Common use of Acceptance of Receivables Clause in Contracts

Acceptance of Receivables. Seller shall offer to sell to Buyer as absolute owner, with full recourse, all of Seller’s Receivables. Seller shall list its Receivables on a Schedule of Accounts, and at least weekly, transmit to Buyer the Schedule of Accounts along with the original invoice if required by the Account Debtor or in the Buyer’s discretion, rate confirmation if applicable, original signed Xxxx of Lading, and other such documentation which support and evidence the Receivables as the Account Debtor may require and Buyer may request. For each Receivable submitted to Buyer for purchase, Seller shall notify Buyer of the following: (a) whether Seller has received an advance directly from the Account Debtor relating to the Receivable; (b) whether the Receivable relates to truck ordered not used fees, detention fees, or charges and fees other than line haul charges; and (c) whether there is a Dispute relating to the Receivable. Seller appoints Buyer to act as its sole factor, and agrees not to factor receivables through any other company during the Term of this Agreement. Buyer shall have no obligation to purchase any Receivable from Seller.

Acceptance of Receivables. Seller shall offer to sell to Buyer as absolute owner, with full recourse, all of Seller’s Receivables. Seller shall list its Receivables on a Schedule of Accounts, and at least weekly, transmit to Buyer the Schedule of Accounts along with the original invoice if required by the Account Debtor or in the Buyer’s discretion, rate confirmation if applicable, original signed Xxxx Bill of Lading, and other such documentation which support and evidence the Receivables as the Account Debtor may require and Buyer may request. For each Receivable submitted to Buyer for purchase, Seller shall notify Buyer of the following: (a) whether Seller has received an advance directly from the Account Debtor relating to the Receivable; (b) whether the Receivable relates to truck ordered not used fees, detention fees, or charges and fees other than line haul charges; and (c) whether there is a Dispute relating to the Receivable. Seller appoints Buyer to act as its sole factor, and agrees not to factor receivables through any other company during the Term of this Agreement. Buyer shall have no obligation to purchase any Receivable from Seller.