Intercompany Receivable Clause Samples
An Intercompany Receivable clause defines the terms under which one entity within a corporate group records and manages amounts owed to it by another group entity. This clause typically outlines how such receivables are created, tracked, and settled, and may specify interest rates, repayment schedules, or set-off rights between the related parties. Its core function is to ensure transparent and consistent handling of internal debts, thereby reducing disputes and maintaining accurate financial records within the group.
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Intercompany Receivable. Borrower shall not incur aggregate accounts receivables due to Borrower from Advanced Polymer Systems, Inc. in excess of One Million Five Hundred Thousand Dollars ($1,500,000) through and including December 31, 1996. Beginning and including January 1, 1997, Borrower shall not incur aggregate accounts receivables due to Borrower from Advanced Polymer Systems, Inc. for the first half and the second half of the Borrower's fiscal year in excess of the lesser of (i) One Million Five Hundred Thousand Dollars ($1,500,000), plus seventy-five percent (75%) of the Borrower's EBITDA for the previous half of the Borrower's fiscal year, or (ii) One Million Seven Hundred and Fifty Thousand Dollars ($1,750,000).
Intercompany Receivable. Seller and Buyer acknowledge and agree that there is an intercompany account receivable (the “Intercompany Receivable”) that is owed to the Company by Seller, but that, immediately prior to the Closing Date, the Intercompany Receivable shall be canceled and Seller shall not be required to pay such account receivable to the Company, provided that Seller shall be responsible for any tax liability of Seller or the Company resulting from such nonpayment.
Intercompany Receivable. Intercompany accounts receivable of the Business from the Company or any subsidiary or affiliate of the Company.
Intercompany Receivable. Schedule 3.14 sets forth the full amount of all intercompany receivables owed by Equinox to the Borrower as of the Closing Date.
Intercompany Receivable. After the Effective Time, Alloy shall cause to be satisfied that certain $1.8 million intercompany receivable from the CASS Recruitment Media Division of CASS to CASS (the "Intercompany Receivable"). During the Executory Period, CASS shall not, without Alloy's prior written consent, cause the amount of the Intercompany Receivable to exceed $1.8 million.
Intercompany Receivable. Intercompany Receivable" shall mean the outstanding balance of the intercompany receivable between MHS and Seller (including all accrued interest thereon) as of the Closing Date pursuant to the Promissory Note between MHS and Seller dated December 15, 1993.
Intercompany Receivable. In connection with the sale and purchase of the Shares contemplated by this Agreement, Seller, immediately prior to Closing, will cause ▇▇▇-▇▇▇▇▇▇ to declare a dividend (the "Dividend") equal to the intercompany receivable due from Seller to ▇▇▇-▇▇▇▇▇▇ in the amount of $252,900 which is reflected on ▇▇▇-▇▇▇▇▇▇'▇ financial records as of December 31, 1997 in order to offset such receivable. Seller shall cause ▇▇▇-▇▇▇▇▇▇ to take such actions as may lawfully be taken to permit it to declare the Dividend in accordance with the General Corporation Law of Delaware ("DGCL"). If, after taking such actions, the amount of a dividend that may be declared in accordance with the DGCL is still less than the amount of the intercompany receivable (the "Deficit Amount") the Seller shall pay to ▇▇▇-▇▇▇▇▇▇ an amount equal to the Deficit Amount in satisfaction of the remaining amount of the intercompany receivable.
Intercompany Receivable. Except as set forth on Schedule 4.16, or as otherwise expressly provided in this Agreement, the parties acknowledge and agree that all intercompany receivables due to any of the Subsidiaries from Magellan or any of its affiliates, or due to Magellan or any of its affiliates from any of the Subsidiaries, will extinguish as of the Closing, and Magellan or its affiliates and the Subsidiaries shall not be obligated to fund such receivables.
Intercompany Receivable. The parties agree that TriStar will record an intercompany receivable as of the Closing Date in the amount of $1.7 million (the Intercompany Receivable Amount") relating to certain seasonal inventory purchased by the Company. Between the Closing Date and June 30, 1999, the Company will generate sufficient proceeds from the sale of its inventory to discharge such receivable in full and distribute cash to TriStar in an amount sufficient to discharge the receivable. If the cash received by TriStar from the inventory sales by the Company between the Closing Date and June 30, 1999 is less than the Intercompany Receivable Amount, then TriStar shall be entitled, at its option, to either deduct the amount of the deficiency from the Note or draw upon the Letter of Credit in the amount of the deficiency. In the event that the Scheduled Indebtedness at Closing is less than $4,100,000, then the Intercompany Receivable Amount shall be reduced by an amount equal to the excess of $4,100,000 over the Scheduled Indebtedness at Closing.