Prior Balance definition

Prior Balance means the sum of all amounts that Seller may owe to Buyer and/or third party(s) as of the Effective Date of this Agreement. Seller agrees that: (i) the Prior Balance, if any, as described in Section 17 of this Agreement, will be deducted from the Purchase Price prior to delivering it to Seller pursuant to Seller’s authorization set forth in Rider 1 to this Agreement; and (ii) such deduction of the Prior Balance shall not be deemed to reduce the agreed upon Purchase Price.

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Prior Balance. Outstanding balance on a previous executed Agreement between the Parties;

Prior Balance means the sum of all amounts that Seller may owe to Velocity Group USA Inc. and/or third party(s) as of the Effective Date of this Agreement. The Prior Balance, if any, is described in Section 18 of this Agreement and will be deducted from the Purchase Price prior to delivering it to Seller pursuant to Seller's authorization set forth in Rider 2 to this Agreement, provided nevertheless that such deduction shall not be deemed to reduce the agreed upon Purchase Price. j. "Origination Fee" shall mean the fee that Velocity Group USA Inc. charges Seller for the costs of underwriting and processing Seller's application for funding. The Origination Fee, if any, is described in Section 19 of this Agreement and will be deducted from the Purchase Price prior to delivering it to Seller pursuant to Seller's authorization set forth in Rider 3 to this Agreement, provided nevertheless that such deduction shall not be deemed to reduce the agreed upon PurchasedPrice or Purchased Amount.

Examples of Prior Balance in a sentence

• Seller agrees that deduction of the Closing Costs, the Prior Balance and the Origination Fee from the Purchase Price shall not be deemed to be a reduction of the Purchase Price.

• Seller represents and warrants that Rider 1, which is attached hereto and made a part hereof, contains true and correct information as to the name(s) of Seller’s creditors and the amounts that Seller owes each of those creditors as of the Effective Date (and these amounts being a portion of the Prior Balance of Purchased Amounts), and that as of the date hereof there are no creditors of Seller which may otherwise encumber the Purchased Future Receipts other than those listed in Rider 1.

• Seller hereby agrees that deduction of the Prior Balance from the Purchase Price shall not be deemed to reduce the Purchase Price.

• As good faith consideration, P▇▇▇▇▇▇▇▇ agrees to pay to Seller the Purchase Price, less any Applicable Fees, Prior Balance (if applicable) and Origination Fees, upon execution of this Agreement.

• By choosing to enter into this Rider 1, Seller hereby exercises its right to buyback from the Affiliates the Prior Balance of Purchased Amounts.

• Seller hereby agrees that deduction of the Prior Balance of Purchased Amounts from the Purchase Price shall not be deemed to reduce the Purchase Price.

• Seller acknowledges and agrees that in the event Buyer will indeed forward the Prior Balance of Purchased Amounts to the Affiliates, Seller shall have no right to request any Reconciliation or Adjustments set forth in Sections 10 through 13 of the Agreement.

• Upon Borrower and Bank entering into this Amendment, Bank shall lend to Borrower an amount equal to the difference between the Prior Balance and the Current Balance, and the amount so lent shall be added to and become a part of the Term Loan.

• The amount of the Purchase Price (reduced by the Applicable Fees, Prior Balance, and Origination Fee, if any) shall be delivered to Seller after execution of this Agreement.

• Should the IPO not successfully close, the Lenders shall transfer the Series A Preferred Stock to the Company for cancellation and the Outstanding Balance shall be increased by the Conversion Amount back to the Prior Balance.

More Definitions of Prior Balance

Prior Balance means the sum of all amounts that Seller may owe to Buyer and/or third party(s) as of the Effective Date of this Agreement. The Prior Balance, if any, is described in Section 18 of this Agreement and will be deducted from the Purchase Price prior to delivering it to Seller pursuant to Seller’s authorization set forth in Rider 2 to this Agreement, provided nevertheless that such deduction shall not be deemed to reduce the agreed upon Purchase Price or Purchased Amount.

Prior Balance. If you have a prior balance at the time services are requested, you will be asked to pay that IN FULL before you are seen. If you are unable to pay in full, we may consider payment arrangements. COLLECTION PROCESS: Members of our billing department are available to answer any questions or help make payment arrangements. Once made in writing, any agreements are binding. Failure to comply or respond to repeated communications from our office may result in immediate discharge from the practice with 30-day emergency coverage and involvement of an outside collection agency. Once referred to an outside agency, accounts must be paid in full before being seen. Our billing office can be reached at ▇-▇▇▇-▇▇▇-▇▇▇▇.

Prior Balance means the sum of all amounts that Seller may owe to Buyer and/or third party(s) as of the Effective Date of this Agreement . The Prior Balance, if any, is described in Section 18 of this Agreement and will be deducted from the Purchase Price prior to delivering it to Seller pursuant to Seller’s authorization set forth in Rider 2 to this Agreement, provided nevertheless that such deduction shall not be deemed to reduce the agreed upon Purchase Price or Purchased Amount . j. “ Origination Fee ” shall mean the fee set forth in Rider 1 that Buyer charges Seller for the costs of underwriting and processing Seller’s application for funding . The Origination Fee, if any, is described in Section 19 of this Agreement and will be deducted from the Purchase Price prior to delivering it to Seller, provided nevertheless that such deduction shall not be deemed to reduce the agreed upon Purchased Price or Purchased Amount . k. In the event “ Seller ” is comprised of more than one entity, then : i. The term “Seller” shall mean, individually and collectively, all such entities; and ii. Each Seller is an “Affiliate” of all other Seller(s) . The term “Affiliate” shall mean an entity or an individual that ( 1 ) controls, ( 2 ) is under the “Control”, or ( 3 ) is under common Control with the entity or individual in question . The term “Control” shall mean direct or indirect ownership of more than 50 % of the outstanding voting stock of a corporation or other majority equity interest if not a corporation and the possession of power to direct or cause the direction of the management and policy of such corporation or other entity, whether through ownership of voting securities, by stature, or by contract ; and iii. The representations, warranties, covenants, obligations and liabilities of each Seller shall be joint and several under this Agreement ; iv. The liability of each Seller under this Agreement shall be direct and immediate and shall not be conditional or contingent upon the pursuance of any remedies against any other person or entity ; v. The terms “Specified Percentage”, “Future Receipts”, and “Initial Installment” shall mean the Specified Percentage and the Future Receipts of each Seller individually ; and vi. Buyer may pursue its rights and remedies under this Agreement against any one or any number of entities that constitute Seller without obligation to assert, prosecute or exhaust any remedy or claim against any other Seller or any Guarantor . l. In the event “ Gu...