Remittance of Amount Sold. The Merchant hereby agrees to deliver the Amount Sold to the Purchaser as (i) the Expected Daily Remittance (based on a Specified Percentage) of Future Receivables by debiting, via ACH transaction, Merchant’s bank account (a “Direct Debit”). Purchaser, in its sole discretion, shall choose whether to receive the Amount Sold from the Merchant either by Direct Split or Direct Debit, (ii) as a Specified Percentage of daily amount of Credit Card Receivables directly from Merchant’s card processor (“Credit Card Split”) or (iii) daily amount of Future Receivables directly through a Lockbox arrangement “Lockbox”); or Purchaser may, in its sole discretion, upon written notice to Merchant, change the method by which it will accept the remittance of the Amount Sold, and provide the Merchant with updated remittance instructions. The following details each remittance type: a. If Purchaser chooses to receive the remittance of the Amount Sold via a Direct Debit as the Expected Daily Remittance (based on a Specified Percentage) then Merchant agrees as follows:
Appears in 5 contracts
Samples: Future Receivables Sale Agreement (DPW Holdings, Inc.), Future Receivables Sale Agreement (DPW Holdings, Inc.), Future Receivables Sale Agreement (DPW Holdings, Inc.)
