EX-10.14
from 10-K
25 pages
1.3. “Affiliate”- With Respect to Any Person I) Each Other Person That Owns or Controls Directly or Indirectly the Person, Any Person That Controls or Is Controlled by or Is Under Common Control With the Person, and Each of That Person’s Senior Executive Officers, Directors, Partners And, for Any Person That Is a Limited Liability Company, That Person’s Managers and Members; or II) Is Either More Than 20% Owned by a Another Person Which Also Owns or Controls a 3rd Person, or Where a Common Person Controls the Day-To-Day Operations of Both the First Person and a 3rd Person. 1.4. “Avoidance Claim”- Any Claim That Any Payment Received by Purchaser Is Avoidable Under the Bankruptcy Code or Any Other Debtor Relief Statute. 1.5. “Bank Account”- A Deposit Account at Seller’s Bank Established for the Purpose of Depositing All Proceeds of Accounts Owing by Non-Notified Payors. 1.6. “Base Index” — The Index as of the Date of This Agreement. 1.7. “Business Day”- A Day on Which a Bank Is Open for Business in the Chosen State. 1.8. “Chosen State” — New Jersey. 1.9. “Clearance Days” - Three Business Days for Checks Drawn on Banks Located Within the Chosen State and for Electronic Funds Transfers, and Five Business Days for All Other Payments. 1.10. “Closed”- A Purchased Account Is Closed Upon Receipt of Full Payment by Purchaser From a Payor or From the Seller (Including Its Being Charged to the Reserve Account)
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