Future Receipts definition
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. • 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 time period during which the Amount Sold must be collected 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(b)(2) below. • In the event Customer breaches this Agreement (such as by allowing its account to incur four (4) insufficient funds bounces without providing Purchaser with bank statements demonstrating lack of revenues, or by 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 benefit of its bargain. This Agreement is by and between Forward Financing and Customer/Principal(s). Any broker or independent sales organization tha...
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. • It is selling a portion of its Future Receipts to Forward Financing at a discount, not borrowing money from Forward Financing. • THIS PURCHASE OF RECEIVABLES IS NOT A LOAN. • There is no interest rate associated with this transaction, and no predetermined repayment term. • If ▇▇▇▇▇▇▇▇’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 ▇▇▇▇▇▇▇▇’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. NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 07/19/2021
Examples of Future Receipts in a sentence
By this Agreement, Seller transfers to Buyer full and complete ownership of the Purchased Amount of Future Receipts and Seller retains no legal or equitable interest therein.
Merchant has and will continue to have good, complete and marketable title to all Future Receipts, free and clear of any and all liabilities, liens, claims, changes, restrictions, conditions, options, rights, mortgages, security interests, equities, pledges and encumbrances of any kind or nature whatsoever or any other rights or interests other than by virtue or entering into this Agreement.
To the extent the Future Receipts are “accounts” or “payment intangibles” then (i) the sale of the Future Receipts creates a security interest as defined in the UCC; (ii) this Agreement constitutes a “security agreement” under the UCC; and (iii) Purchaser has all the rights of a secured party under the UCC with respect to such Future Receipts.
Buyer is buying the Purchased Amount of Future Receipts knowing the risks that Seller’s business may slow down or fail, and Buyer assumes these risks based on Seller’s representations, warranties and covenants in this Agreement that are designed to give Buyer a reasonable and fair opportunity to receive the benefit of its bargain.
The UCC filing may state that such sale is intended to be a sale and not an assignment for security and may state that the Seller is prohibited from obtaining any financing that impairs the value of the Future Receipts or Buyer’s right to collect same.
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 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. • 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 ▇▇▇▇▇▇▇▇’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 ▇▇▇▇▇▇▇▇’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.
Future Receipts. Weekly Receipts", "Initial Weekly Installment" shall mean the Specified Percentage, the Future Receipts and the Weekly Receipts of each Seller individually; and v. The terms "Specified Percentage", "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.
Future Receipts includes all payments made by cash, check, ACH or other electronic transfer, credit card, debit card, bank card, charge card or other form of monetary payment in the ordinary course of Seller’s business. As payment for the Amount Sold, Buyer will deliver to Seller the Purchase Price, shown above, minus any fees shown above. Seller acknowledges that it has no right to repurchase the Amount Sold from Buyer. _______________ ______________ CFG Merchant Solutions, LLC Page | 1 Seller’s Initials Seller’s Initials
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."Weekly Receipts" shall mean the amount of Future Receipts received by Seller on a Weekly 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 Velocity Group USA Inc. pursuant to this Agreement. The Purchased Amount shall be the amount set forth under "Purchased Amount" in the preamble to this Agreement. e. "Purchase Price shall mean the total amount that Velocity Group USA Inc.. agrees to pay for the Purchased Amount. Note that theamount that Seller will actually receive from Velocity Group USA Inc. pursuant to this Agreement will be less than the Purchase Price by the total sum of the Applicable Fees, Prior Balance and the Origination Fee, if any, as set forth in subparagraphs i., j. and k. below. The Purchase Price is set forth in the Preamble to this Agreement. f. "Initial Weekly Installment" shall mean the fixed amount that Seller and Velocity Group USA Inc. agree to be a good faith approximation of the Specified Percentage of Seller's Weekly Future Receipts. Seller and Velocity Group USA Inc. further agree that the Initial Weekly Installment set forth in the Preamble to this Agreement is based upon the information provided by Seller to Velocity Group USA Inc. concerning Seller's most recent accounts receivables, including representations by the Seller to Velocity Group USA Inc. regarding the Seller's estimated Future Receipts, and subject to Seller's right of adjustment/reconciliation set forth in this Agreement. g. "Workday" shall mean Monday through Friday except on days when banking institutions are closed for the holidays and do not process ACH payments. h. "Applicable Fees" shall mean, collectively, all initial costs and fees that Seller agrees to pay to Velocity Group USA Inc. as consideration for agreeing to enter into this Agreement and that are described in Sections 17-19 of this Agreement. The total sum of the Applicable Fees will be deducted from the Purchase Price prior to...
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 “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.