Examples of Future Receipts in a sentence
By signing below, Customer enrolls in Purchaser’s Automatic Collection Program and authorizes Purchaser to collect each week the Weekly Amount of Future Receipts (or Adjusted Weekly Amount of Future Receipts, if applicable) and any fees or other amounts that Customer owes Purchaser pursuant to the Future Receipts Sale Agreement by initiating ACH debits to the Approved Account in accordance with the terms of the Agreement.
Pursuant to the Agreement, Forward Financing has agreed to pay Customer the amount of the “Purchase Price” (as set forth in the Agreement) in exchange for the “Amount Sold” (as set forth in the Agreement) of Customer’s Future Receipts.
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.
If Customer believes that its actual Future Receipts have increased or decreased such that Purchaser will be receiving an amount of Future Receipts each month that varies from the Monthly Percentage of Customer’s Future Receipts, then Customer shall request an adjustment of the Weekly Amount (“Adjusted Weekly Amount”) and send to the Designated Email (reconciliation@forwardfinancing.
The UCC financing statement may state that the sale of the Future Receipts is intended to be a sale and not an assignment for security.