Kansas Underwriting Agreement between Advance Equipment Receivable Series LLC and Advance Bank Corporation is a legally binding document that outlines the terms and conditions related to the purchase and sale of equipment receivables in the state of Kansas. This agreement governs the relationship between Advance Equipment Receivable Series LLC, which acts as the seller, and Advance Bank Corporation, which acts as the underwriter. Under this agreement, Advance Equipment Receivable Series LLC agrees to sell a portfolio of equipment receivables to Advance Bank Corporation. The equipment receivables are essentially future payments owed to Advance Equipment by its customers in exchange for the sale of equipment or related services. Advance Bank Corporation, as the underwriter, agrees to purchase these receivables at an agreed-upon price, providing immediate liquidity to Advance Equipment Receivable Series LLC. The Kansas Underwriting Agreement typically contains several important sections, including: 1. Agreement details: This section identifies the participating parties, the effective date of the agreement, and any relevant background information. 2. Purchase and sale of equipment receivables: This section specifies the details of the equipment receivables being sold, including the portfolio size, individual receivable amounts, and any limitations or exclusions. 3. Purchase price and payment terms: This section outlines the purchase price per receivable and the terms of payment, including any applicable discounts, fees, or interest rates. 4. Representations and warranties: Both parties provide assurances regarding the accuracy and completeness of the information provided, the validity of the receivables, and any potential risks or liabilities. 5. Conditions precedent: The agreement may include conditions that must be met before the transaction can be completed, such as satisfactory due diligence, legal compliance, or regulatory approvals. 6. Indemnification and liability: This section addresses the responsibilities of both parties regarding any losses, damages, or liabilities arising from the equipment receivables or the agreement itself. 7. Dispute resolution: The agreement typically includes provisions for the resolution of disputes, such as mediation, arbitration, or litigation, and may specify the applicable jurisdiction. Different types of Kansas Underwriting Agreements between Advance Equipment Receivable Series LLC and Advance Bank Corporation may exist, depending on various factors, such as the size and nature of the equipment receivables portfolio, the specific terms negotiated between the parties, and any unique regulatory requirements in Kansas. However, each agreement will generally cover the purchase and sale of equipment receivables and establish the rights and obligations of both Advance Equipment Receivable Series LLC and Advance Bank Corporation.
Kansas Underwriting Agreement between Advanta Equipment Receivable Series LLC and Advanta Bank Corporation
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