The Purchase Facility Clause Samples
The Purchase Facility clause establishes the terms under which a buyer is permitted to purchase goods or services from a seller, often within a specified framework or limit. Typically, this clause outlines the maximum amount or volume that can be purchased, the process for making purchase requests, and any conditions or restrictions that apply to such transactions. For example, it may set a credit limit or require certain documentation for each purchase. Its core practical function is to provide a clear structure for ongoing or repeated purchases, ensuring both parties understand the boundaries and procedures, thereby reducing the risk of disputes and facilitating smooth commercial operations.
The Purchase Facility. Section 2.1 Sale and Delivery of the Class A Notes............................................. 5 Section 2.2 The Purchases...................................................................... 6 Section 2.3 Reduction of the Purchase Limit..................................................
The Purchase Facility. (a) Upon the terms and subject to the conditions set forth in this Agreement, from the Effective Date through the Business Day immediately preceding the Termination Date, the Seller at its discretion agrees to sell to the Purchasers undivided percentage ownership interests in the Receivables Assets (except with respect to the Lock-Box Accounts, with respect to which the Agent shall have a security interest until ownership is conveyed in accordance with Section 6.03 hereof) equal to the Purchased Interest of each respective Purchaser, and each Conduit Purchaser may, in its sole discretion, purchase, and if such Conduit Purchaser fails or declines to so purchase, the related Committed Purchasers shall purchase, such undivided percentage ownership interests.
(b) The Seller may, upon at least five (5) days’ notice to the Agent and the Managing Agents, terminate in whole or reduce in part the unused portion of the Purchase Limit; provided that each partial reduction of the Purchase Limit shall be in an amount equal to $5,000,000 or an integral multiple of $1,000,000 in excess thereof. Any such reduction shall be allocated to each Purchase Group pro-rata based on the aggregate Committed Purchaser Percentage of the Committed Purchasers in such Purchaser Group (unless otherwise agreed to by the Agent and the Seller), and such allocation to any Purchase Group shall be further allocated to each Committed Purchaser in such Purchase Group ratably in accordance with the size of their respective Commitments (unless otherwise agreed to by such Committed Purchasers).
(c) For the purpose of obtaining a valid and perfected first priority ownership interest or security interest in each Receivable and in the Related Security, Collections and other Receivables Assets with respect thereto, this Agreement is intended to constitute a security agreement under the UCC, the Seller hereby grants to the Agent a security interest in the Receivables Assets and each Purchaser hereby appoints the Agent as its representative with respect to the acquisition of Purchased Interests and to be the named secured party on all financing statements filed on behalf of the Purchasers.
The Purchase Facility. 27 Section 2.1 Purchases of Asset Interests...................................................... 27 Section 2.2 The Initial Purchase and Incremental Purchases.................................... 28 Section 2.3 Reduction of the Purchase Limit................................................... 28 Section 2.4
The Purchase Facility. 23 Section 2.1 Purchases of Asset Interests..............................................................
The Purchase Facility. 3 Section 2.1
The Purchase Facility. (a) Upon the terms and subject to the conditions set forth in this Agreement, from the Effective Date through the Business Day immediately preceding the Termination Date, the Seller agrees to sell undivided percentage ownership interests in the Receivables Assets, and the Conduit Purchaser may, in its sole discretion, purchase, and if the Conduit Purchaser declines to so purchase, the Committed Purchasers shall purchase, such undivided percentage ownership interests.
(b) The Seller may, upon at least five Business Days' notice to the Agent, terminate in whole or reduce in part (ratably among the Committed Purchasers) the unused portion of the Purchase Limit; PROVIDED that each partial reduction of the Purchase Limit shall be in an amount equal to $5,000,000 or an integral multiple of $1,000,000 in excess thereof; and PROVIDED FURTHER that in no event may the Purchase Limit be reduced to an amount less than the aggregate outstanding Capital hereunder.
The Purchase Facility. (a) Upon the terms and subject to the conditions set forth in this Agreement, from the Effective Date through the Business Day immediately preceding the Termination Date, the Seller at its discretion agrees to sell to the Program Agent, for the benefit of the Purchasers, undivided percentage ownership interests in the Receivables Assets (ratably based upon their Group Purchase Limits), and each Conduit Purchaser may, in its sole discretion, instruct its related Managing Agent to purchase such undivided percentage ownership interests on its behalf through the Program Agent, and if any Conduit Purchaser in a Purchase Group declines to so purchase, each Committed Purchaser in the related Purchase Group, shall purchase such undivided percentage ownership interests through the Program Agent ratably in accordance with
The Purchase Facility. SECTION 2.01. Purchase of the Purchased Interest. (a). . . . . . . . . . . . . . .16 SECTION 2.02. The Purchase . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 SECTION 2.03.
The Purchase Facility