Unapplied Credits definition
Unapplied Credits means any credits to a Purchased Account that are unapplied for 6 consecutive Months and which, in Purchaser’s judgment, will not be applied in the future.
Unapplied Credits means any credits to an Account that are unapplied for six (6) consecutive Months and which, in the reasonable judgment of Purchaser, will not be applied in the future.
Examples of Unapplied Credits in a sentence
GBG and Joe’s acknowledge that the Unapplied Credits may: (i) relate to accounts receivable that have not been factored by Joe’s with CIT, (ii) be subject to refund or return to the Customers or other parties in interest and/or (iii) be subject to adjustment due to accounting, application and/or other error or omission.
Nevertheless CIT shall periodically convey to GBG the Unapplied Credits by check or by wire transfer pursuant to the same instructions provided herein for remittances on Reassigned Factored Accounts.