Acceptance of Receivables. Buyer shall have no obligation to purchase any receivable listed on an Invoice Transmittal. Buyer may exercise its sole discretion in approving the credit of each Account Debtor before buying any receivable. Upon acceptance by Buyer of all or any of the receivables described on any Invoice Transmittal, Buyer shall pay to Seller 80(%) percent of the face amount of each receivable Buyer desires to purchase, net of deferred revenue and offsets related to each specific Account Debtor. Such payment shall be the “Advance” with respect to such receivable. Buyer may, from time to time, in its sole discretion, change the percentage of the Advance. Upon Buyer’s acceptance of the receivable and payment to Seller of the Advance, the receivable shall become a “Purchased Receivable.” It shall be a condition to each Advance that (i) all of the representations and warranties set forth in Section 6 of this Agreement be true and correct on and as of the date of the related Invoice Transmittal and on and as of the date of such Advance as though made at and as of each such date, and (ii) no Event of Default or any event or condition that with notice, lapse of time or otherwise would constitute an Event of Default shall have occurred and be continuing, or would result from such Advance. Notwithstanding the foregoing, in no event shall the aggregate amount of all Purchased Receivables outstanding at any time exceed One Million Dollars ($1,000,000.00).
Acceptance of Receivables. Upon acceptance by Lender of any Receivable described in a Funding Request, Lender shall make an Advance to Borrower in an amount up to the Advance Rate multiplied by the Receivable Amount of such Receivable. Upon Lender’s acceptance of the Receivable and payment to Borrower of the Advance, the Receivable shall become a “Financed Receivable.” It shall be a condition to each Advance that (a) all of the representations and warranties set forth in Section 5 are true and correct on the date of such Advance as though made at and as of each such date and (b) no Default has occurred and is continuing, or would result from such Advance. Lender has no obligation to finance any Receivable and may exercise its sole discretion in determining whether any Receivable is an Eligible Receivable before financing such Receivable. In no event shall the Lender be obligated to make any Advance that results in an Overadvance or while any Overadvance is outstanding.
Acceptance of Receivables. Buyer shall have no obligation to purchase any receivable listed on an Invoice Transmittal. Buyer may exercise its sole discretion in approving the credit of each Account Debtor before buying any receivable. Upon acceptance by Buyer of all or any of the receivables described on any Invoice Transmittal, Buyer shall pay to Seller up to 80(%) percent of the face amount of each receivable Buyer desires to purchase, net of deferred revenue, offsets, and adjustments related to each specific Account Debtor, provided, Buyer shall only pay to Seller up to 65(%) percent for the initial purchase. Such payment shall be the “Advance” with respect to such receivable. Buyer may, from time to time, in its sole discretion, change the percentage of the Advance. Upon Buyer’s acceptance of the receivable and payment to Seller of the Advance, the receivable shall become a “Purchased Receivable.” It shall be a condition to each Advance that (i) all of the representations and warranties set forth in Section 6 of this Agreement be true and correct on and as of the date of the related Invoice Transmittal and on and as of the date of such Advance as though made at and as of each such date, and (ii) no Event of Default or any event or condition that with notice, lapse of time or otherwise would constitute an Event of Default shall have occurred and be continuing, or would result from such Advance. Notwithstanding the foregoing, in no event shall the aggregate amount of all Purchased Receivables outstanding at any time exceed Five MillionDollars ($5,000,000.00), provided however, the aggregate amount of Advances under this Agreement shall not exceed One Million Six Hundred Thousand Dollars ($1,600,000.00) until one of the following occurs: (i) Seller registers all of its unregistered copyrights, or (ii) a final decision in Buyer’s favor is ordered by the court on the matter of Aerocon Engineering v. Silicon Valley Bank; provided further, If the Aerocon case is appealed, the aggregate amount of Advances under this Agreement shall not exceed One Million Dollars ($1,000,000.00).
Acceptance of Receivables. Buyer shall have no obligation to purchase any Receivable listed on a Schedule of Accounts. Upon acceptance, Buyer shall pay to Seller the Advance Percentage of the face amount of each Receivable Buyer desires to purchase minus ACH Fee, Wire Fee, Repurchased Receivables, Adjustments and other Obligations which arc currently due under the Factoring Agreement. Such payment shall be the “Advance” with respect to such Receivable. The purchase price of any Receivables purchased hereunder shall be the sum of the Advance, plus any Reserve payable by Buyer to Seller relating to such Receivable. The aggregate amount of all outstanding Advances shall not at any time exceed the lesser of Three Million Dollars ($3,000,000) (the Maximum Credit) or an amount equal to the sum of all undisputed Purchased Receivables multiplied by the Advance Percentage. Seller shall not request and Buyer shall not make an Advance that would cause the resulting total of all Advances to exceed the foregoing limitation. In the event the aggregate outstanding Obligations shall at any time exceed the foregoing limitation, Seller shall immediately repay the Advance; in the amount of such excess.
Acceptance of Receivables. Seller shall offer to sell to Buyer as absolute owner, with full recourse, all of Seller’s Receivables. Seller shall list its Receivables on a Schedule of Accounts, and at least weekly, transmit to Buyer the Schedule of Accounts along with the original invoice if required by the Account Debtor or in the Buyer’s discretion, rate confirmation if applicable, original signed Xxxx of Lading, and other such documentation which support and evidence the Receivables as the Account Debtor may require and Buyer may request. For each Receivable submitted to Buyer for purchase, Seller shall notify Buyer of the following: (a) whether Seller has received an advance directly from the Account Debtor relating to the Receivable; (b) whether the Receivable relates to truck ordered not used fees, detention fees, or charges and fees other than line haul charges; and (c) whether there is a Dispute relating to the Receivable. Seller appoints Buyer to act as its sole factor, and agrees not to factor receivables through any other company during the Term of this Agreement. Buyer shall have no obligation to purchase any Receivable from Seller.
Acceptance of Receivables. Buyer shall have no ------------------------- obligation to purchase any Receivable listed on Schedule of Accounts. Upon acceptance, Buyer shall pay to Seller the Advance Percentage of the face amount of each Receivable Buyer desires to purchase. Such payment shall be the "Advance" with respect to such Receivable. The purchase price of any Receivables purchased hereunder shall be the sum of the Advance, plus any Reserve payable by Buyer to Seller relating to such Receivable. The aggregate amount of all outstanding Advances shall not at any time exceed the lesser of $400,000 (the -------- Maximum Credit) or an amount equal to the sum of all undisputed Purchased Receivables multiplied by the Advance Percentage. Seller shall not request and Buyer shall not make an Advance that would cause the resulting total of all Advances to exceed the foregoing limitation. In the event the aggregate outstanding Obligations shall at any time exceed the foregoing limitation, Seller shall immediately repay the Advances in the amount of such excess.
Acceptance of Receivables. Upon acceptance by Lender of any Receivable described in a Funding Request, Lender shall make an Advance to Borrower in an amount up to the applicable Advance Rate multiplied by the Receivable Amount of such Receivable; provided that the aggregate amount of Advances made with respect to Eligible Unbilled Receivables shall not exceed the Eligible Unbilled Receivable Sublimit at any time. Upon Lender’s acceptance of the Receivable and payment to Borrower of the Advance, the Receivable shall become a “
Acceptance of Receivables. (a) Your submission of a consumer's credit application means you have already entered into a credit-sale contract with that consumer, which can be legally enforced by you and/or any underlying Customer's Dealership, on the one hand, and the Obligor(s) on the other.
(b) If we issue an Advance approval number for a Contract, you will deliver the Receivable File for that Contract to us. However, our issuing an approval number does not by itself constitute our acceptance of the Contract.
(c) Acceptance of a Contract happens, if at all, only after we receive and approve the related Receivable File. When you submit a Receivable File, you are simultaneously granting us a security interest in the Receivable, whether or not the Contract constituting that Receivable contains the signature of either or both you or any underlying Customer's Dealership and whether or not the preprinted language of such Contract contains words of assignment in addition to or in lieu of words concerning the granting of a security interest in such Contract. Upon our request you will execute and furnish to us any documents we deem necessary or appropriate to enable us to carry out our Collection Services duties under this Agreement. You hereby appoint UUAC your special attorney-in-fact, coupled with an interest, which shall survive as long as you owe any sums to UUAC, so that UUAC can execute any such documents, including but not limited to title and application-for- title documents, in your name and stead, should you fail to xxxcute and furnish them.
(d) When UUAC accepts a Contract, it becomes a Receivable under this Agreement, and UUAC will perform Collection Services on the Receivable on your behalf in accordance with the Terms or this Agreement. Our Collection Services will consist of: collection and posting of all payments; holding the Receivable Files; collecting payments due under thc Receivables as set forth in Section 2.2 and reapplying the amounts so collected in thc manner set forth elsewhcre in this Agreement; responding to inquiries of Obligors on the Receivables; investigating delinquencies; sending monthly payment books or billing statements; and/or receipts to Obligors. UUAC is hereby authorized and empowered to: (i) endorse your name on any payments made payable to you: ii) execute and deliver. in UUAC's name. on your behalf: any and all instruments of satisfaction or cancellation or of partial or full release or discharge. and all other comparable instruments, with respe...
Acceptance of Receivables. Lender has no obligation to make any Facility Two Advances and may exercise its sole discretion in determining whether any Receivable is an Eligible Receivable before making any Facility Two Advance. Upon the approval by Lender of any Funding Request, Lender shall make a Facility Two Advance to Borrower in the requested amount; provided that in no event shall Lender be obligated to make any Facility Two Advance that results in an Facility Two Overadvance or while any Overadvance is outstanding.
Acceptance of Receivables. The last sentence of Section 2.2 of the AR Purchase Agreement is hereby amended in its entirety and replaced with the following: “Notwithstanding the foregoing, in no event shall the aggregate amount of all Purchased Receivables outstanding at any time exceed Ten Million Dollars ($10,000,000).”
