Purchase of Obligations Sample Clauses

Purchase of Obligations. Bank will furnish Merchant a written statement for each Customer listing an identification number and dollar limit per Customer. All Obligations purchased by Bank must be evidenced by separate invoices with payment terms equal to or less than 90 days (unless otherwise approved by Bank) which reflect Bank’s name and remittance address. Except as provided in Section 7 of this Agreement (Electronic Transmission), within seven (7) days after each sale of goods or services to a Customer, Merchant will deliver or mail the invoices evidencing or constituting the Obligations to Bank, (or to any of Bank's correspondent banks, designated by Bank, which maintains Merchant's checking account), together with Merchant's recap of the total amount of the Obligations and all backup and supporting information deemed necessary by Bank, all which must be received prior to or at the time of a funding request. All Obligations must satisfy the Customer's requirements for payment and show the Customer's name, address and identification number. Bank will purchase Obligations by paying to Merchant 100% of the face amounts of the invoices then due with respect to such Obligations, less credits, returns, reserves or discounts, if any. Bank will make such payments by crediting Merchant's checking account. Prior to funding, (i) Merchant shall notify all applicable Customers of the Bank’s purchase of the Obligations and shall instruct such Customers to remit payments directly to Bank, and Bank may itself at any time so notify and instruct such Customers and (ii) Bank shall be in receipt of an acknowledgment regarding redirection of payments to Bank from each such Customer. Bank shall be entitled to verify the invoices in its sole discretion.

Purchase of Obligations. Upon payment of the Purchase Price ADAC ----------------------- shall sell, assign and transfer the Obligations under Financed Contracts to DVI and grant DVI a security interest in the Financed Contract and in any interest that ADAC has in the Equipment. Should ADAC fail to do so, DVI is authorized to execute on behalf of ADAC any necessary assignment or endorsement of Obligations which have been omitted in any financing statements necessary to perfect its security interest in the Financed Contract or Equipment.

Purchase of Obligations. Seller and any related persons (within the meaning of Section 147(a)(2) of the Code) shall not at any time, pursuant to any arrangement, formal or informal, purchase any Obligations in an amount related to the amount of Eligible Loans sold or to be sold by Seller pursuant to this Agreement.

Purchase of Obligations