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Form #1073

Other Account Forms

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Other Account forms.

This agreement entered into this _________ day of _________, _________[date], between _________, referred to as assignor, and _________ of _________, referred to as assignee:

Assignor desires to obtain accommodations and advances in money from time to time from assignee and assignee has agreed upon the terms and conditions stated to make certain accommodations and advances.

In consideration of these premises, assignor assigns and agrees to deliver to assignee all the accounts receivable obtained by it for goods and merchandise sold and delivered after this date, except sales for _________. Assignor agrees to make special and specific assignment of each of these accounts receivable and deliver the same to assignee within _________ days after the shipment of the merchandise represented therein. The assignment is to be made in such form and accompanied by such representations, guarantees, and agreements as the assignee shall prescribe.

Assignor further agrees to deliver with the invoices, bills of lading, railway receipts, or other satisfactory evidence of actual shipment of the goods and merchandise represented in the invoices, and, when required to do so, furnish satisfactory evidence of the actual receipt of the merchandise by the purchaser, and on demand to bring and deliver to assignee all correspondence with the purchaser relative to the sale, delivery of, and payment for the merchandise represented in the invoices and accounts receivable.

Title and right of possession of the accounts receivable is to remain in assignee and it shall have the right to collect the same directly from the debtor. Whatever assignor does in connection with the collection of these accounts, it agrees to do as the agent and representative of the assignee and in trust for assignee. Assignor expressly agrees to indorse and deliver to assignee immediately upon receipt, all checks, drafts, notes, moneys, securities, and collateral of any and every kind which shall come to assignor in payment or settlement of any account receivable for goods and merchandise sold from and after this date.

Assignee shall have access at all times to the books, papers, and correspondence of assignor with every opportunity to keep advised concerning the business of assignor, the character of its sales, and the standing of the parties to whom it sells. Assignor agrees to promptly furnish assignee any information which it may receive concerning the financial standing of any purchaser and suits pending or begun against the same and notify assignee immediately of any material rejection or return of goods, setoff, or counterclaim made by any purchaser or deduction or discount claimed by him or her against any of the accounts receivable or the merchandise referred to therein.

Assignee reserves the right to place the proceeds of any collection to the account of the assignor without allowing credit on any note or advancement made by it to the assignee, the intention being that as the accounts receivable are paid assignee shall have the right to accept new and substituted accounts receivable and release the proceeds of the accounts. This will enable assignee to grant a continuous line of credit without being called upon to account by indorsements or otherwise for each and every credit so long as the uncollected accounts receivable afford approved security for the amount advanced.

Assignor agrees to pay the assignee for its services in investigating the credit and financial standing of the customers of assignor, in keeping the accounts and collecting the accounts receivable, whether done directly or through the agency of assignor, an amount equal to one percent of the face value of all accounts assigned under this agreement.

In consideration of the assignment and other covenants, assignee agrees to extend to assignor a credit with interest at the rate of _________ percent per annum equal to _________ percent of the face value of all accounts receivable approved by assignee against debtors of assignor not to exceed the aggregate sum of _________ dollars.

In making up the estimates of the aggregate sum of _________ dollars neither past-due accounts nor any accounts deemed by assignee as undesirable shall be considered, although the assignment of all accounts, whether past due or otherwise, shall continue in full force and effect until actually paid by the debtor.

This contract may be canceled by assignee at any time without notice, and by assignor at any time by payment of the amount of all advances with interest according to the terms of the notes given, and assignee agrees to reassign all unpaid accounts.



 
Contributed by
Vacuum Technologies LLC
 
Name of Firm Vacuum Technologies LLC
Total Forms Contributed 53
 

See All Vacuum Technologies LLC's Forms
 

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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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