Common use of Incremental Purchases Clause in Contracts

Incremental Purchases. In order to request an Incremental Purchase from a Purchaser, the Seller must provide to the Agent an irrevocable written request (including by telecopier or other facsimile communication) substantially in the form of the Daily Report (an “Incremental Purchase Request”), by 12:00 noon (Chicago time) on the requested date (the “Purchase Date”) of such Purchase, specifying the requested Purchase Date (which must be a Business Day) and the requested amount (the “Purchase Amount”) of such Purchase, which must be in a minimum amount of $100,000 and multiples thereof (or, if less, an amount equal to the Maximum Incremental Purchase Amount). All Incremental Purchases must be requested ratably from all Purchasers. The Agent shall promptly notify the Purchasers of the contents of such request. Subject to Section 7.2 and the other terms and conditions hereof, each Purchaser shall transfer the applicable Purchaser’s Purchase Limit Percentage of the requested Purchase Amount to the Agent by no later than 2:00 p.m. (Chicago time) on the Purchase Date. The Agent shall promptly transfer to the Seller Account the proceeds of any Incremental Purchase delivered to the Agent.

Appears in 2 contracts

Samples: Receivables Sale Agreement (Sirva Inc), Receivables Sale Agreement (Sirva Inc)

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Incremental Purchases. In order to request an Incremental Purchase from a Purchaser, the Seller must provide to the Agent an irrevocable written request (including by telecopier or other facsimile communication) substantially in the form of the Daily Report (an “Incremental Purchase Request”), by 12:00 noon (Chicago time) on the Weekly Reporting Date preceding the requested date (the “Purchase Date”) of such Purchase, specifying the requested Purchase Date (which must be a Business DayWeekly Settlement Date) and the requested amount (the “Purchase Amount”) of such Purchase, which must be in a minimum amount of $100,000 and multiples thereof (or, if less, an amount equal to the Maximum Incremental Purchase Amount). All Incremental Purchases must be requested ratably from all Purchasers. The Agent shall promptly notify the Purchasers of the contents of such request. Subject to Section 7.2 and the other terms and conditions hereof, each Purchaser shall transfer the applicable Purchaser’s Purchase Limit Percentage of the requested Purchase Amount to the Agent by no later than 2:00 p.m. (Chicago time) on the Purchase Date. The Agent shall promptly transfer to the Seller Account the proceeds of any Incremental Purchase delivered to the Agent.” (ii) Section 1.3(b) of the Receivables Sale Agreement is amended to read in its entirety as follows:

Appears in 1 contract

Samples: Receivables Sale Agreement (Sirva Inc)

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Incremental Purchases. In order to request an Incremental Purchase from a Purchaser, the Seller must provide to the Agent an irrevocable written request (including by telecopier or other facsimile communication) substantially in the form of the Daily Report Exhibit A-1 (an “Incremental Purchase Request”), by 12:00 noon 10:00 a.m. (Chicago time) on two Business Days before the requested date (the “Purchase Date”) of such PurchasePurchase (or, in the case of the initial Purchase Date, by 10:00 a.m. (Chicago time) on the initial Purchase Date), specifying the requested Purchase Date (which which, except for the initial Purchase Date, must be a Business DayWeekly Funding Date) and the requested amount (the “Purchase Amount”) of such Purchase, which must be in a minimum amount of $100,000 1,000,000 and multiples thereof (or, if less, an amount equal to the Maximum Incremental Purchase Amount). The Seller may not request more than one Incremental Purchase in any week. All Incremental Purchases must be requested ratably from all Purchasers. The Agent shall promptly notify the Purchasers of the contents of such request. Subject to Section 7.2 and the other terms and conditions hereof, each Purchaser shall transfer the applicable Purchaser’s Purchase Limit Percentage Ratable Share of the requested Purchase Amount to the Agent by no later than 2:00 p.m. 12:00 noon (Chicago time) on the Purchase Date. The Agent shall promptly transfer to the Seller Account the proceeds of any Incremental Purchase delivered to the Agent.

Appears in 1 contract

Samples: Receivables Sale Agreement (Sirva Inc)

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