Common use of Elimination of Intercompany Accounts Clause in Contracts

Elimination of Intercompany Accounts. (i) Except as set forth in Section 3.4(a)(ii) or on Schedule 3.4(a)(i) and except for the Parent Note and the Acquisition Notes, the Company, on behalf of itself and each other member of the Company Group, on the one hand, and Crane, on behalf of itself and each other member of the Crane Group, on the other hand, hereby agree to settle and eliminate, by cancellation or transfer to a member of the other Group (whether to cancel or transfer and the manner thereof will be determined by Crane), effective immediately prior to the Time of Distribution, all intercompany receivables, payables and other balances (including, without limitation, intercompany loans and cash management balances) between the Company and/or any Company Subsidiary, on the one hand, and Crane and/or any Crane Subsidiary, on the other hand. (ii) The provisions of Section 3.4(a)(i) will not apply to any intercompany receivables, payables and other balances incurred in connection with the payment by any party of any expenses which are required to be paid by the other party pursuant to Section 6.3.