PAYMENT FOR ACCOUNTS. You shall deliver to us immediately after shipment of goods or performance of services either copies of invoices sent to your customers or, at our sole discretion, such other proof or evidence, including, without limitation, electronic or computer data, as shall in our sole judgment satisfactorily confirm and substantiate the creation of an account receivable, together with carriers' receipts or other evidence of shipment suitable to us showing the delivery of goods or services covered by each invoice. Upon your request, upon your certification that an account has been created, and upon our written approval the credit standing of the account debtor and the amount and terms of the sale of the goods or performance of service, we will remit to you the net amount of accounts purchased by us, or such portion thereof as you may from time to time request, less the reserve hereinafter provided for. We may at any time set off against amounts due you or we may bill you for service charges, interest, expenses, liability for xxxurchases, or other items chargeable to you. We will furnish you with advices of charges set off against amounts due you, and we will send you a statement as of the closing of business on the last day of each calendar month or such other closing date as we and you shall agree upon. Should you purchase goods or services from another of our clients and the account arising from such purchase be sold to us, then we may at any time without notice to you set off the balance due us on such account against amounts we owe you. We will make advances and all advances will be billed to you at a fee for such advance at thirty dollars ($30) per wire transfer. Outstanding factoring advances under the factoring facility shall not at any time exceed the maximum factoring advances amount, which shall be defined, as of any date of determination, an amount equal to (a) the credit limit and (b) an amount equal to (i) up to eighty-five (85%) of the purchase price of all accounts purchased from you by us from time to pursuant to this Section 2 less (ii) such reserves as we in our sole discretion elect to establish, including, without limitation, such additional reserves for the concentration accounts, recourse accounts, disputed accounts, and non-disputed accounts. We shall not be obligated to make a factoring advance to the extent such factoring advance would cause the aggregate amount of the factoring facility then outstanding to exceed the maximum factoring advance...
PAYMENT FOR ACCOUNTS. You shall deliver to us immediately after shipment of goods or performance of services either copies of invoices sent to your customers or, at our sole discretion, such other proof or evidence, including, without limitation, electronic or computer data, as shall in our sole judgment satisfactorily confirm and substantiate the creation of an account receivable, together with carriers' receipts or other evidence of shipment suitable to us showing the delivery of goods or services covered by each invoice. Upon your request, upon your certification that an account has been created, and upon our written approval the credit standing of the account debtor and the amount and terms of the sale of the goods or performance of service, we will remit to you the net amount of accounts purchased by us, or such portion thereof as you may from time to time request, less the reserve hereinafter
PAYMENT FOR ACCOUNTS. You shall deliver to us immediately after shipment of goods or performance of services original invoices to be sent to your customers or, at our sole discretion, such other proof or evidence, including, without limitation, electronic or computer data, as shall in our sole judgment satisfactorily confirm and substantiate the creation of an Account Receivable, together with carrier's receipts or other evidence of shipment suitable to us showing the delivery of goods or services covered by each invoice. Upon your request, and upon your certification that an Account has been created, we will remit to you the net amount of Accounts purchased by us, or such portion thereof as you may from time to time request, less 20% not advanced. We may at any time set off against amounts due to you hereunder or we may xxxx you for service charges, interest, expenses, liability for repurchases, or other items chargeable to you. We will furnish you with advices of charges set off against amounts due you, and we will send you a statement as of the closing of business on the last day of each calendar month or such other closing date as we shall advise you of from time in writing. Should you purchase goods or services from another of our clients and the account arising from such purchase be sold to us, then we may at any time without notice to you set off the balance due on such account against amounts we owe you under this Agreement.
PAYMENT FOR ACCOUNTS. Upon acceptance of an Account for purchase, Purchaser shall pay to Seller, as the Purchase Price for the Purchased Account, an amount equal to eighty (80) percent of the face amount thereof (or such lesser percentage as Purchaser and Seller shall agree upon). Seller shall deliver the original invoices relating to Purchased Accounts to Purchaser at such time, and such Purchased Accounts shall be deemed sold and assigned to Purchaser at such time without any formal assignment being required.
PAYMENT FOR ACCOUNTS. Servicing Fee. Trinity shall advance to Client up to seventy five percent (75.0%) of the gross amount of Accounts acceptable to Trinity, less Trinity's servicing fee. The term of any advance shall be the period of time from the date upon which the funds are advanced by Trinity to Client to the payment date of the receivables, based on actual days elapsed on the basis of a year consisting of 360 days. At no time shall the aggregate of such advance amounts exceed $1,000,000.00. The amount of such advance, calculated prior to deducting the service fee, shall bear interest from the date upon which funds are advanced until collection date of Accounts at a rate equal to the adjusted floating prime commercial rate of interest ("Prime Rate") as announced by Trinity's primary operating bank on the day such Prime Rate must be determined, plus three percent (3.0%) ("Fluctuating Rate"). In the event the calculation of the Fluctuating Rate yields a rate higher than the maximum amount allowed by state or federal law ("Maximum Rate"), the Maximum Rate will be used. Each and any change in the rate charged to Client shall be effective without notice to Client on the date when a change shall have been made, but in no event whatsoever shall the amount paid or agreed to be paid by Client, received or demanded by Trinity, exceed the maximum amount permitted by state or federal law. Such rate shall be charged to Client's Reserve Account, if any, without demand or notice or may be payable directly from Client to Trinity on a monthly basis. However, it is agreed that all sums of money which shall not be paid to Trinity by Client when due shall bear interest at 2.0% per month or at the highest rate allowed by law from such due date until paid in full, at Trinity's sole discretion. Upon collection of such Accounts, Trinity shall pay Client the difference between the amount collected and the payment first made to Client by Trinity with respect to such Accounts, less the Servicing Fee, as defined hereinbelow, on such Accounts and any other obligations and indebtedness of Client to Trinity for Accounts charged back hereunder or otherwise howsoever arising. For its services hereunder, Trinity shall earn, and Client shall pay, a Servicing Fee equal to three fourth of one percent (0.75%) of the gross amount of any and all receivables purchased by Trinity as set forth at the time of initial funding. Trinity's Servicing Fee is due and payable on the date a receivable is purchased from Clie...
PAYMENT FOR ACCOUNTS. Purchaser shall, in its sole discretion from time to time, make cash advances to Seller as the Purchase Price for the Purchased Accounts ("Cash Advance"); provided, however; a) Seller is not then in default to Purchase hereunder nor will Seller be in default to Purchaser immediately after any Cash Advance; b) the ratio of the Indebtedness to Eligible Purchased Accounts immediately after any Cash Advance is less than the Maximum Advance Rate; and c) in no event and at no time shall the Indebtedness hereunder be in excess of the Maximum Indebtedness. Seller shall deliver the original invoices (or, at Purchaser's option, copies of same) relating to Purchased Accounts to Purchaser at such time, and such Purchased Accounts shall be deemed sold and assigned to Purchaser at such time without any formal assignment being required. Such Cash Advances made by Purchaser hereunder shall be deemed Indebtedness or Seller to Purchaser hereunder. At Purchaser's election Indebtedness of Seller to Purchase hereunder may be further evidenced by notes or other instruments requested by, and in form satisfactory to Purchaser which Seller agrees to execute. Any such notes shall be for the amount of the Maximum Indebtedness above shown or such lesser amount as may exist from time to time hereunder.
