Not a Loan. Merchant and Purchaser agree that the Purchase Price is paid to Merchant in consideration for the ownership of the Sold Amount of Future Receipts and that payment of the Purchase Price by Purchaser is not intended to be, nor shall it be construed as, a loan from Purchaser to Merchant that requires absolute and unconditional repayment on a maturity date, and Guarantor waives any claims or defenses of usury in any action arising out of this Agreement.. To the contrary, Purchaser’s ability to receive the Sold Amount of Future Receipts pursuant to this Agreement, and the date when the Sold Amount of Future Receipts is delivered to Purchaser in full (if ever) are subject to and conditioned upon performance of Merchant’s business.
Not a Loan. The Purchase Price evidences the purchase of the Specified Amount of Future Receivables. It is not intended to be, nor will it be construed as, a loan.
Not a Loan. Merchant hereby reaffirms that this Agreement constitutes a purchase and sale of Receivables at a discount, and is not a loan or any other form of transaction.
Not a Loan. Merchant and Purchaser agree that the Purchase Price is paid to Merchant in consideration for the ownership of the Sold Amount of Future Receipts and that payment of the Purchase Price by Purchaser is not intended to be, nor shall it be construed as, a loan from Purchaser to Merchant that requires absolute and unconditional repayment on a maturity date. To the contrary, Purchaser’s ability to receive the Sold Amount of Future Receipts pursuant to this Agreement, and the date when the Sold Amount of Future Receipts is delivered to Purchaser in full (if ever) are subject to and conditioned upon performance of Merchant’s business.
Not a Loan. Seller and Xxxxx agree that the Purchase Price is paid to Seller in consideration for the acquisition of the Purchased Future Receipts and that payment of the Purchase Price by BUYER is not intended to be, nor shall it be construed as, a loan from Buyer to Seller that requires absolute and unconditional repayment on a maturity date. To the contrary, Xxxxx’s ability to receive the Purchased Amount pursuant to this Agreement, and the date when the Purchased Amount is delivered to Buyer in full (if ever) are subject to and conditioned upon performance of Seller’s business. If, nevertheless, a court having jurisdiction over this Agreement and the parties hereto shall have determined that Xxxxx has charged or received interest hereunder in excess of the highest rate allowed by law, then the rate of such interest received by Buyer shall automatically be reduced to the maximum rate permitted by applicable law and Buyer shall promptly refund to Seller any interest received by Buyer in excess of the maximum lawful rate.
Not a Loan. THE PARTIES ACKNOWLEDGE, UNDERSTAND, AND AGREE THAT THE TRANSACTIONS MEMORIALIZED IN THIS AGREEMENT ARE FOR THE PURCHASE AND SALE OF THE PURCHASED AMOUNT OF SELLER’S FUTURE RECEIVABLES. THE TRANSACTIONS MEMORIALIZED IN THIS AGREEMENT ARE NOT INTENDED TO BE A LOAN, NOR SHALL THEY BE CONSTRUED AS A LOAN OR AN ASSIGNMENT FOR SECURITY FROM BUYER TO SELLER. SELLER ACKNOWLEDGES, UNDERSTANDS, AND AGREES THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR BUYER ENTERING INTO THIS AGREEMENT. SELLER ACKNOWLEDGES THAT IT HAS NO RIGHT TO REPURCHASE THE PURCHASED AMOUNT FROM BUYER. THE PARTIES ACKNOWLEDGE, UNDERSTAND, AND AGREE THAT NONE OF THE PARTIES TO THIS AGREEMENT AND NO GUARANTORS OF THIS AGREEMENT ARE A “CONSUMER” WITH RESPECT TO THIS AGREEMENT AND THE UNDERLYING TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AND NEITHER THIS AGREEMENT NOR ANY GUARANTEE THEREOF SHALL BE CONSTRUED AS A CONSUMER TRANSACTION. Seller’s Initial:
