Common use of Sale of Receipts Clause in Contracts

Sale of Receipts. Merchant and PURCHASER intend that the transfer of the interest in the Receipts from Merchant to PURCHASER constitute a sale, and not a loan, for all purposes. Xxxxxxxx agrees that the Purchase Price equals the fair market value of such interest. If, notwithstanding such intent, such transfer is not deemed to constitute a sale, Merchant hereby grants to PURCHASER a security interest in all right, title and interest of Merchant in and to the Receipts, which security interest shall secure the payment of the Purchased Amount and all other obligations of Merchant under this Agreement. In no event shall the aggregate of all amounts deemed interest hereunder and charged or collected hereunder exceed the highest rate permissible at law. In the event that a court determines that PURCHASER has charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by applicable law and PURCHASER shall promptly refund to Merchant any interest received by PURCHASER in excess of the maximum lawful rate, it being intended that Merchant not pay or contract to pay, and that PURCHASER not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Merchant under applicable law. Merchant hereby authorizes PURCHASER to file any financing statements deemed necessary by PURCHASER to perfect or maintain PURCHASER’s interest in the Receipts.

Sale of Receipts. Merchant and PURCHASER intend RCNY agree that the transfer of Purchase Price under this Agreement is in exchange for the interest in the Receipts from Merchant to PURCHASER constitute a salePurchased Amount, and that such Purchase Price is not intended to be, nor shall it be construed as a loan, for all purposesloan from RCNY to Merchant. Xxxxxxxx agrees that the Purchase Price is in exchange for the Receipts pursuant to this Agreement, and that it equals the fair market value of such interestReceipts. If, notwithstanding such intent, such transfer is not deemed to constitute a sale, Merchant hereby grants to PURCHASER a security interest RCNY has purchased and shall own all the Receipts described in all right, title and interest of Merchant in and this Agreement up to the Receiptsfull Purchased Amount as the Receipts are created. Payments made to RCNY in respect to the full amount of the Receipts shall be conditioned upon Merchant’s sale of products and services, which security interest shall secure and the payment of the Purchased Amount and all other obligations of Merchant under this Agreementtherefore by Merchant’s customers. In no event shall the aggregate of all amounts or any portion thereof be deemed as interest hereunder hereunder, and in the event it is found to be interest despite the parties hereto specifically representing that it is NOT interest, it shall be found that no sum charged or collected hereunder shall exceed the highest rate permissible at law. In the event that a court nonetheless determines that PURCHASER RCNY has charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by applicable law and PURCHASER RCNY shall promptly refund to Merchant any interest received by PURCHASER RCNY in excess of the maximum lawful rate, it being intended that Merchant not pay or contract to pay, and that PURCHASER RCNY not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Merchant under applicable law. Merchant hereby authorizes PURCHASER to file As a result thereof, Xxxxxxxx knowingly and willingly waives the defense of Usury in any financing statements deemed necessary by PURCHASER to perfect action or maintain PURCHASER’s interest in the Receiptsproceeding.

Sale of Receipts. Merchant and PURCHASER intend GCF agree that the transfer of Purchase Price under this Agreement is in exchange for the interest in the Receipts from Merchant to PURCHASER constitute a salePurchased Amount, and that such Purchase Price is not intended to be, nor shall it be construed as a loan, for all purposesloan from GCF to Merchant. Xxxxxxxx Merchant agrees that the Purchase Price is in exchange for the Receipts pursuant to this Agreement, and that it equals the fair market value of such interestReceipts. If, notwithstanding such intent, such transfer is not deemed to constitute a sale, Merchant hereby grants to PURCHASER a security interest GCF has purchased and shall own all the Receipts described in all right, title and interest of Merchant in and this Agreement up to the Receiptsfull Purchased Amount as the Receipts are created. Payments made to GCF in respect to the full amount of the Receipts shall be conditioned upon Merchant’s sale of products and services, which security interest shall secure and the payment of therefore by Merchant’s customers in the Purchased Amount and all other obligations of Merchant under this Agreementmanner provided in Section 1.1. In no event shall the aggregate of all amounts or any portion thereof be deemed as interest hereunder hereunder, and in the event it is found to be interest despite the parties hereto specifically representing that it is NOT interest , it shall be found that no sum charged or collected hereunder shall exceed the highest rate permissible at law. In the event that a court nonetheless determines that PURCHASER GCF has charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by applicable law and PURCHASER GCF shall promptly refund to Merchant any interest received by PURCHASER GCF in excess of the maximum lawful rate, it being intended that Merchant not pay or contract to pay, and that PURCHASER GCF not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Merchant under applicable law. As a result thereof , Merchant hereby authorizes PURCHASER to file knowingly and willingly waives the defense of Usury in any financing statements deemed necessary by PURCHASER to perfect action or maintain PURCHASER’s interest in the Receiptsproceeding.

Sale of Receipts. Merchant and PURCHASER intend agree that the transfer of Purchase Price under this Agreement is in exchange for the interest in the Receipts from Merchant to PURCHASER constitute a salePurchased Amount, and that such Purchase Price is not intended to be, nor shall it be construed as a loan, for all purposesloan from to Merchant. Xxxxxxxx agrees that the Purchase Price is in exchange for the Receipts pursuant to this Agreement, and that it equals the fair market value of such interestReceipts. If, notwithstanding such intent, such transfer is not deemed to constitute a sale, Merchant hereby grants to PURCHASER a security interest has purchased and shall own all the Receipts described in all right, title and interest of Merchant in and this Agreement up to the Receiptsfull Purchased Amount as the Receipts are created. Payments made to in respect to the full amount of the Receipts shall be conditioned upon Merchant’s sale of products and services, which security interest shall secure and the payment of the Purchased Amount and all other obligations of Merchant under this Agreementtherefore by Merchant’s customers. In no event shall the aggregate of all amounts or any portion thereof be deemed as interest hereunder hereunder, and in the event it is found to be interest despite the parties hereto specifically representing that it is NOT interest, it shall be found that no sum charged or collected hereunder shall exceed the highest rate permissible at law. In the event that a court nonetheless determines that PURCHASER has charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by applicable law and PURCHASER shall promptly refund to Merchant any interest received by PURCHASER in excess of the maximum lawful rate, it being intended that Merchant not pay or contract to pay, and that PURCHASER not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Merchant under applicable law. Merchant hereby authorizes PURCHASER to file As a result thereof, Xxxxxxxx knowingly and willingly waives the defense of Usury in any financing statements deemed necessary by PURCHASER to perfect action or maintain PURCHASER’s interest in the Receiptsproceeding.

Sale of Receipts. Merchant and PURCHASER intend Purchaser agree that the transfer of Purchase Price under this Agreement is in exchange for the interest in the Receipts from Merchant to PURCHASER constitute a salePurchased Amount, and that such Purchase Price is not intended to be, nor shall it be construed as a loan, for all purposesloan from Purchaser to Merchant. Xxxxxxxx Merchant agrees that the Purchase Price is in exchange for the Receipts pursuant to this Agreement, and that it equals the fair market value of such interestReceipts. If, notwithstanding such intent, such transfer is not deemed to constitute a sale, Merchant hereby grants to PURCHASER a security interest Purchaser has purchased and shall own all the Receipts described in all right, title and interest of Merchant in and this Agreement up to the Receiptsfull Purchased Amount as the Receipts are created. Payments made to Purchaser in respect to the full amount of the Receipts shall be conditioned upon Merchant’s sale of products and services, which security interest shall secure and the payment of the Purchased Amount and all other obligations of Merchant under this Agreementtherefore by Merchant’s customers. In no event shall the aggregate of all amounts or any portion thereof be deemed as interest hereunder hereunder, and in the event it is found to be interest despite the parties hereto specifically representing that it is NOT interest, it shall be found that no sum charged or collected hereunder shall exceed the highest rate permissible at law. In the event that a court nonetheless determines that PURCHASER Purchaser has charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by applicable law and PURCHASER Purchaser shall promptly refund to Merchant any interest received by PURCHASER Purchaser in excess of the maximum lawful rate, it being intended that Merchant not pay or contract to pay, and that PURCHASER Purchaser not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Merchant under applicable law. As a result thereof, Merchant hereby authorizes PURCHASER to file knowingly and willingly waives the defense of Usury in any financing statements deemed necessary by PURCHASER to perfect action or maintain PURCHASER’s interest in the Receiptsproceeding.

Sale of Receipts. Merchant and PURCHASER intend FUNDER agree that the transfer of Purchase Price under this Agreement is in exchange for the interest in the Receipts Purchased Amount and that such Purchase Price is not intended to be, nor shall it be construed as a loan from FUNDER to Merchant. Merchant to PURCHASER constitute a sale, and not a loan, for all purposes. Xxxxxxxx agrees that the Purchase Price is in exchange for the Receipts pursuant to this Agreement equals the fair market value of such interestReceipts. If, notwithstanding such intent, such transfer is not deemed to constitute a sale, Merchant hereby grants to PURCHASER a security interest FUNDER has purchased and shall own all the Receipts described in all right, title and interest of Merchant in and this Agreement up to the Receipts, which security interest full Purchased Amount as the Receipts are created. Payments made to FUNDER in respect to the full amount of the Receipts shall secure be conditioned upon Merchant's sale of products and services and the payment of therefore by Merchant's customers in the Purchased Amount and all other obligations of Merchant under this Agreementmanner provided in Section 1.1. In no event shall the aggregate of all amounts be deemed as interest hereunder and charged or collected hereunder exceed the highest rate permissible at law. In the event that a court determines that PURCHASER FUNDER has charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by applicable law and PURCHASER FUNDER shall promptly refund to Merchant any interest received by PURCHASER FUNDER in excess of the maximum lawful rate, it being intended that Merchant not pay or contract to pay, and that PURCHASER FUNDER not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Merchant under applicable law. Merchant hereby authorizes PURCHASER to file any financing statements deemed necessary by PURCHASER to perfect or maintain PURCHASER’s interest in the Receipts.

Sale of Receipts. Merchant and PURCHASER intend FUNDER agree that the transfer of Purchase Price under this Agreement is in exchange for the interest in the Receipts Purchased Amount and that such Purchase Price is not intended to be, nor shall it be construed as a loan from FUNDER to Merchant. Merchant to PURCHASER constitute a sale, and not a loan, for all purposes. Xxxxxxxx agrees that the Purchase Price is in exchange for the sale of future Receipts pursuant to this Agreement equals the fair market value of such interestReceipts. If, notwithstanding such intent, such transfer is not deemed to constitute a sale, Merchant hereby grants to PURCHASER a security interest FUNDER has purchased and shall own all the Receipts described in all right, title and interest of Merchant in and this Agreement up to the Receipts, which security interest full Purchased Amount as the Receipts are created. Payments made to FUNDER in respect to the full amount of the Receipts shall secure be conditioned upon Merchant's sale of products and services and the payment of therefore by Merchant's customers in the Purchased Amount and all other obligations of Merchant under this Agreementmanner provided in Section 1.1. In no event shall the aggregate of all amounts be deemed as interest hereunder and charged or collected hereunder exceed the highest rate permissible at law. In the event that a court determines that PURCHASER FUNDER has charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by applicable law and PURCHASER FUNDER shall promptly refund to Merchant any interest received by PURCHASER FUNDER in excess of the maximum lawful rate, it being intended that Merchant not pay or contract to pay, and that PURCHASER FUNDER not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Merchant under applicable law. Merchant hereby authorizes PURCHASER to file any financing statements deemed necessary by PURCHASER to perfect or maintain PURCHASER’s interest in the Receipts.1.10

Sale of Receipts. Merchant and PURCHASER intend CBSG agree that the transfer of Purchase Price under this Agreement is in exchange for the interest in the Receipts Purchased Amount and that such Purchase Price is not intended to be, nor shall it be construed as a loan from PURCHASER to Merchant. Merchant to PURCHASER constitute a sale, and not a loan, for all purposes. Xxxxxxxx agrees that the Purchase Price is in exchange for Future Receipts pursuant to this Agreement equals the fair market value of such interestReceipts. If, notwithstanding such intent, such transfer is not deemed PURCHASER has purchased and shall own all the Receipts described in this Agreement up to constitute a sale, Merchant hereby grants the full Purchased Amount as the Receipts are created. Payments made to PURCHASER a security interest in all right, title and interest of Merchant in and with respect to the Receipts, which security interest full amount of the Receipts shall secure be conditioned upon Merchant's sale of products and services and the payment of therefore by Merchant's customers in the Purchased Amount and all other obligations of Merchant under this Agreementmanner provided in Section 1.1. In no event shall the aggregate of all amounts deemed interest hereunder and charged or collected hereunder exceed the highest rate permissible at lawIN NO EVENT SHALL THE AGGREGATE OF THE AMOUNTS RECEIVED BE DEEMED AS INTEREST HEREUNDER. In the event that a court determines that PURCHASER has charged or received interest hereunder hereunder, and that said amount is in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by applicable law and PURCHASER shall promptly refund to Merchant any interest received by PURCHASER in excess of the maximum lawful rate, it being intended that Merchant not pay or contract to pay, and that PURCHASER not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Merchant under applicable law. Merchant hereby authorizes PURCHASER to file any financing statements deemed necessary by PURCHASER to perfect or maintain PURCHASER’s interest in the ReceiptsMERCHANT ACKNOWLEDGES THAT PENNSYLVANIA LAW APPLIES TO THE WITHIN AGREEMENT.

Sale of Receipts. Merchant and PURCHASER intend BCP agree that the transfer of Purchase Price under this Agreement is in exchange for the interest in the Receipts from Merchant to PURCHASER constitute a salePurchased Amount, and that such Purchase Price is not intended to be, nor shall it be construed as a loan, for all purposesloan from BCP to Merchant. Xxxxxxxx Merchant agrees that the Purchase Price is in exchange for the Receipts pursuant to this Agreement, and that it equals the fair market value of such interestReceipts. If, notwithstanding such intent, such transfer is not deemed to constitute a sale, Merchant hereby grants to PURCHASER a security interest BCP has purchased and shall own all the Receipts described in all right, title and interest of Merchant in and this Agreement up to the Receiptsfull Purchased Amount as the Receipts are collected by the Merchant, which security interest and transferred to BCP. Payments made to BCP in respect to the full amount of the Receipts shall secure be conditioned upon Merchant’s sale of products and services, and the payment of the Purchased Amount and all other obligations of Merchant under this Agreementby Merchant’s customers. In no event shall the aggregate of all amounts or any portion thereof be deemed as interest hereunder hereunder, and in the event it is found to be interest despite the parties hereto specifically representing that it is NOT interest, then it shall be found that no sum charged or collected hereunder shall exceed the highest rate permissible at law. In the event that a court nonetheless determines that PURCHASER BCP has charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by applicable law and PURCHASER BCP shall promptly refund to Merchant any interest received by PURCHASER BCP in excess of the maximum lawful rate, it being intended that Merchant not pay or contract to pay, and that PURCHASER BCP not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Merchant under applicable law. As a result thereof, Merchant hereby authorizes PURCHASER to file knowingly and willingly waives the defense of Usury in any financing statements deemed necessary by PURCHASER to perfect action or maintain PURCHASER’s interest in the Receiptsproceeding.

Sale of Receipts. Merchant and PURCHASER intend VCG agree that the transfer of Purchase Price under this Agreement is in exchange for the interest in the Receipts from Merchant to PURCHASER constitute a salePurchased Amount, and that such Purchase Price is not intended to be, nor shall it be construed as a loan, for all purposesloan from VCG to Merchant. Xxxxxxxx Mxxxxxxx agrees that the Purchase Price is in exchange for the Receipts pursuant to this Agreement, and that it equals the fair market value of such interestReceipts. If, notwithstanding such intent, such transfer is not deemed to constitute a sale, Merchant hereby grants to PURCHASER a security interest VCG has purchased and shall own all the Receipts described in all right, title and interest of Merchant in and this Agreement up to the Receiptsfull Purchased Amount as the Receipts are created. Payments made to VCG in respect to the full amount of the Receipts shall be conditioned upon Merchant’s sale of products and services, which security interest shall secure and the payment of the Purchased Amount and all other obligations of Merchant under this Agreementtherefore by Merchant’s customers. In no event shall the aggregate of all amounts or any portion thereof be deemed as interest hereunder hereunder, and in the event it is found to be interest despite the parties hereto specifically representing that it is NOT interest, it shall be found that no sum charged or collected hereunder shall exceed the highest rate permissible at law. In the event that a court nonetheless determines that PURCHASER VCG has charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by applicable law and PURCHASER VCG shall promptly refund to Merchant any interest received by PURCHASER VCG in excess of the maximum lawful rate, it being intended that Merchant not pay or contract to pay, and that PURCHASER VCG not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Merchant under applicable law. Merchant hereby authorizes PURCHASER to file As a result thereof, Mxxxxxxx knowingly and willingly waives the defense of Usury in any financing statements deemed necessary by PURCHASER to perfect action or maintain PURCHASER’s interest in the Receipts.proceeding. 1.11

Sale of Receipts. Merchant and PURCHASER intend GCF agree that the transfer of Purchase Price under this Agreement is in exchange for the interest in the Receipts from Merchant to PURCHASER constitute a salePurchased Amount, and that such Purchase Price is not intended to be, nor shall it be construed as a loan, for all purposesloan from GCF to Merchant. Xxxxxxxx Merchant agrees that the Purchase Price is in exchange for the Receipts pursuant to this Agreement, and that it equals the fair market value of such interestReceipts. If, notwithstanding such intent, such transfer is not deemed to constitute a sale, Merchant hereby grants to PURCHASER a security interest GCF has purchased and shall own all the Receipts described in all right, title and interest of Merchant in and this Agreement up to the Receiptsfull Purchased Amount as the Receipts are created. Payments made to GCF in respect to the full amount of the Receipts shall be conditioned upon Merchant's sale of products and services, which security interest shall secure and the payment of therefore by Merchant's customers in the Purchased Amount and all other obligations of Merchant under this Agreementmanner provided in Section 1.1. In no event shall the aggregate of all amounts or any portion thereof be deemed as interest hereunder hereunder, and in the event it is found to be interest despite the parties hereto specifically representing that it is NOT interest, it shall be found that no sum charged or collected hereunder shall exceed the highest rate permissible at law. In the event that a court nonetheless determines that PURCHASER GCF has charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by applicable law and PURCHASER GCF shall promptly refund to Merchant any interest received by PURCHASER GCF in excess of the maximum lawful rate, it being intended that Merchant not pay or contract to pay, and that PURCHASER GCF not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Merchant under applicable law. As a result thereof, Merchant hereby authorizes PURCHASER to file knowingly and willingly waives the defense of Usury in any financing statements deemed necessary by PURCHASER to perfect action or maintain PURCHASER’s interest in the Receiptsproceeding.

Sale of Receipts. MERCHANT AND DDF AGREE THAT THE PURCHASE PRICE UNDER THIS AGREEMENT IS IN EXCHANGE FOR THE PURCHASED AMOUNT AND THAT SUCH PURCHASE PRICE IS NOT INTENDED TO BE, NOR SHALL IT BE CONSTRUED AS A LOAN FROM DDF TO MERCHANT. Merchant and PURCHASER intend that the transfer of the interest in the Receipts from Merchant to PURCHASER constitute a sale, and not a loan, for all purposes. Xxxxxxxx agrees that the Purchase Price is in exchange for the Receipts pursuant to this Agreement and equals the fair market value of such interestReceipts. If, notwithstanding such intent, such transfer is not deemed to constitute a sale, Merchant hereby grants to PURCHASER a security interest DDF has purchased and shall own all the Receipts described in all right, title and interest of Merchant in and this Agreement up to the Receipts, which security interest full Purchased Amount as the Receipts are created. Payments made to DDF in respect to the full amount of the Receipts shall secure be conditioned upon Merchant’s sale of products and services and the payment of therefore by Merchant’s customers in the Purchased Amount and all other obligations of Merchant under this Agreementmanner provided in Section 1.1. In no event shall any amount paid or to be paid hereunder, or the aggregate of all amounts such amounts, be deemed interest hereunder and charged or collected hereunder exceed the highest rate permissible at lawas interest. In the event that a court determines that PURCHASER DDF has charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by applicable law and PURCHASER DDF shall promptly refund to Merchant any interest received by PURCHASER DDF in excess of the maximum lawful rate, it being intended that Merchant not pay or contract to pay, and that PURCHASER DDF not receive or contract to receive, directly or indirectly in any manner whatsoever, interest, much less interest in excess of that which may be paid by Merchant under applicable law. Merchant hereby authorizes PURCHASER to file any financing statements deemed necessary by PURCHASER to perfect or maintain PURCHASER’s interest in the Receipts.