Definition of PLP Loan Application A/R


PLP Loan Application A/R means revenue received by the Company or the Purchaser after the Closing Date in respect of completed student loan applications generated by the Company within the sixty (60) day period prior to the Closing Date considered to be in process with PLP, Inc. as of the Closing Date and for which the Company had not yet received payment, or was not accounted for as an Account Receivable in the Final Closing Date A/R.
Sample 1

Examples of PLP Loan Application A/R in a sentence

As additional consideration for the Membership Interests, the Member will be eligible to receive from the Purchaser additional payments, in accordance with this Section 2.4, with respect to (a) the SLX Loan Application A/R, the PLP Loan Application A/R and the Closing Date A/R (collectively, the "Additional A/R Consideration"), and (b) the Additional Cash Payment.
Within five (5) calendar days of the Closing Date, the Purchaser shall make a cash payment to the Member in an amount equal to the product of (a) the PLP Loan Application A/R and (b) 60%.