Examples of Amount Sold in a sentence
Provided that Xxxxxxxx has not violated any of the representations, warranties and covenants in this Agreement, upon written notification and provision of such proof as requested by Purchaser that the Merchant has involuntarily closed its business and is no longer generating Future Receipts, Purchaser agrees that it shall have no further right to collect the Amount Sold.
Customer and each Principal represent and warrant that the Amount Sold is freely assignable by Customer and that this Agreement does not violate the terms of any other agreement to which Customer or any Principal is subject (including but not limited to any other sale of future receipts agreement or any loans).
The parties agree that, provided that Customer has not violated any of the representations, warranties or covenants in this Agreement, it shall not constitute a breach of this Agreement if Customer generates no further Future Receipts and therefore has no funds to remit the Amount Sold.
Merchant authorizes Purchaser to collect from the Approved Account the Daily Amount of Future Receipts and any fees and damages that Merchant owes Purchaser pursuant to this Agreement each Business Day (defined as all weekdays, excluding federal holidays) until (i) Purchaser collects the entire Amount Sold and all other amounts that Merchant owes Purchaser pursuant to this Agreement or (ii) three years have elapsed since the date of this Agreement, whichever occurs first.
If Customer puts a block on the Approved Account or takes any such action that would prevent Purchaser from debiting the Approved Account as permitted by this Agreement, which action will constitute Customer’s breach of the covenant set forth in Paragraph 6(vi) below, Customer agrees to pay Purchaser promptly on demand $2,500, plus the Amount Sold then outstanding on this Agreement, as liquidated damages.
Merchant and each Principal have represented and warranted that the Amount Sold of Future Receipts that Merchant sold to Purchaser was freely assignable by Merchant and that this Agreement does not violate the terms of any other agreement to which Merchant or any Principal is subject (including but not limited to any other sale of future receipts agreement or any loans).
Customer authorizes Purchaser to collect from the Approved Account the Daily Amount each Business Day (defined as all weekdays, excluding Federal Reserve holidays) until the earlier of: (a) the date on which the full Amount Sold, and any other fees or amounts due under this Agreement, have been received by Purchaser; or (b) the date that is three years from the Effective Date of this Agreement.
Merchant and each Principal represent and warrant that the Amount Sold is freely assignable by Merchant and that this Agreement does not violate the terms of any other agreement to which Merchant or any Principal is subject (including but not limited to any other sale of future receipts agreement or any loans).
In the event Customer breaches or violates any provision of this Agreement, including but not limited to the representations, warranties and covenants made in Paragraph 6 above: (i) Purchaser shall be entitled to all remedies available under the law; and (ii) in any action for damages, Purchaser shall be entitled to the “Uncollected Future Receipts” (defined as Amount Sold less the amount of Future Receipts received by Purchaser) plus any fees due to it under this Agreement.
If Customer puts a block on the Approved Account or takes any such action that would prevent Purchaser from debiting the Approved Account as permitted by this Agreement, which action will constitute Customer’s breach of the covenant set forth in Paragraph 6(vi) below, Customer agrees to pay Purchaser the sum of $2,500, plus the Amount Sold then outstanding on this Agreement, as liquidated damages.