Common use of PURCHASE AND SALE OF FUTURE RECEIVABLES Clause in Contracts

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%. 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 herein and in all of PURCHASER’s forms is true, accurate and complete in all respects. PURCHASER may produce a monthly statement reflecting the delivery of the Specified Percentage of Receipts from Merchant to PURCHASER and its participants via Processor. Other than the Origination Fee, if any, set forth above, NEITHER KAPITUS SERVICING NOR PURCHASER is NOT CHARGING ANY ORIGINATION OR BROKER FEES to Merchant. If Merchant is charged another such fee, IT IS NOT BEING CHARGED BY KAPITUS SERVICING OR PURCHASER NOR DOES KAPITUS SERVICING OR PURCHASER RECEIVE ANY PORTION OF SUCH FEES. To the extent set forth herein, each of the parties is obligated upon his, her or its’ execution of the Agreement to comply with all terms of this Agreement. Each of above-signed Xxxxxxxx and Owner(s) represents and warrants that: (1) he or she is authorized to sign this Agreement for Merchant, legally binding the Merchant to deliver the receivables as agreed, and (2) the information provided herein, and in the applications provided, documents submitted, financial information provided, and in any interviews during underwriting is true, accurate and complete in all respects. If any information provided to Purchaser is determined to be false or misleading, Merchant shall be deemed in material breach of all agreements between Merchant and PURCHASER and Owner(s) shall be personally liable for the Merchant’s obligations under the Personal Guaranty of Performance. Merchant and each of the above-signed Owners authorizes PURCHASER, its agents and representatives and any credit reporting agency engaged by PURCHASER, to (i) investigate any references given or any other statements or data obtained from or about Merchant or any of its Owners for the purpose of this Agreement, and (ii) obtain a credit report at any time now or for so long as Merchant and/or Owners(s) continue to have any obligation owed to PURCHASER.

Appears in 2 contracts

Samples: Future Receivables Factoring Agreement, Future Receivables Factoring Agreement

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PURCHASE AND SALE OF FUTURE RECEIVABLES. Merchant hereby sells, assigns and transfers to PURCHASER GCF (making GCF the absolute owner) in consideration of the purchase price specified below (the Purchase Price”)) , the specified percentage specified below (the Specified Percentage) of all of Merchant’s future accounts, contract rights and other rights to payment entitlements arising from or relating to the use by payment of monies from Merchant’s customers of ‘and/or other third party payors (collectively, the “Receipts”, including all payments made by cash, credit cardscheck, charge cards, debit cards, prepaid cards, mobile payments and electronic transfer or other similar form of monetary payment methods in the ordinary course of the Merchant’s business (the “Receipts”) business), for the payment payments due to Merchant as a result of Merchant’s sale of goods or rendition of services (the “Transactions” ) until the receipts purchased amount specified below (the Purchased Amount) has been delivered by or on behalf of Merchant to PURCHASERGCF. Merchant hereby acknowledges and agrees that GCF may elect, provided that in its sole discretion, to pay to Merchant a percentage of the full Purchase Price specified below. If GCF elects to pay to Merchant less than the full Purchase Price specified below then the amount actually paid by GCF shall be deemed the Purchase Price, Price for purposes of this transaction notwithstanding the Specified Percentage (as defined below) and/or Purchase Price specified below and the Purchased Amount may shall automatically be adjusted by PURCHASER reduced proportionately notwithstanding the Purchased amount specified below. By signing this Agreement , Merchant expressly consents to be bound to the terms of this Agreement whether GCF, in its sole discretion, elects to pay the full Purchase Price specified below or a percentage thereof. Merchant further acknowledges that if GCF elects to pay a percentage of the full Purchase Price specified below, that such payment shall not be deemed a default under this Agreement, and Merchant that all other terms and conditions, specifically including but not limited to the Daily Amount, shall remain in writing if one or more card processing conditions are not satisfiedeffect except as otherwise provided herein. The Purchased Amount shall be paid to PURCHASER by Merchant using and irrevocably authorizing only one processor acceptable to PURCHASER GCF by...in consideration of the purchase price specified below (“Processor”) to remit to or for the benefit of PURCHASER Purchase Price), the specified percentage specified below (the Specified Percentage) of all of Merchants...until the receipts purchased amount specified below (the Purchased Amount) has been delivered by or on behalf of Merchant to GCF. Merchant hereby acknowledges and agrees that GCF may elect, in its sole discretion, to pay to Merchant a percentage of the full Purchase Price specified below. If GCF elects to pay to Merchant less than the full Purchase Price specified below then the amount actually paid by GCF shall be deemed the Purchase Price for purposes of this transaction notwithstanding the Purchase Price specified below and the Purchased Amount shall automatically be reduced proportionately notwithstanding the Purchased Amount specified below. By signing this Agreement, Merchant expressly consents to be bound to the terms of this Agreement whether GCF, in its sole discretion, elects to pay the full Purchase Price specified below or a percentage thereof. Merchant further acknowledges that if GCF elects to pay a percentage of the full Purchase Price specified below, that such payment shall not be deemed a default under this Agreement, and that all other terms and conditions, specifically including but not limited to the Daily Amount, shall remain in effect except as otherwise provided herein. The Purchased Amount shall be paid to GCF by...paid to GCF by Merchant’s irrevocably directing and authorizing that there be only one depositing bank account, which account must be acceptable to, and pre-approved by, GCF (the “Account”) into which Merchant and Merchants customers shall remit the Specified Percentage of Merchant’s the Merchants settlement amounts due from each card issuer with respect to the ReceiptsTransaction, until such time as PURCHASER GCF receives payment in full of the Purchased Amount. Furthermore Merchant hereby authorizes GCF to ACH Debit the Daily Amount (as specified below) from the Merchants Account on a daily basis and will provide GCF with all required access codes, and monthly bank statements. Merchant understands that it is responsible for ensuring that the specified percentage to be debited by GCF remains in the Account and will be held responsible for any fees incurred by GCF resulting from a rejected ACH attempt or an event of default. (See Appendix A) GCF is not enter into another cash advance agreement responsible for any overdrafts or any other type of factoring agreement, or any other type of credit/debit card processing during rejected transactions that may result from GCF ACH debiting the term specified amounts under the terms of this contractagreement. GCF will debit the specific daily amount each business day. The Merchant shall deliver to GCF, no later than the 18th date of each month the bank statement for the Account in respect of the immediately preceding month. Within three business days of GCF receipt of the Merchants monthly bank statements, GCF shall reconcile the Merchants Account by either crediting or debiting the difference from or back to the Merchants Account so that the amount debited per month equals the Specified Percentage. If the Merchant fails to deliver the bank statement for the Account for any month, GCF shall consider that the specific remittances were equal to the Specified Percentage of the settlement amount due from each Transaction for such month. GCF may, upon Merchants request, adjust the amount of any payment due under this Agreement at GCF sole discretion and as it deems appropriate. Notwithstanding anything to the contrary in this Agreement or any other agreement between PURCHASER GCF and Merchant, upon the violation of any provision contained in Section 1.11 of the MERCHANT AGREEMENT TERMS AND CONDITIONS or the occurrence of an Event of Default under Section 3 of the FUTURE RECEIVABLES FACTORING MERCHANT AGREEMENT TERMS AND CONDITIONS, the Specified Percentage percentage shall equal 100%. Each person signing A list of all fees applicable under this Agreement on behalf is contained in Appendix A. For the avoidance of Xxxxxxxx represents that he or she is authorized any doubt, each party to sign this Agreement on behalf acknowledges, agrees and understands that the transaction contemplated by this Agreement is a purchase and sale of Merchantfuture receivables and not a loan, and each person signing no party hereto intends for this Agreement to be, or to be deemed to be, a loan agreement. Accordingly, there is no interest payable hereunder and no mandated date on behalf of Merchant and/or as Owner/Guarantor represents that which amounts hereunder are due. furthermore, the information provided herein and in all of PURCHASER’s forms is true, accurate and complete in all respects. PURCHASER may produce a monthly statement reflecting the delivery failure of the Specified Percentage of Receipts from Merchant to PURCHASER make sales and its participants via Processor. Other than the Origination FeeMerchant going out of business or bankrupt is, if anyin and of itself, set forth above, NEITHER KAPITUS SERVICING NOR PURCHASER is NOT CHARGING ANY ORIGINATION OR BROKER FEES to Merchant. If Merchant is charged another such fee, IT IS NOT BEING CHARGED BY KAPITUS SERVICING OR PURCHASER NOR DOES KAPITUS SERVICING OR PURCHASER RECEIVE ANY PORTION OF SUCH FEES. To the extent set forth herein, each not an Event of the parties is obligated upon his, her or its’ execution of the Agreement to comply with all terms of Default under this Agreement. Each These are risks assumed by GCF. Neither the Merchant nor any affiliate of above-signed Xxxxxxxx and Owner(s) represents and warrants that: (1) he or she is authorized to sign this Agreement for the Merchant, legally binding the Merchant directly or indirectly, shall assert or attempt to deliver the receivables as agreed, and (2) the information provided herein, and in the applications provided, documents submitted, financial information provided, assert at any time and in any interviews during underwriting forum that this Agreement is truea loan agreement or that the transactions contemplated hereby are or should be characterized as loans. THE TERMS AND CONDITIONS, accurate and complete in all respectsTHE “SECURITY AGREEMENT AND GUARANTY” AND THE “AUTHORIZATION AGREEMENT” ATTACHED HERETEO, ARE All HEREBY INCORPORATED IN AND MADE A PART OF THIS AGREEMENT. If any information provided to Purchaser is determined to be false or misleading, Merchant shall be deemed in material breach of all agreements between Merchant and PURCHASER and Owner(sBY: XXXXX X XXXXXXXXXX XX X Xxxxx X Xxxxxxxxxx XX 12/22/2021 (SIGNATURE) shall be personally liable for the Merchant’s obligations under the Personal Guaranty of Performance. Merchant and each of the above-signed Owners authorizes PURCHASER, its agents and representatives and any credit reporting agency engaged by PURCHASER, to CEO #1: XXXXX X XXXXXXXXXX XX X Xxxxx X Xxxxxxxxxx XX (iSIGNATURE) investigate any references given or any other statements or data obtained from or about Merchant or any of its Owners for the purpose of this Agreement, and (iiDATE) obtain a credit report at any time now or for so long as Merchant and/or Owners(s(SIGNATURE) continue to have any obligation owed to PURCHASER.(DATE) (COMPANY OFFICER) (SIGNATURE)

Appears in 1 contract

Samples: Future Receivables Agreement (SANUWAVE Health, Inc.)

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PURCHASE AND SALE OF FUTURE RECEIVABLES. Merchant hereby sells, assigns and transfers to PURCHASER BCP, making BCP the absolute owner by right and title, in consideration of the purchase price specified below (the “Purchase Price”)” specified below, the “Specified Percentage” of all of Merchant’s future accounts, contract rights and other rights to payment entitlements arising from or relating to the use by payment of monies from Merchant’s customers of customers’ and/or any and all other third party payors to the Merchant (hereinafter the “Receivables”, defined as any and all payments made by cash, credit cardscheck, charge cardselectronic transfer, debit cardsPaypal, prepaid cardsApplePay or any other form of monetary payment, mobile payments including all those existing and other similar payment methods not yet invented, received in the ordinary course of the Merchant’s business (the “Receipts”) by common industry standards), for the payment payments due to Merchant as a result of Merchant’s sale of goods or rendition of services (the “Transactions”) until the purchased amount specified below (the “Purchased Amount”) has been delivered electronically transferred, or otherwise delivered, by or on behalf of Merchant to PURCHASERBCP. Merchant agrees, provided asserts and expresses without limitation that such funds are the absolute right and property of BCP at the moment of their collection, and any failure to transfer such collected funds shall be a breach of contract, wrongful appropriation and civil theft. Purchase Price: 300000.00 Daily Percentage1: 9% Interval: 160.00 Daily Amount2: 2531.25 Purchased Amount: 405000.00 Merchant may use the Purchase Price, the Specified Percentage (as defined below) and/or the Purchased Amount may be adjusted by PURCHASER Price only and Merchant in writing if one or more card processing conditions are specifically for business purposes and specifically 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 personal, family or household purposes. Merchant is selling a portion of a future revenue stream to BCP at a discount; Merchant is not borrowing money from BCP. There is no interest rate or payment schedule and no time period during which BCP must collect the Purchased Amount. Merchant going bankrupt or going out of business, in good faith, and with clean hands, and with all timely and due notice, without fraudulent transfer, without omission of facts or negligent reporting, or false facts in the inducement, in and of itself, does not constitute a breach of this Agreement. BCP enters into this Agreement knowing there is risk inherent in the business facts disclosed to BCP by Merchant, including Merchant’s business may slow down or fail. BCP assumes these risks based expressly upon on Merchant’s representations, warranties and covenants in this Agreement, which are material facts designed to give BCP a reasonable and fair opportunity to consider such representations, warranties and covenants, so that BCP may justly receive the full fair benefit of its bargain. __________________________ 1 Estimated Daily Percentage arrived at by an examination of the mean median or mode amount of receivables, over a time-period of study, and Merchant Estimated Reported Margins or Estimate within Merchant’s industry, and applying this negotiated amount to arrive at the average daily percentage specified below estimate of receivables that will be transferred. Number subject to change per the contract terms. 2 Estimated Daily Amount arrived at by an examination of the mean median or mode amount of receivables, over a time-period of study, to arrive at the average daily payment estimate. Number subject to change per the contract terms. BCP will debit the Specific Amount each business day from only one depositing bank account (the “Specified PercentageAccount”), which account must be acceptable to, and pre-approved by, BCP (the “Account”) of into which Merchant and Merchant’s settlement amounts due customers shall remit all Receipts from each card issuer every Transaction associated with respect to the Receiptsbusiness, until such time as PURCHASER BCP receives full payment in full of the Purchased Amount. Furthermore If Merchant’s bank is closed on a business day for any reason, then BCP will debit the Specific Amount for that day on the next business day in addition to the regularly scheduled debit. Merchant will not enter into another cash advance agreement or any other type hereby authorizes BCP to ACH debit the Specific Amount from the Account on a daily basis. Such debit shall be considered an electronic funds transfer as described by FL. 68.065. BCP’s payment of factoring agreementthe Purchase Price shall be deemed the acceptance and performance by BCP of this Agreement. Merchant understands that Merchant is responsible for ensuring that the Specific Amount to be debited by BCP remains in the Account. Merchant shall remove no deposits, or cause any other type deposit to be removed by any party, for any reason, until completion of credit/debit card processing during the term BCP ACH Daily (or interval) transfer. Merchant shall be responsible for any fees incurred by BCP resulting from a rejected ACH attempt or an Event of Default. Merchant agrees that a failure of electronic transfer constitutes a bad instrument per FL. 68.065. BCP is not responsible for any overdrafts or rejected transactions that may result from BCP’s ACH debiting the Specific Amount under the terms of this contractAgreement. Notwithstanding anything to the contrary in this Agreement or any other agreement between PURCHASER BCP and Merchant, upon the occurrence of an Event of Default under Section 3 of the FUTURE RECEIVABLES FACTORING MERCHANT AGREEMENT TERMS AND CONDITIONS, CONDITIONS the Specified Percentage shall equal 100%. Each person signing A list of all fees applicable under 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 herein and contained in all of PURCHASER’s forms is true, accurate and complete in all respects. PURCHASER may produce a monthly statement reflecting the delivery of the Specified Percentage of Receipts from Merchant to PURCHASER and its participants via Processor. Other than the Origination Fee, if any, set forth above, NEITHER KAPITUS SERVICING NOR PURCHASER is NOT CHARGING ANY ORIGINATION OR BROKER FEES to Merchant. If Merchant is charged another such fee, IT IS NOT BEING CHARGED BY KAPITUS SERVICING OR PURCHASER NOR DOES KAPITUS SERVICING OR PURCHASER RECEIVE ANY PORTION OF SUCH FEES. To the extent set forth herein, each of the parties is obligated upon his, her or its’ execution of the Agreement to comply with all terms of this Agreement. Each of above-signed Xxxxxxxx and Owner(s) represents and warrants that: Appendix A. FOR MERCHANT (#1) he or she is authorized to sign this Agreement for Merchant, legally binding the Merchant to deliver the receivables as agreed, and BY Xxxx Xxxxx /s/ Xxxx Xxxxx 7/28/2021 FOR MERCHANT (#2) the information provided herein, and in the applications provided, documents submitted, financial information provided, and in any interviews during underwriting is true, accurate and complete in all respects. If any information provided to Purchaser is determined to be false or misleading, Merchant shall be deemed in material breach of all agreements between Merchant and PURCHASER and Owner(sBY FOR OWNER (#1) shall be personally liable for the Merchant’s obligations under the Personal Guaranty of Performance. Merchant and each of the above-signed Owners authorizes PURCHASER, its agents and representatives and any credit reporting agency engaged by PURCHASER, to BY Xxxx Xxxxx /s/ Xxxx Xxxxx 7/28/2021 FOR OWNER (i#2) investigate any references given or any other statements or data obtained from or about Merchant or any of its Owners for the purpose of this Agreement, and (ii) obtain a credit report at any time now or for so long as Merchant and/or Owners(s) continue to have any obligation owed to PURCHASER.BY

Appears in 1 contract

Samples: Merchant Agreement (Mobiquity Technologies, Inc.)

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