Making the Purchases Clause Samples
The "Making the Purchases" clause defines the procedures and requirements for how purchases are to be made under the agreement. It typically outlines the steps a buyer must follow to place orders, such as submitting purchase orders, specifying quantities, and adhering to any minimum or maximum order requirements. This clause ensures that both parties have a clear understanding of the purchasing process, reducing the risk of misunderstandings and disputes regarding how and when goods or services are to be ordered.
Making the Purchases. (a) Each purchase of undivided percentage ownership interests in the Receivables Assets by the Purchasers hereunder shall consist of either (i) a purchase made by the applicable Purchasers with new funds provided by such Purchasers (each, a "CAPITAL PURCHASE") or (ii) a purchase made by the applicable Purchasers with funds consisting of Collections allocated to the Capital of such Purchasers pursuant to the terms of this Agreement (each, a "REINVESTMENT PURCHASE"). The first purchase hereunder shall be a Capital Purchase.
Making the Purchases. (a) Seller shall notify MBFG of its desire to sell Receivables to MBFG by delivering to MBFG a statement specifying the aggregate Face Amount thereof, with copies of invoices and related Contracts for all such Receivables.
(b) After such notification and the fulfillment of the conditions of Section 8, MBFG shall remit to Seller or its designee the Cash Percentage of the Face Amount of the Eligible Receivables to be sold by Seller as specified in Section 9 (such date of payment is the “Receivables Purchase Date”). Upon such payment, all of Seller’s right, title and interest in and to such Eligible Receivables shall be deemed sold, assigned, transferred, conveyed and set over to MBFG.
Making the Purchases