Common use of TERMS AND DEFINITIONS OF THE AGREEMENT Clause in Contracts

TERMS AND DEFINITIONS OF THE AGREEMENT. 1.1. Unless otherwise stipulated in the Agreement or evident from the spirit of the Agreement, the terms used in the Agreement shall bear the following meaning: 1.2. Downpayment is the first payment made by the Buyer to the Seller or Factor under the Special Conditions and on the basis of the Payment Schedule for acquisition of the Goods. 1.3. Factor is a person to whom the Seller has assigned the contractual financial claim against the Buyer, and who administers the contractual claim on behalf of the Seller and exercises all rights arising from the claim (including the right of collection). 1.4. Interest is the fee paid by the Buyer to the Factor under the Agreement and on the basis of the Payment Schedule for use of the Credit Amount and for the deferring of the Agreement Fee to be paid for concluding the Agreement (if not paid on the day of concluding the Agreement). Interest shall be calculated from and subject to payment from the date of entry into the Agreement (included) until the Payment Due Date of the last Instalment Payment (excluded) in accordance with the Payment Schedule arising from the Agreement. Daily Interest is the Interest calculated per day upon withdrawal from the Agreement (applicable in cases where the Buyer withdraws from the Agreement). 1.5. Goods are movables (including all accessories, things, equipment required for use and additional equipment as well as technical and warranty documents) which have been specified in the Special Conditions and which are to be transferred by the Seller to the Buyer, or a service to be provided by the Seller to the Buyer.