Common use of Monthly Reconciliation Clause in Contracts

Monthly Reconciliation. Xxxxxxxx agrees that, as of the date of this Agreement, the Daily Amount represents the Parties’ best estimate of the amount of Future Receipts that Purchaser is entitled to collect each Business Day based on the Monthly Percentage. Xxxxxxxx agrees that it is impossible for Purchaser to know the exact amount of Xxxxxxxx’s Future Receipts in any given calendar month without first obtaining such information from Merchant. Xxxxxxxx therefore agrees that it is Xxxxxxxx’s sole responsibility to notify Purchaser if the total Daily Amounts collected by or delivered to Purchaser for any given calendar month exceed the Monthly Percentage generated for that calendar month (“Overage”) by sending the complete bank statement for the Approved Account for that calendar month and any other information with respect to Merchant’s business that Purchaser may reasonably require to Purchaser’s designated email address (xxxxxxxxxxxxxx@xxxxxxxxxxxxxxxx.xxx) (the “Designated Email”) by the 15th day of the following month (“Reconciliation Notice”). If Merchant provides a timely Reconciliation Notice to Purchaser at the Designated Email, and Purchaser determines there is an Overage, within ten (10) business days of the Reconciliation Notice, Purchaser will reconcile Merchant’s Approved Account by initiating an ACH credit to the Approved Account in an amount equal to the Overage (“Monthly Reconciliation”). If Merchant does not provide a timely Reconciliation Notice to the Designated Email, Merchant will have waived its rights to any Monthly Reconciliation for that calendar month.

Monthly Reconciliation. Xxxxxxxx Customer agrees that, as of the date Effective Date of this Agreement, the Daily Amount represents the Partiesparties’ best estimate of the amount of Future Receipts that Purchaser is entitled to collect each Business Day based on in order to collect the Monthly PercentagePercentage of Future Receipts each month. Xxxxxxxx Customer agrees that it is impossible for Purchaser to know the exact amount of XxxxxxxxCustomer’s Future Receipts in any given calendar month without first obtaining such information from MerchantCustomer. Xxxxxxxx Customer therefore agrees that it is Xxxxxxxx’s sole responsibility to notify Purchaser if the total Daily Amounts collected by or delivered to Purchaser for during any given calendar month exceed the Monthly Percentage of Future Receipts actually generated for during that calendar month (“Overage”) by sending the complete bank statement for the Approved Account for that calendar month and any other information with respect to MerchantCustomer’s business that Purchaser may reasonably require to Purchaser’s designated email address (xxxxxxxxxxxxxx@xxxxxxxxxxxxxxxx.xxx) (the “Designated Email”) by the 15th day of the following month (“Reconciliation Notice”). If Merchant Customer provides a timely Reconciliation Notice to Purchaser at the Designated Email, and Purchaser determines confirms there is an Overage, within ten (10) business days of the Reconciliation Notice, then Purchaser will reconcile MerchantCustomer’s Approved Account by initiating an ACH credit to the Approved Account in an amount equal to the Overage (“Monthly Reconciliation”)) within ten (10) Business Days of receiving the Reconciliation Notice. If Merchant Customer does not provide a timely Reconciliation Notice to the Designated Email, Merchant Customer will have waived its rights to any Monthly Reconciliation for that calendar month.

Monthly Reconciliation. Xxxxxxxx Customer agrees that, as of the date Effective Date of this Agreement, the Daily Weekly Amount represents the Partiesparties’ best estimate of the amount of Future Receipts that Purchaser is entitled to collect each Business Day based on week in order to collect the Monthly PercentagePercentage of Future Receipts each month. Xxxxxxxx Customer agrees that it is impossible for Purchaser to know the exact amount of XxxxxxxxCustomer’s Future Receipts in any given calendar month without first obtaining such information from MerchantCustomer. Xxxxxxxx Customer therefore agrees that it is Xxxxxxxx’s sole responsibility to notify Purchaser if the total Daily Weekly Amounts collected by or delivered to Purchaser for during any given calendar month exceed the Monthly Percentage of Future Receipts actually generated for during that calendar month (“Overage”) by sending the complete bank statement for the Approved Account for that calendar month and any other information with respect to MerchantCustomer’s business that Purchaser may reasonably require to Purchaser’s designated email address (xxxxxxxxxxxxxx@xxxxxxxxxxxxxxxx.xxx) (the “Designated Email”) by the 15th day of the following month (“Reconciliation Notice”). If Merchant Customer provides a timely Reconciliation Notice to Purchaser at the Designated Email, and Purchaser determines confirms there is an Overage, within ten (10) business days of the Reconciliation Notice, then Purchaser will reconcile MerchantCustomer’s Approved Account by initiating an ACH credit to the Approved Account in an amount equal to the Overage (“Monthly Reconciliation”)) within ten (10) Business Days (defined as all weekdays, excluding federal holidays) of receiving the Reconciliation Notice. If Merchant Customer does not provide a timely Reconciliation Notice to the Designated Email, Merchant Customer will have waived its rights to any Monthly Reconciliation for that calendar month. responsible for ensuring that the Weekly Amount continues to result in Purchaser receiving an amount of Future Receipts each month that is approximately equal to the Monthly Percentage of Customer’s Future Receipts. 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. com) full copies of monthly bank statements from all bank accounts, and any other statements evidencing customer receipts, for the prior three months. If requested, Customer must also permit Purchaser to conduct a site inspection of Customer’s business, including an inspection of Customer’s credit card terminals. Provided that the information provided by the Customer supports the requested Adjusted Weekly Amount, Purchaser shall make the adjustment for a period of 14 days. Thereafter, the Weekly Amount will revert back to the amount stated under the “KEY TERMS” section of this Agreement unless Customer provides the same information on a monthly basis and the information demonstrates that a continued adjustment is warranted.