Appointment as Factor Sample Clauses
The 'Appointment as Factor' clause designates a party, typically an agent or intermediary, to act on behalf of another party in commercial transactions, often with authority to sell goods or manage assets. In practice, this clause outlines the scope of the factor's powers, such as collecting payments, holding inventory, or negotiating sales, and may specify any limitations or reporting requirements. Its core function is to formalize the relationship and responsibilities between the principal and the factor, ensuring clarity and legal authority for the factor to act in the agreed capacity.
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Appointment as Factor. Client hereby appoints Factor to act as its non-exclusive factor. Client hereby agrees to assign and sell, and does hereby assign and sell, to Factor, and Factor hereby agrees to purchase certain of Client’s Receivables whether now existing or hereafter arising without any further act or instrument. For all purposes hereof, the term “Receivables” shall mean and include all accounts, contract rights, general intangibles, chattel papers, instruments, documents and all forms of obligations owing to Client arising from or out of the sale of merchandise and/or the rendition of services, all proceeds thereof, all Client’s: a) rights to merchandise represented thereby; b) rights under insurance policies covering merchandise or services; c) rights against carriers of said merchandise; and d) right, title, security interests and guarantees with respect to each Receivable, including all rights of replevin and reclamation and stoppage in transit and all other rights of an unpaid seller of merchandise or services.
Appointment as Factor. Seller hereby appoints CAM to act as its sole and exclusive factor with respect to the Accounts. Seller hereby agrees to assign and sell and does hereby irrevocably sell and assign to CAM, and ▇▇▇ hereby agrees to purchase the Accounts. For all purposes hereof, the term “Accounts” shall mean and include all amounts due pursuant to the Accounts, and all other forms of obligations owing to Seller arising from or out of the Accounts and all proceeds thereof.
Appointment as Factor. Client hereby appoints Factor to act as its sole factor. Client hereby agrees to assign and sell, and does hereby assign and sell, to Factor, and Factor hereby agrees to purchase all of Client's Receivables whether now existing or hereafter arising without any further act or instrument. For all purposes hereof, the term "Receivables" shall mean and include all accounts, contract rights, general intangibles, chattel papers, instruments, documents and all forms of obligations owing to Client arising from or out of the rendition of services, all proceeds thereof, all Client's: (a) rights to merchandise represented thereby; (b) rights under insurance policies covering services; and (c) right, title, security interests and guarantees with respect to each Receivable, including all rights of replevin and reclamation and stoppage in transit and all other rights of an unpaid seller of services.