The New Hampshire Underwriting Agreement is a legally binding contract between Advance Equipment Receivable Series LLC (hereinafter referred to as "Advance Equipment") and Advance Bank Corporation (hereinafter referred to as "Advance Bank"). This agreement outlines the terms and conditions for the purchase and sale of equipment receivables by Advance Equipment and the underwriting services to be provided by Advance Bank. Keywords: New Hampshire Underwriting Agreement, Advance Equipment Receivable Series LLC, Advance Bank Corporation, purchase and sale agreement, underwriting services. In this agreement, Advance Equipment serves as the seller of the equipment receivables, which include the right to payment from customers who have purchased equipment on credit. Advance Bank acts as the underwriter, responsible for evaluating the creditworthiness of the customers and assuming the risk associated with these receivables. The agreement is specific to the state of New Hampshire, ensuring compliance with relevant laws and regulations. Key provisions within the New Hampshire Underwriting Agreement include: 1. Purchase and Sale of Equipment Receivables: Advance Equipment agrees to sell, transfer, and assign the equipment receivables to Advance Bank, who agrees to purchase and accept them. The terms of these transactions, including pricing and payment methods, are clearly defined. 2. Underwriting Services: Advance Bank undertakes the responsibility of analyzing the creditworthiness of the customers associated with the equipment receivables. This includes reviewing financial documents, conducting credit checks, and assessing the likelihood of full repayment. Advance Bank is further responsible for determining the amount of financing available against the equipment receivables. 3. Representations and Warranties: Both Advance Equipment and Advance Bank make certain representations and warranties to each other regarding their authority to enter into the agreement, the accuracy of provided information, and compliance with applicable laws and regulations. These representations and warranties serve to protect the interests of both parties. 4. Indemnification and Liability: The agreement outlines the indemnification provisions whereby Advance Equipment agrees to indemnify and hold Advance Bank harmless from any losses, damages, or expenses incurred due to breach of representations, warranties, or other agreement terms. However, certain limitations and conditions may apply. While the New Hampshire Underwriting Agreement is generally applicable to the purchase and sale of equipment receivables between Advance Equipment and Advance Bank, it can be tailored to different scenarios or specific types of equipment. Some potential variations include agreements specific to industries such as manufacturing, healthcare, or technology. Alternatively, modifications may be made to accommodate different sale or financing structures, payment terms, or revenue-sharing arrangements. To summarize, the New Hampshire Underwriting Agreement between Advance Equipment Receivable Series LLC and Advance Bank Corporation establishes the framework for the purchase and underwriting of equipment receivables, ensuring compliance with relevant state laws and protecting the interests of both parties involved.
New Hampshire Underwriting Agreement between Advanta Equipment Receivable Series LLC and Advanta Bank Corporation
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