing the value or proceeds of production removed or sold from the Assets Subject Property and held by Seller at the time of the Closing for accounts from which payment has been suspended, such monies monies, net of applicable rights of set off or recoupment, being hereinafter called “Suspended Proceeds”. Seller shall provide to Buyer all documentation or justification pertaining to the Suspended Proceeds. Buyer shall be solely responsible for the proper distribution of such Suspended Proceeds (to the extent paid or credited to Buyer by Seller) to the party or parties which or who are entitled to receive payment of the same. At Closing, Seller shall provide to Buyer the list of interest owners and hereby agrees to indemnify, defend and hold Seller harmless from any Claims therefor, up to the amount corresponding amounts of the Suspended ProceedsProceeds attributable thereto.