Adjustments to the Remittance. As long an Event of Default, or breach of this agreement, has not occurred, Merchant may give notice to FUNDER to request a decrease in the Remittance, should they experience a decrease in its Future Receipts. All requests hereunder must be in writing to rxxxxxxxxxxxxxx@xxxxxxxxxxxxx.xxx and must include copies of all of Merchant’s bank account statements, credit card processing statements, and accounts receivable report outstanding from the date of this Agreement through and including the date the request is made. FUNDER retains the right the request additional reasonable documentation including without limitation bank login or 3rd party software access to view Merchant’s accounts, refusal to provide access shall be a breach of this Agreement and FUNDER shall have no obligation to reconcile. The Remittance shall be modified to more closely reflect the Merchant’s actual receipts by multiplying the Merchant’s actual receipts by the Purchased Percentage divided by the number of business days in the previous (2) calendar weeks. Merchant shall provide FUNDER with viewing access to their bank account as well as all information reasonably requested by FUNDER to properly calculate the Merchant’s Remittance. At the end of the two (2) calendar weeks the Merchant may request another adjustment pursuant to this paragraph or it is agreed that the Merchant’s Remittance shall return to the Remittance as agreed upon on Page 1 of this Agreement.
Appears in 5 contracts
Samples: Revenue Purchase Agreement (Clearday, Inc.), Revenue Purchase Agreement (Clearday, Inc.), Revenue Purchase Agreement (Clearday, Inc.)
Adjustments to the Remittance. As long an Event of Default, or breach of this agreementAgreement, has not occurredoccurred and should the Merchant experience a decrease in its’ Future Receipts, Merchant may give notice to FUNDER RCNY to request a decrease in the Remittance, should they experience a decrease in its Future Receipts. All requests hereunder must be in writing to rxxxxxxxxxxxxxx@xxxxxxxxxxxxx.xxx Xxxx@xxxxxxxxxxxxxxxxxx.xxx. and must include copies of all of Merchant’s bank account statements, credit card processing statements, and accounts receivable report outstanding from reports for the date of this Agreement through and including the date the request is maderequested period. FUNDER RCNY retains the right the request additional reasonable documentation including without limitation such as bank login or 3rd party software DecisionLogic access to view Merchant’s accounts, refusal to provide access shall be a breach of this Agreement and FUNDER RCNY shall have no obligation to reconcile. The Remittance shall be modified to more closely reflect the Merchant’s actual receipts by multiplying the Merchant’s actual receipts by the Purchased Percentage divided by the number of business days in the previous (2) calendar weeksweeks or by other means that can more accurately estimate the Merchant’s Future Receipts. Merchant shall provide FUNDER RCNY with viewing access to their bank account as well as all information reasonably requested by FUNDER RCNY to properly calculate the Merchant’s Remittance. At the end of the two (2) calendar weeks the Merchant may request another adjustment pursuant to this paragraph or it is agreed that the Merchant’s Remittance shall return to the Remittance as agreed upon on Page 1 of this Agreement.
Appears in 2 contracts
Samples: Purchase and Sale of Future Receivables (PARTS iD, Inc.), Purchase and Sale of Future Receivables (PARTS iD, Inc.)
