Outstanding Debit Balances definition
Outstanding Debit Balances means the total declared in the statement last given in accordance with the provisions of the Note below adjusted for
Outstanding Debit Balances means the amount outstanding in customers’ accounts kept by the Insured, at the end of the financial period immediately preceding the occurrence of the direct physical loss, destruction or damage adjusted for Bad Debts and amounts debited and credited to customers’ accounts in the period between the end of the said financial period and the date of the direct physical loss, destruction or damage and any condition of trade which had or would but for the direct physical loss, destruction or damage, have had an effect on the Business so that the amount so adjusted shall represent as nearly as may be reasonably practicable that amount which would have been obtained at the date of the direct physical loss, destruction or damage had the damage not occurred.
Outstanding Debit Balances means the sums outstanding in the Insured's records of the individual amounts owed to the Insured by customers
Examples of Outstanding Debit Balances in a sentence
If Extension to Cover 7 is included and Damage by any Event covered under this Insurance occurs at the Premises which prevents You from tracing or establishing customers’ Outstanding Debit Balances in whole or in part due to You We will pay You 1 the difference between the Outstanding Debit Balances and the total of the amounts received or traced in connection with such balances 2 the additional expenditure incurred with Our consent in tracing and establishing customers’ debit balances after the Damage.
Provided that if the Limit of Indemnity is less than the Outstanding Debit Balances the amount payable shall be proportionately reduced.
More Definitions of Outstanding Debit Balances
Outstanding Debit Balances means the total amount recorded as owed by customers or clients as set out in Your accounts and adjusted for
Outstanding Debit Balances means the amount outstanding in customers’ accounts kept by the Insured, at the end of the financial period immediately preceding the occurrence of the direct physical loss, destruction or damage adjusted for Bad Debts and amounts debited and credited to customers’ accounts in the period between the end of the said financial period and the date of the direct