Contract consideration clause samples

The Company recognizes contract assets or unbilled receivables related to revenue recognized for services completed but not invoiced to the clients. Unbilled receivables are classified as receivables when the Company has an unconditional right to contract consideration. A contract liability is recognized as deferred revenue when we invoice clients in advance of performing the related services under the terms of a contract. Deferred revenue is recognized as revenue when we have satisfied the related performance obligation.

The Company recognizes contract assets or unbilled receivables related to revenue recognized for services completed but not yet invoiced. Unbilled receivables are recorded when the Company has an unconditional right to contract consideration. A contract liability is recognized as deferred revenue when the Company invoices clients, or receives customer cash payments, in advance of performing the related services under the terms of a contract. Remaining performance obligations represent the transaction price allocated to the performance obligations that are unsatisfied as of the end of each reporting period. Deferred revenue is recognized as revenue when the related performance obligation is satisfied.

• Please summarize for us the material terms of the contracts with PRONATEL. Your response should address, but not be limited to, your rights and obligations, description of the termination provisions and the nature of enforceable right to payment upon termination, what constitutes delay or default and the operation of the contract in a delay or default, and ownership and control of the network during the design and construction phase. Please see Exhibit A and Exhibit B for a summary of certain terms of the Contracts. Each Contract has substantially the same terms and conditions, except for the amounts of the contract consideration. As the term and construction schedule for each Contract largely coincided, the networks were constructed concurrently.

(d) Pledge of Contract Consideration. Subject to the time periods specified in the Contract and in this Agreement, Pledgor will pledge the maximum number or amount of each type of Exchange Property (including, without limitation, Shares) that Pledgor may be required to deliver under the Contract (the aggregate number or amount of securities, property and/or assets referred to in this sentence, the “Required Pledged Assets”); provided that, notwithstanding anything to the contrary in the Contract, the Required Pledged Assets shall not include any property distributed in respect of or contained in an Exchange Property Unit until the later of (a)the date such property is actually received by Pledgor or into the Pledged Account and (b)the date by which such property is required to be delivered to the Purchaser or into the Pledged Account pursuant to the terms of the Contract. For the avoidance of doubt and notwithstanding anything to the contrary in this Section4.1(d), Pledgor will have the right to substitute and/or release Collateral as provided in, and subject to the conditions set forth in, this Agreement, and securities, property or other assets will not form part of the Required Pledged Assets until received by Pledgor.

Section5.7 Delivery of Contract Consideration. On the Exchange Date (including an accelerated Exchange Date as a result of a Special Acceleration, Optional Acceleration or Acceleration upon Event of Default), the Collateral Agent shall deliver for the account of, and upon the order of, the Purchaser, the number of Contract Shares required by Section2.3(c) of the Contract (and the amount or type of other Exchange Property, if applicable) from the Collateral then held by the Collateral Agent under this Agreement in the manner contemplated by Section2.3(c) of the Contract. Upon such delivery, Purchaser shall hold such Shares or other Exchange Property absolutely and free from any claim or right whatsoever (other than any restrictions imposed by applicable securities laws, Permitted Transfer Restrictions or Liens created by the constituent documents of the issuer of any securities forming part of the Exchange Property).