Received Amounts definition
Examples of Received Amounts in a sentence
As at the Effective Date, the feature within the Ripple Solution enabling the programmatic liquidation of XRP received by Provider as part of the Received Amounts (“Programmatic Liquidation”) has not been built.
Provider will pay out the Received Amounts, less the Fees as described in Section 3.b, in mutually agreed upon countries/regions (collectively, the “Payout Markets” and each a “Payout Market”), via the Provider Network, in the local fiat currency of the respective Payout Markets (each successful pay out (defined as a transaction accepted for processing by Provider or Provider’s payout channel) being, a “Payout Transaction”).
The payout fee and FX fee, if charged, will be deducted by Provider from the Received Amounts, prior to effecting the Payout Transaction.
This subsection shall apply in respect of any payment transaction where Programmatic Liquidation fails to effect the liquidation of the corresponding Received Amounts (“Orphaned Transaction”, and the corresponding XRP is termed “Orphaned XRP”).
Notwithstanding anything to the contrary herein, in no event shall Provider’s aggregate liability under this Agreement as of any date exceed the aggregate amount of all Expense Reimbursement plus each Monthly Fee received by Provider as of such date (collectively, the “Received Amounts”); provided, however, that for the purposes of this Section 8, the aggregate amount of Received Amounts as of any such date shall at all times be deemed to be an amount not less than $100,000.
If the Received Amounts exceed the amount due to the Seller hereunder for any month (including any past due amounts then outstanding) the Seller shall, within 10 days after the end of the month, forward such excess amount to the Purchaser by wire transfer.