Future Receipts means, collectively, all of Seller’s receipts for the sale of goods and services after the Effective Date of this Agreement; which payments or deliveries of monies can be made in the form of cash, check, credit, charge, or debit card, Automated Clearing House (“ACH”) or other electronic transfer or any other form of monetary payment and/or pecuniary benefit received by Seller.
Future Receipts as used in this Agreement means any payments received from customers and other third-party payors in exchange for Customer’s goods or services, including payments received in any form including, but not limited to, cash, check, payment card and electronic transfers. The Approved Account is identified in the Authorization Agreement for Direct Deposits (ACH Credits) and Direct Payments (ACH Debits), attached hereto and incorporated herein by reference. CUSTOMER ACKNOWLEDGES THAT: • It is selling a portion of its Future Receipts to Forward Financing at a discount, not borrowing money from Forward Financing. THIS PURCHASE OF FUTURE RECEIPTS IS NOT A LOAN. There is no interest rate associated with this transaction, and no predetermined payoff term because the Daily Amount is subject to adjustment based on the Future Receipts actually generated by Customer. • This financing may be more expensive than a traditional bank loan. Please review the financial figures listed on the preceding page under “KEY TERMS,” and all other terms in this contract. • The Daily Amount is intended to equal the amount of Future Receipts that Purchaser may collect each Business Day in order to collect the Monthly Percentage of Future Receipts each month. If Customer’s revenues decline so that collection of the Daily Amount will result in Purchaser collecting more than the Monthly Percentage of Customer’s Future Receipts during a given month, Customer must contact Forward Financing to request an adjustment of the Daily Amount pursuant to Paragraph 1(c) below. • In the event Customer breaches this Agreement (such as by allowing its account to incur four (4) insufficient funds bounces without contacting Purchaser to request an adjustment, or blocking its bank account from Purchaser's access for ACH debits), Principal(s) shall be liable for such breach as more particularly set out in Paragraph 2 below. • It is not a breach of this Agreement if Customer generates no further Future Receipts or generates Future Receipts less quickly than projected at the time this Agreement is executed, provided that Customer has not breached any other provision of this Agreement. • Forward Financing is entering into this Agreement knowing the risks that Customer’s business may slow down or ultimately fail, and assumes these risks based on Customer’s representations, warranties and covenants in this Agreement, which are intended to provide Forward Financing with a reasonable and fair opportunity to receive the...
Future Receipts as used in this Agreement means any payments received from customers and other third-party payors in exchange for Merchant’s goods or services, including payments received in any form including, but not limited to, cash, check, payment card and electronic transfers. The Approved Account is identified in the Authorization Agreement for Direct Deposits (ACH Credits) and Direct Payments (ACH Debits), attached hereto and incorporated herein by reference. MERCHANT ACKNOWLEDGES THAT: • It is selling a portion of its Future Receipts to Forward Financing at a discount, not borrowing money from Forward Financing. • THIS PURCHASE OF FUTURE RECEIPTS IS NOT A LOAN. • There is no interest rate associated with this transaction, and no predetermined payoff term. • If Xxxxxxxx’s business declines or closes in due course, Merchant will not be in breach of this Agreement, unless there is otherwise a violation of the terms of this Agreement. • Forward Financing is entering into this Agreement knowing the risks that Xxxxxxxx’s business may slow down or ultimately fail, and assumes these risks based on Merchant’s representations, warranties and covenants in this Agreement, which are intended to provide Forward Financing with a reasonable and fair opportunity to receive the benefit of its bargain. This Agreement is by and between Forward Financing and Merchant/Principal(s). Any broker or independent sales organization that acted as an intermediary between Forward Financing and Merchant/Principal(s) is in no way authorized to act as an agent of Forward Financing, or bind Forward Financing in any way. MERCHANT AND EACH PRINCIPAL ACKNOWLEDGE AND AGREE THAT IT IS NOT ENTERING THIS TRANSACTION BASED ON ANY REPRESENTATIONS OR STATEMENTS MADE BY ANY BROKER, INDEPENDENT SALES ORGANIZATION, INTERMEDIARY OR OTHER PERSON AND THAT IT IS RELYING SOLELY ON THE TERMS SET FORTH IN THIS AGREEMENT IN DECIDING TO ENTER INTO THIS TRANSACTION. MERCHANT REPRESENTS AND WARRANTS THAT IT IS NOT PROHIBITED FROM ENTERING THIS TRANSACTION BY ANY OTHER AGREEMENT TO WHICH MERCHANT OR ANY PRINCIPAL IS A PARTY, INCLUDING BUT NOT LIMITED TO ANY OTHER SALE OF FUTURE RECEIPTS AGREEMENT, ANY LOAN AGREEMENT, ANY ORGANIZATIONAL DOCUMENTS OR OTHERWISE. IF MERCHANT OR ANY PRINCIPAL IS FOUND TO BE IN BREACH OF THIS REPRESENTATION AND WARRANTY, THE INDEMNIFICATION PROVISIONS SET FORTH IN PARAGRAPH 8 OF THE TERMS & CONDITIONS SHALL APPLY. This Future Receipts Sale Agreement is further governed by the following “Terms & ...
Examples of Future Receipts in a sentence
Customer agrees to pay Purchaser the Processing Fee listed under the “KEY TERMS” section of this Agreement to reimburse Purchaser for expenses incurred in processing Customer’s application, providing toll-free access to customer service representatives, filing and terminating UCC financing statement(s) against Customer, and paying fees (if applicable) to any other persons for referring Customer to Purchaser and assisting with the origination of the sale of the Future Receipts.
Because the transaction evidenced by this Agreement is not a loan, if Customer’s business slows down and Customer’s Future Receipts decrease or if Customer closes its business and Customer has not violated any of the representations, warranties and covenants in this Agreement, there shall be no default or breach of this Agreement.
Provided that Customer has not violated any of the representations, warranties and covenants in this Agreement, upon written Notice to Purchaser by Customer, and provision of such proof as requested by Purchaser, that the Customer has involuntarily closed its business and is no longer generating Future Receipts, Purchaser agrees that it shall have no further right to collect Daily Amounts or Adjusted Daily Amounts.
Customer agrees that, as of the Effective Date of this Agreement, the Daily Amount represents the parties’ best estimate of the amount of Future Receipts that Purchaser is entitled to collect each Business Day in order to collect the Monthly Percentage of Future Receipts each month.
The parties agree that, provided that Customer has not violated any of the representations, warranties or covenants in this Agreement, it shall not constitute a breach of this Agreement if Customer generates no further Future Receipts and therefore has no funds to remit the Amount Sold.
More Definitions of Future Receipts
Future Receipts all of the Seller’s receipts of monies for the sale of its goods and services after the Effective Date of this Agreement;
Future Receipts. Weekly Receipts ", "Initial Weekly Installment" shall mean the Specified Percentage, the Future Receipts and the Weekly Receipts of each Seller individually; and vi. Velocity Group USA Inc. may pursue its rights and remedies under this Agreement against any one or any number of entities that constitute Seller without obligation to assert, prosecute or exhaust any remedy or claim against any other Seller or any Guarantor. In the event "Guarantor" is comprised of more than one individual. then: i. The term "Guarantor" shall mean, individually and collectively, all such individuals; and ii. Each Guarantor is an Affiliate of all other Guarantor(s); and 111. The representations, warranties, covenants, obligations and liabilities of each Guarantor shall be joint and several under this Agreement and the Guaranty; and iv. The liability of each Guarantor under this Agreement and the Guaranty shall be direct and immediate and shall not be conditional or contingent upon the pursuance of any remedies against any other person or entity; and v. Velocity Group USA Inc. may pursue its rights and remedies under this Agreement and/or Guaranty against any one or any number of individuals that constitute Guarantor without obligation to assert, prosecute or exhaust any remedy or claim against any other Guarantor or any Seller. 2.
Future Receipts means, collectively, all of Seller’s receipts of monies for the sale of its goods and services that monies shall be paid and delivered to Seller by Seller’s customers and/or other vendees after the Effective Date of this Agreement; which payments or deliveries of monies can be made in the form of cash, check, credit, charge, or debit card, ACH or other electronic transfer or any other form of monetary payment and/or pecuniary benefit received by Seller. “Daily Receipts” shall mean the amount of Future Receipts received by Seller on a daily basis.
Future Receipts. Includes all payments made by cash, check, ACH or other electronic transfer, credit card, debit card, bank card, charge card (each such card shall be referred to herein as a “Payment Card”) or other form of monetary payment in the ordinary course of Seller’s business. As payment for the Purchased Amount, Buyer will deliver to Seller the Purchase Price, shown above, minus any Origination Fee shown above, Seller acknowledges that it has no right to repurchase the Purchased Amount from Buyer. Both parties agree that the obligation of Buyer under this Agreement will not be effective unless and until Buyer has completed its review of the Seller and has accepted this Agreement by delivering the Purchase Price, minus any Origination Fee. Prior to accepting this Agreement, Buyer may conduct a processing trial to confirm its access to the Account and the ability to withdraw the Initial Daily Amount. If the processing trial is not completed to the satisfaction of Buyer, Buyer will refund to Seller all funds that were obtained by Buyer during the processing trial.
Future Receipts means, collectively, all of Seller’s receipts of monies for the sale of its goods and services that monies shall be paid and delivered to Seller by Seller’s customers and/or other vendees after the Effective Date of this Agreement ; which payments or deliveries of monies can be made in the form of cash, check, credit, charge, or debit card, ACH or other electronic transfer or any other form of monetary payment and/or pecuniary benefit received by Seller . “ Daily Receipts ” shall mean the amount of Future Receipts received by Seller on a daily basis . d. “ Purchased Amount ” shall mean the total amount of the Specified Percentage of the Future Receipts that Seller shall be under obligation to deliver and pay over to Buyer pursuant to this Agreement . The Purchased Amount shall be the amount set forth under “Purchased Amount” in the preamble to this Agreement .
Future Receipts includes all payments made by cash, check, ACH or other electronic transfer, credit card, debit card, bank card, charge card (each such card shall be referred to herein as a “Credit Card”) or other form of monetary payment in the ordinary course of Seller’s business. BASED UPON SELLER'S CALCULATIONS AND EXPERIENCE IN OPERATING ITS BUSINESS, SELLER IS CONFIDENT THAT THE PURCHASE PRICE PAID BY PURCHASER IN EXCHANGE FOR THE PURCHASED AMOUNT OF FUTURE RECEIPTS WILL BE USED IN A MANNER THAT WILL BENEFIT SELLER'S CURRENT AND FUTURE BUSINESS OPERATIONS. Purchase Price $75,000.00 Purchased Amount $110,250.00 Daily Payment $689.06 Specified Percentage 15 % Daily Payment = (Monthly Average Sales X Specified Percentage ) / Average Weekdays in a Calendar Month Itemization of Fees Deducted from Purchase Price Origination Fee: Funding Fee: ACH/Lockbox/CC Split Processing Fee: Payoff Existing Balance Total: $1,295.00 $50.00 $395.00 $0.00 ($1,740.00) Amount Remitted to Seller: $73,260.00 The Amount Remitted to Seller may include payments made on Seller's behalf to satisfy prior obligations of Seller to or third parties. Seller shall (1) deposit all Future Receipts into only one bank account, which must be acceptable to and pre-approved by Purchaser (the “Account”) and (2) instruct Seller ’s Credit Card processor, which processor must be acceptable to and pre-approved by Purchaser (the “Processor”) who shall serve as Seller ’s sole Credit Card processor, to deposit all Credit Card receipts of Seller into the Account. Purchaser will debit the Daily Payment from the Account each Weekday (Monday – Friday). Seller authorizes Purchaser to initiate electronic checks or ACH debits from the Account equal to the Daily Payment each business day and will provide Purchaser with all required account information. Seller will be responsible for any fees incurred by Purchaser resulting from a rejected electronic check or ACH debit attempt. Purchaser is not responsible for any overdrafts or rejected transactions that may result from Purchaser’s debiting any amount authorized under the terms of this Agreement.
Future Receipts includes all payments made by check, ACH or other electronic transfer, wire, credit card, debit card, bank card, charge card (each such card shall be referred to herein as a “Payment Card”) or other form of monetary payment in the ordinary course of Seller’s business. As payment for the Purchased Amount, Buyer will deliver to Seller the Purchase Price, shown above, minus any Initial Fees shown above. Seller acknowledges that it has no right to repurchase the Purchased Amount from Buyer. The obligation of Buyer under this Agreement will not be effective unless and until Buyer has completed its review of the Seller and has accepted this Agreement by delivering the Purchase Price, minus any Initial Fees. Prior to accepting this Agreement, Buyer may conduct a processing trial to confirm its access to the business bank accounts designated in the Authorization Agreement as the Account for Automated Clearing House Transactions signed on the date of this Agreement and as it may be amended or replaced from time to time (the “Account”) and the ability to withdraw the Initial Weekly Amount. If the processing trial is not completed to the satisfaction of Xxxxx, Xxxxx will refund to Seller all funds that were obtained by Xxxxx during the processing trial. The Personal Guaranty of Performance by Guarantor(s) is attached hereto as Exhibit “A”. Purchase and Sale of Future Receipts Agreement 1