PURCHASE AND SALE OF FUTURE RECEIVABLES. RECEIVED NYSCEF: 07/19/2021 Merchant hereby sells, assigns and transfers the total “Amount Sold” to Purchaser (making Purchaser the absolute owner), in exchange for the “Purchase Price.”
PURCHASE AND SALE OF FUTURE RECEIVABLES. Merchant hereby sells, assigns and transfers to PURCHASER in consideration of the purchase price specified below (the “Purchase Price”), all of Merchant’s future accounts, contract rights and other rights to payment arising from or relating to the use by Merchant’s customers of cash, credit cards, charge cards, debit cards, prepaid cards, mobile payments and other similar payment methods in the ordinary course of Merchant’s business (the “Receipts”) for the payment of Merchant’s sale of goods or rendition of services until the purchased amount specified below (the “Purchased Amount”) has been delivered by Merchant to PURCHASER, provided that the Purchase Price, the Specified Percentage (as defined below) and/or the Purchased Amount may be adjusted by PURCHASER and Merchant in writing if one or more card processing conditions are not satisfied. The Purchased Amount shall be paid to PURCHASER by Merchant using and irrevocably authorizing only one processor acceptable to PURCHASER (“Processor”) to remit to or for the benefit of PURCHASER the percentage specified below (the “Specified Percentage”) of Merchant’s settlement amounts due from each card issuer with respect to the Receipts, until such time as PURCHASER receives payment in full of the Purchased Amount. Furthermore Merchant will not enter into another cash advance agreement or any other type of factoring agreement, or any other type of credit/debit card processing during the term of this contract. Notwithstanding anything to the contrary in this Agreement or any other agreement between PURCHASER and Merchant, upon the occurrence of an Event of Default under Section 3 of the FUTURE RECEIVABLES FACTORING AGREEMENT TERMS AND CONDITIONS, the Specified Percentage shall equal 100%. Purchase Price: {FIELD014} Specified Percentage: {FIELD015}% Receipts Purchased Amount: {FIELD016} THE TERMS, DEFINITIONS, CONDITIONS AND INFORMATION SET FORTH IN THE “FUTURE RECEIVABLES FACTORING AGREEMENT TERMS AND CONDITIONS”, THE “MERCHANT SECURITY AGREEMENT AND GUARANTY” AND “ADMINISTRATIVE FORM” ARE HEREBY INCORPORATED IN AND MADE A PART OF THIS AGREEMENT. MERCHANT By {OWNER_NT_1} (Print Name and Title) (Signature) {FIELD051} By (Company Officer) (Signature) Each person signing this Agreement on behalf of Xxxxxxxx represents that he or she is authorized to sign this Agreement on behalf of Merchant, and each person signing this Agreement on behalf of Merchant and/or as Owner/Guarantor represents that the information provided...
PURCHASE AND SALE OF FUTURE RECEIVABLES. Purchaser agrees to purchase from Seller, and the Seller agrees to sell, assign, and transfer to Purchaser, a specified amount (the “Total Outstandings”) of Seller’s future cash, payment card, and other general account receivables (“Future Receivables”) in consideration of a purchase price identified as the order payment (the “Order Payment”). The Total Outstandings associated with the Order Payment advanced shall be described in the Transaction Summary and, unless otherwise indicated, shall be the Order Payment, plus the fee indicated in Transaction Summary. For purposes of this Agreement, the “Transaction Summary” is the webpage or webpages on Purchaser’s Website summarizing the terms of the purchase of the Total Outstandings of Future Receivables to which Seller consents. The Transaction Summary will set forth the estimated timing (the “Debit Schedule”) and amount (the “Debit Amount”) of the expected debits of the Total Outstandings and the amount of the Order Payment advanced. The Transaction Summary will also identify a specific percentage (the “Specified Percentage”) of each of Seller’s Future Receivables owed to Seller from its business activity(ies) and/or Seller’s future payment receivables until the Total Outstandings have been collected by Purchaser according to the terms and conditions set forth in this Agreement. The Debit Schedule will be agreed upon by Seller during the online request process and recorded in the Transaction Summary. The Debit Amount shall be Purchaser’s reasonable estimate of Seller’s Future Receivables multiplied by the Specified Percentage during the time periods covered by the Debit Schedule. Seller agrees that Purchaser may rely upon information provided by Seller when determining the Debit Amount. Subject to Section 1(a) (“Reconciliation – Alternative Debit Amount”) below, Seller will remit the Total Outstandings to Purchaser by causing the Processor to pay Purchaser the Debit Amount on each date set forth in the Debit Schedule. Seller agrees that the Order Payment will be paid directly by Purchaser to a third party vendor (“Vendor”) designated by the Seller for the purpose of paying a xxxx owed by Seller to the Vendor in connection with Seller’s acquisition of goods or services for eventual resale by the Seller. Seller and Purchaser may enter into multiple transactions for the purchase of Future Receivables under this Agreement. Each purchase transaction will be separately documented through a new Transaction Summary. ...
PURCHASE AND SALE OF FUTURE RECEIVABLES. In exchange for payment by Company to Merchant of the purchase price specified below (“Purchase Price”), Company hereby purchases from Merchant and Merchant hereby sells to Company all of Merchant’s right, title and interest in and to the amount specified below (“Specified Amount”) of Merchant’s future receivables (“Future Receivables”) arising from electronic payments by Merchant’s customers with credit or debit cards, checks that are processed and converted electronically, or any other electronic payment to Merchant (“Electronic Payments”). Merchant will remit the Specified Amount of Future Receivables to Company in one of the two following ways:
PURCHASE AND SALE OF FUTURE RECEIVABLES. Merchant hereby sells, assigns and transfers the total “Amount Sold” to Purchaser (making Purchaser the absolute owner), in exchange for the “Purchase Price.”
PURCHASE AND SALE OF FUTURE RECEIVABLES
