Receivable Shortfall Clause Samples

The Receivable Shortfall clause defines the procedures and consequences when the amount of receivables collected falls below a specified threshold or expected value. In practice, this clause may require the party responsible for the receivables to make up the difference through additional payments, provide collateral, or trigger other remedies outlined in the agreement. Its core function is to protect the interests of the party expecting payment by ensuring they are compensated if actual collections are insufficient, thereby allocating risk and maintaining financial certainty in the transaction.
Receivable Shortfall. Buyer and the Seller Parties agree that the Purchase Price payable to Sellers shall be reduced to the extent that the Accounts Receivable have not been collected by Buyer within ninety (90) days following the Closing Date (the “Collection Period”).
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Receivable Shortfall. Buyer and Seller agree that the U.S. Purchase Price payable to Seller shall be reduced to the extent that the Accounts Receivable have not been collected by Buyer in the amount included in the Final Net Asset Amount (net of any reserve reflected in the Final Net Asset Amount) within one hundred and twenty (120) days following the Closing Date (the “Collection Period”); except that, if the Final Net Asset Amount has not been determined by such date, then the Collection Period shall be extended and end as of the date on which Final Net Asset Amount is determined. For avoidance of doubt, any adjustment required under this Section 2.4 shall follow only after any adjustment required under Section 2.3 is completed and without duplication.
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Receivable Shortfall. Buyer and Seller agree that the Purchase Price payable to Seller shall be reduced to the extent that the Adjusted Accounts Receivable (hereinafter defined) have not been collected by Buyer, net of an aggregate bad debt reserve of $50,000, within ninety (90) days following the Closing Date (the "Collection Period"). For purposes of this Agreement, "Adjusted Accounts Receivable" shall mean all Accounts Receivable except those which are, as of the Closing Date (i) disputed, (ii) subject to pending (or to the best of Seller's Knowledge) threatened litigation; or (iii) older than ninety (90) days.
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Related to Receivable Shortfall

  • Collateral Shortfalls In the event that amounts on deposit in the Collateral Fund at any time are insufficient to cover any withdrawals therefrom that the Company is then entitled to make hereunder, the Purchaser shall be obligated to pay such amounts to the Company immediately upon demand. Such obligation shall constitute a general corporate obligation of the Purchaser. The failure to pay such amounts within two Business Days of such demand (except for amounts to cover interest on a Mortgage Loan pursuant to Sections 2.02(d) and 2.03 (b)), shall cause an immediate termination of the Purchaser's right to make any Election to Delay Foreclosure or Election to Foreclose and the Company's obligations under this Agreement with respect to all Mortgage Loans to which such insufficiencies relate, without the necessity of any further notice or demand on the part of the Company.

  • Cut-Off Date Aggregate Principal Balance The Cut-Off Date Aggregate Principal Balance is $850,069,757.10

  • Net Receivables Balance Seller has determined that, immediately after giving effect to each purchase hereunder, the Net Receivables Balance is at least equal to the sum of (i) the Aggregate Capital, plus (ii) the Aggregate Reserves.

  • Income Collection Unless otherwise directed by Instruction, the Custodian shall collect any amount due and payable to the Fund with respect to Investments and promptly credit the amount collected to a Principal or Agency Account; provided, however, that the Custodian shall not be responsible for: (a) the collection of amounts due and payable with respect to Investments that are in default or (b) the collection of cash or share entitlements with respect to Investments that are not registered in the name of the Custodian or its Subcustodians. The Custodian is hereby authorized to endorse and deliver any instrument required to be so endorsed and delivered to effect collection of any amount due and payable to the Fund with respect to Investments.

  • Excess Finance Charge Collections Any amounts remaining in the Cap Proceeds Account, the Collection Account and the Payment Reserve Account, to the extent of any Available Series 1998-3 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsection 4.9(a)(i) through (xii) of the Agreement, shall be treated as Excess Finance Charge Collections, and the Servicer shall direct the Trustee in writing on each Business Day to withdraw such amounts from the Collection Account and to first make such amounts available to pay to Securityholders of other Series to the extent of shortfalls, if any, in amounts payable to such Securityholders from Finance Charge Collections allocated to such other Series, then to pay any unpaid commercially reasonable costs and expenses of a Successor Servicer, if any, and then on each Business Day other than the Default Recognition Date, to pay to the Transferor to be treated as "Transferor Retained Finance Charge Collections," and, on each Default Recognition Date, to pay any remaining Excess Finance Charge Collections to the Transferor. Notwithstanding the foregoing, if on any Default Recognition Date the sum of the amount of Available Series 1998-3 Finance Charge Collections (including, all amounts on deposit in the Payment Reserve Account) and Transferor Retained Finance Charge Collections is less than the Series Default Amount for such Default Recognition Date, the Servicer shall apply amounts deposited in the Accumulation Period Reserve Account pursuant to subsection 4.9(a)(xi) of the Agreement and the Spread Account pursuant to subsection 4.9(a)(viii) of the Agreement during the then current Monthly Period in accordance with subsection 4.9(a)(iii) of the Agreement to the extent of such shortfall.