Common use of Adjustment of Daily Amount Clause in Contracts

Adjustment of Daily Amount. The Daily Amount is intended to represent the Monthly Percentage of Merchant’s receivables each calendar month. Xxxxxxxx is responsible for ensuring that the Daily Amount continues to represent such percentage. In any instance in which Xxxxxxxx believes the Daily Amount should be adjusted up or down, because Merchant’s receivables have increased or decreased, then Merchant may request, and upon proper proof, Purchaser shall make, an adjustment of the Daily Amount (“Adjusted Daily Amount”). Such adjustment shall remain in effect for either 14 days or until the last day of the month in which it was requested, whichever is sooner. Thereafter, the Daily Amount will revert back to the amount stated on the front page of this Agreement, unless Merchant requests, and provides proper proof, that a continued adjustment is warranted. In order to provide proper proof to verify that an Adjusted Daily Amount is warranted, Merchant must provide Purchaser with full copies of monthly bank statements from all bank accounts, and any other statements evidencing customer receipts. If requested, Merchant must also permit Purchaser to conduct a site inspection of Merchant’s business, including an inspection of Merchant’s credit card terminals.

Adjustment of Daily Amount. The Daily Amount is intended to represent the Monthly Percentage of Merchant’s receivables each calendar month. Xxxxxxxx is responsible for ensuring that the Daily Amount continues to represent such percentage. In any instance in which Xxxxxxxx believes the Daily Amount should be adjusted up or down, because Merchant’s receivables have increased or decreased, then Merchant may request, and upon proper proof, Purchaser shall make, an adjustment of the Daily Amount (“Adjusted Daily Amount”). Such adjustment shall remain in effect for either 14 days or until the last day of the month in which it was requested, whichever is sooner. Thereafter, the Daily Amount will revert back to the amount stated on the front first page of this Agreement, unless Merchant requests, and provides proper proof, that a continued adjustment is warranted. In order to provide proper proof to verify that an Adjusted Daily Amount is warranted, Merchant must provide Purchaser with full copies of monthly bank statements from all bank accounts, and any other statements evidencing customer receipts. If requested, Merchant must also permit Purchaser to conduct a site inspection of Merchant’s business, including an inspection of Merchant’s credit card terminals.