Common use of Purchase of Accounts Receivable and Right of Offset Clause in Contracts

Purchase of Accounts Receivable and Right of Offset. Effective each business day of the month and subject to applicable law, Administrator shall purchase all accounts receivable of the Group arising during the day or days just ended and shall make payment to Group therefor or offset, without further notice or authorization, sums owed Administrator by Group as the parties have agreed herein. The purchase price shall be an amount equal to the aggregate face amount of the accounts receivable being sold less contractual adjustments and