Common use of Sole and Exclusive Remedy; Subordination Clause in Contracts

Sole and Exclusive Remedy; Subordination. The Purchaser shall be obligated to repay Advances to the Seller only to the extent of funds available to the Purchaser from Collections on Receivables and, to the extent that such payments are insufficient to pay all amounts owing to the Seller under the Subordinated Note, the Seller shall not have any claim against the Purchaser for such amounts and no further or additional recourse shall be available against the Purchaser. The Subordinated Note shall be fully subordinated to any rights of the Agent, the Class Agents, the Investors and their permitted assigns pursuant to the Transfer Agreement, and shall not evidence any rights in the Receivables.

Appears in 2 contracts

Samples: Receivables Purchase Agreement (United Stationers Inc), Receivables Purchase Agreement (United Stationers Inc)

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Sole and Exclusive Remedy; Subordination. The Purchaser shall be --------------------------------------- obligated to repay Advances to the Seller only to the extent of funds available to the Purchaser from Collections on the Receivables and the Related Security and Collections with respect thereto and, to the extent that such payments are insufficient to pay all amounts owing to the Seller under the Subordinated Note, the Seller shall not have any claim against the Purchaser for such amounts and no further or additional recourse shall be available against the Purchaser. The Subordinated Note shall be fully subordinated to any rights of the Agent, the Class Agents, the Investors Enterprise and their its permitted assigns pursuant to the Transfer Agreement, and shall not evidence any rights in the ReceivablesReceivables or related property.

Appears in 2 contracts

Samples: Receivables Purchase Agreement (Safeguard Scientifics Inc Et Al), Receivables Purchase Agreement (Compucom Systems Inc)

Sole and Exclusive Remedy; Subordination. The Purchaser shall be obligated to repay Advances to the Seller only to the extent of funds available to the Purchaser from Collections on the Receivables and, to the extent that such payments are insufficient to pay all amounts owing to the Seller under the Subordinated Note, the Seller shall not have any claim against the Purchaser for such amounts and no further or additional recourse shall be available against the Purchaser. The Subordinated Note shall be fully subordinated to any rights of the AgentEnterprise, the Class Agents, the Bank Investors and their permitted assigns pursuant to the Transfer Agreement, and shall not evidence any rights in the Receivables.

Appears in 2 contracts

Samples: Receivables Purchase Agreement (Proffitts Inc), Receivables Purchase Agreement (Proffitts Inc)

Sole and Exclusive Remedy; Subordination. The Purchaser shall be obligated to repay Advances to the Seller Sellers only to the extent of funds available to the Purchaser from Collections on the Receivables and, to the extent that such payments are insufficient to pay all amounts owing to the Seller Sellers under the Subordinated Note, the Seller Sellers shall not have any claim against the Purchaser for such amounts and no further or additional recourse shall be available against the Purchaser. The Subordinated Note shall be fully subordinated to any rights of the Administrative Agent, on behalf of the Class Agents, CP Conduit Purchasers and the Investors and their permitted assigns Committed Purchasers pursuant to the Receivables Transfer Agreement and the Asset Purchase Agreement, and shall not evidence any rights in the ReceivablesReceivables or related property.

Appears in 1 contract

Samples: Receivables Purchase Agreement (Mascotech Inc)

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Sole and Exclusive Remedy; Subordination. The Purchaser shall be obligated to repay Advances to the Seller only to the extent of funds available to the Purchaser from Collections on the Receivables and, to the extent that such payments are insufficient to pay all amounts owing to the Seller under the Subordinated Note, the Seller shall not have any claim against the Purchaser for such amounts and no further or additional recourse shall be available against the Purchaser. The Subordinated Note shall be fully subordinated to any rights of the AgentTrustee, the Class Agents, the Investors Certificateholders and their permitted assigns pursuant to the Transfer Pooling and Servicing Agreement, and shall not evidence any rights in the Receivables.

Appears in 1 contract

Samples: Receivables Purchase Agreement (Proffitts Credit Card Master Trust)

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