Examples of Future Receipts 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.
Merchant acknowledges that it is selling its Future Receipts to Purchaser, and as such, hereby authorizes Purchaser to file a financing statement pursuant to the Uniform Commercial Code (“UCC”) to evidence such sale.
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.
The Parties agree that, provided that Xxxxxxxx has not violated any of the representations, warranties and covenants in this Agreement, it shall not constitute a breach of this Agreement if Xxxxxxxx is unable to pay the Weekly Amount due to a decline in Future Receipts.
The UCC financing statement may state that the sale of the Future Receipts is intended to be a sale and not an assignment for security.