Common use of Purchase of Accounts Receivable Clause in Contracts

Purchase of Accounts Receivable. Factor agrees to purchase from Client at the office of Factor all Accounts Receivable first approved by Factor in writing as to credit risk and terms of sale (each such approved Account Receivable being herein called a "FACTOR RISK ACCOUNT RECEIVABLE"). All orders from customers including the amount and terms of each proposed sale or service to such customers shall be submitted in advance of purchase or rendition of service to Factor for prior written approval, which may be granted or withheld at Factor's sole discretion. Factor's approval is subject to withdrawal either orally or in writing at any time prior to shipment of merchandise or rendition of services, and shall be deemed no longer effective in any event if Client's shipment of merchandise or rendition of services is made more than thirty (30) days beyond the date specified for such delivery or rendition in the terms of sales submitted to Factor for its approval, or more than thirty (30) days from the date of Factor's approval if no delivery or rendition date has been specified. Submission of orders for Factor's prior written approval shall not be required with regard to a sale made by Client in compliance with any customer credit line which may from time to time be issued Client by Factor in its sole discretion, provided that shipments are made prior to the expiration date or withdrawal of the credit line approval. Any customer credit line issued by Factor may be amended or withdrawn by Factor in whole or in part at any time and for any reason on notice to Client in writing or by electronic transmission of such amendment or withdrawal. The amount of all Accounts Receivable of each customer as to which Factor shall have approved a customer credit line shall, in the order in which they have arisen, be treated as Factor Risk Accounts Receivable up to the limit of the customer credit line in effect from time to time. Upon the receipt of payment from or issuance of credit to a customer with respect to a Factor Risk Account Receivable, the Accounts Receivable of such customer in excess of the customer credit line shall, to the extent of such payment or credit and in the order in which they have arisen, be treated as Factor Risk Accounts Receivable, unless prior to such payment or credit Factor shall have withdrawn the credit line approval. Factor's withholding or withdrawing of a customer order approval or credit line approval shall at all times be in Factor's sole discretion, and Factor's actions with regard thereto shall not render Factor liable to Client in any respect for damages or otherwise. Subject to Client's warranties and representation herein contained, Factor will assume the credit loss on each Factor Risk Account Receivable if the customer, after receiving and accepting delivery of goods or services, fails to pay in full the Factor Risk Account Receivable on its longest maturity solely because of its f1nancial inability to pay. If, however, such failure to pay is due in whole or in part to any other cause, Factor shall not be responsible and shall have full recourse to Client. Factor at its option may purchase Accounts Receivable not approved as to credit risk or terms of sale (each such Account Receivable not approved by Factor being herein called a "CLIENT RISK ACCOUNT RECEIVABLE"), but each purchase of a Client Risk Account Receivable shall be with full recourse to Client and Client agrees to pay Factor on demand for each Client Risk Account Receivable.

Purchase of Accounts Receivable. Factor agrees to purchase from Client Company at the office of Factor all Accounts Receivable first approved by Factor in writing as to credit risk and terms of sale (each such approved Account Receivable being herein called a "FACTOR RISK ACCOUNT RECEIVABLE"“Factor Risk Account Receivable”). Factor shall assume the Credit Risk on each Account Receivable with respect to which the shipment of goods or rendition of services represented thereby has been credit approved by Factor, subject to all terms and conditions set forth in the Customer Surcharge Letter Agreement. (“Credit Risk” shall be defined herein as Customer’s failure to pay an invoice in full when due at its longest due date solely because of its financial inability to do so). All orders from customers Customers including the amount and terms of each proposed sale or service to such customers Customers shall be submitted in advance of purchase or rendition of service to Factor for prior written approval, which may be granted or withheld at Factor's ’s sole discretion. Company may not, without Factor's ’s prior written consent, change the amount, terms, shipping or delivery dates with respect to any shipment of goods or rendition of services, or any invoice relating thereto, which is approved by Factor as to credit, or grant any other indulgence with respect thereto. Factor’s approval is subject to withdrawal either orally or in writing at any time prior to shipment delivery of merchandise or rendition of services, and shall be deemed no longer effective in any event if Client's shipment Company’s delivery of merchandise or rendition of services is made more than thirty (30) days beyond the date specified for such delivery or rendition in the terms of sales submitted to Factor for its approval, or more than thirty (30) days from the date of Factor's ’s approval if no delivery or rendition date has been specified. Submission of orders for Factor's ’s prior written approval shall not be required with regard to a sale made by Client Company in compliance with any customer Customer credit line which may from time to time be issued Client to Company by Factor in its sole discretion, provided that shipments are made prior to the expiration date or withdrawal of the credit line approval. Any customer Customer credit line issued by Factor may be amended or withdrawn by Factor in whole or in part at any time and for any reason on notice to Client in writing or by electronic transmission of such amendment or withdrawalwithout advance notice. The amount of all Accounts Receivable of each customer Customer as to which Factor shall have approved a customer Customer credit line shall, in the order in which they have arisen, be treated as Factor Risk Accounts Receivable up to the limit of the customer Customer credit line in effect from time to time. Upon the receipt of any payment in collected funds from or issuance of credit to a customer Customer with respect to a Factor Risk Account Receivable, the Accounts Receivable of such customer Customer in excess of the customer Customer credit line shall, to the extent of such payment or credit and in the order in which they have arisen, be treated as Factor Risk Accounts Receivable, unless prior to such payment or credit Factor shall have withdrawn the credit line approval. Factor's ’s withholding or withdrawing of a customer Customer order approval or credit line approval shall at all times be in Factor's ’s sole discretion, and Factor's ’s actions with regard thereto shall not render Factor liable to Client Company in any respect for damages or otherwise. Subject to Client's Company’s warranties and representation representations herein contained, Factor will assume the credit loss on each Factor Risk Account Receivable specifically assigned to Factor hereunder within twenty-one (21) days from the earlier of its invoice date or shipping date if the customerCustomer, after receiving and accepting delivery of goods or services, fails to pay in full the such Factor Risk Account Receivable on its longest maturity solely because of its f1nancial financial inability to pay. If, however, such failure to pay is due in whole or in part to any other cause, Factor shall not be responsible and shall have full recourse to ClientCompany. Factor at its option may purchase Accounts Receivable not approved as to credit risk or terms of sale (each such Account Receivable not approved by Factor being herein called a "CLIENT RISK ACCOUNT RECEIVABLE"“Company Risk Account Receivable”), but each purchase of a Client Company Risk Account Receivable shall be with full recourse to Client Company and Client Company agrees to pay Factor on demand for each Client Company Risk Account Receivable.

Purchase of Accounts Receivable. Factor agrees to purchase from Client Company at the office of Factor all Accounts Receivable first approved by Factor in writing as to credit risk and terms of sale (each such approved Account Receivable being herein called a "FACTOR RISK ACCOUNT RECEIVABLEFactor Risk Account Receivable"). All orders from customers Customers including the amount and terms of each proposed sale or service to such customers Customers shall be submitted in advance of purchase or rendition of service to Factor for prior written approval, which may be granted or withheld at Factor's sole discretion. Factor's approval is subject to withdrawal either orally or in writing at any time prior to shipment delivery of merchandise or rendition of services, and shall be deemed no longer effective in any event if ClientCompany's shipment delivery of merchandise or rendition of services is made more than thirty (30) days beyond the date specified for such delivery or rendition in the terms of sales submitted to Factor for its approval, or more than thirty (30) days from the date of Factor's approval if no delivery or rendition date has been specified. Submission of orders for Factor's prior written approval shall not be required with regard to a sale made by Client Company in compliance with any customer Customer credit line which may from time to time be issued Client to Company by Factor in its sole discretion, provided that shipments are made prior to the expiration date or withdrawal of the credit line approval. Any customer Customer credit line issued by Factor may be amended or withdrawn by Factor in whole or in part at any time and for any reason on notice to Client in writing or by electronic transmission of such amendment or withdrawalwithout advance notice. The amount of all Accounts Receivable of each customer Customer as to which Factor shall have approved a customer Customer credit line shall, in the order in which they have arisen, be treated as Factor Risk Accounts Receivable up to the limit of the customer Customer credit line in effect from time to time. Upon the receipt of any payment in collected funds from or issuance of credit to a customer Customer with respect to a Factor Risk Account Receivable, the Accounts Receivable of such customer Customer in excess of the customer Customer credit line shall, to the extent of such payment or credit and in the order in which they have arisen, be treated as Factor Risk Accounts Receivable, unless prior to such payment or credit Factor shall have withdrawn the credit line approval. Factor's withholding or withdrawing of a customer Customer order approval or credit line approval shall at all times be in Factor's sole discretion, and Factor's actions with regard thereto shall not render Factor liable to Client Company in any respect for damages or otherwise. Subject to ClientCompany's warranties and representation representations herein contained, Factor will assume the credit loss on each Factor Risk Account Receivable specifically assigned to Factor hereunder within twenty-one (21) days from the earlier of its invoice date or shipping date if the customerCustomer, after receiving and accepting delivery of goods or services, fails to pay in full the such Factor Risk Account Receivable on its longest maturity solely because of its f1nancial financial inability to pay. If, however, such failure to pay is due in whole or in part to any other cause, Factor shall not be responsible and shall have full recourse to ClientCompany. Factor at its option may purchase Accounts Receivable not approved as to credit risk or terms of sale (each such Account Receivable not approved by Factor being herein called a "CLIENT RISK ACCOUNT RECEIVABLECompany Risk Account Receivable"), but each purchase of a Client Company Risk Account Receivable shall be with full recourse to Client Company and Client Company agrees to pay Factor on demand for each Client Company Risk Account Receivable.. BN 1086443v3

Purchase of Accounts Receivable. Factor agrees to purchase from Client Company at the office of Factor all Accounts Receivable first approved by Factor in writing as to credit risk and terms of sale (each such approved Account Receivable being herein called a "FACTOR RISK ACCOUNT RECEIVABLEFactor Risk Account Receivable"). All orders from customers Customers including the amount and terms of each proposed sale or service to such customers Customers shall be submitted in advance of purchase or rendition of service to Factor for prior written approval, which may be granted or withheld at Factor's sole discretion. Factor's approval is subject to withdrawal either orally or in writing at any time prior to shipment delivery of merchandise or rendition of services, and shall be deemed no longer effective in any event if ClientCompany's shipment delivery of merchandise or rendition of services is made more than thirty (30) days beyond the date specified for such delivery or rendition in the terms of sales submitted to Factor for its approval, or more than thirty (30) days from the date of Factor's approval if no delivery or rendition date has been specified. Submission of orders for Factor's prior written approval shall not be required with regard to a sale made by Client Company in compliance with any customer Customer credit line which may from time to time be issued Client to Company by Factor in its sole discretion, provided that shipments are made prior to the expiration date or withdrawal of the credit line approval. Any customer Customer credit line issued by Factor may be amended or withdrawn by Factor in whole or in part at any time and for any reason on notice to Client in writing or by electronic transmission of such amendment or withdrawalwithout advance notice. The amount of all Accounts Receivable of each customer Customer as to which Factor shall have approved a customer Customer credit line shall, in the order in which they have arisen, be treated as Factor Risk Accounts Receivable up to the limit of the customer Customer credit line in effect from time to time. Upon the receipt of any payment in collected funds from or issuance of credit to a customer Customer with respect to a Factor Risk Account Receivable, the Accounts Receivable of such customer Customer in excess of the customer Customer credit line shall, to the extent of such payment or credit and in the order in which they have arisen, be treated as Factor Risk Accounts Receivable, unless prior to such payment or credit Factor shall have withdrawn the credit line approval. .. Factor's withholding or withdrawing of a customer Customer order approval or credit line approval shall at all times be in Factor's sole discretion, and Factor's actions with regard thereto shall not render Factor liable to Client Company in any respect for damages or otherwise. Subject to ClientCompany's warranties and representation representations herein contained, Factor will assume the credit loss on each Factor Risk Account Receivable specifically assigned to Factor hereunder within twenty-one (21) days from the earlier of its invoice date or shipping date if the customerCustomer, after receiving and accepting delivery of goods or services, fails to pay in full the such Factor Risk Account Receivable on its longest maturity solely because of its f1nancial financial inability to pay. ,If, however, such failure to pay is due in whole or in part to any other cause, Factor shall not be responsible and shall have full recourse to ClientCompany. Factor at its option may purchase Accounts Receivable not approved as to credit risk or terms teens of sale (each such Account Receivable not approved by Factor being herein called a "CLIENT RISK ACCOUNT RECEIVABLECompany Risk Account Receivable"), but each purchase of a Client Company Risk Account Receivable shall be with full recourse to Client Company and Client Company agrees to pay Factor on demand for each Client Company Risk Account Receivable.