The Massachusetts Underwriting Agreement between Advance Equipment Receivable Series LLC and Advance Bank Corporation is a legally binding document that outlines the terms and conditions of the underwriting process for the sale of equipment receivables. Under this agreement, Advance Equipment Receivable Series LLC (the "Issuer") agrees to issue and sell a certain amount of equipment receivables to Advance Bank Corporation (the "Underwriter"). The Underwriter, in turn, agrees to purchase these equipment receivables at a specified price. The agreement includes several important provisions that govern the underwriting process. It outlines the responsibilities and obligations of both parties, including the representations and warranties made by the Issuer regarding the equipment receivables being sold. The Massachusetts Underwriting Agreement also addresses the allocation of risk between the Issuer and the Underwriter. It specifies the circumstances under which the Issuer may be required to repurchase the equipment receivables in the event of a breach of representation or warranty. Additionally, the agreement may include provisions related to the payment of expenses incurred during the underwriting process, the indemnification of the Underwriter by the Issuer, and the termination conditions that would allow either party to exit the agreement. It is important to note that there may be different types of Massachusetts Underwriting Agreements between Advance Equipment Receivable Series LLC and Advance Bank Corporation, depending on the specific terms and conditions agreed upon by both parties. Some common variations of the agreement may include: 1. Standby Underwriting Agreement: This type of agreement entails the Underwriter's commitment to purchase any unsold equipment receivables during the offering period. 2. Firm Commitment Underwriting Agreement: Under this agreement, the Underwriter commits to purchasing the entire offering of equipment receivables from the Issuer, regardless of whether all the receivables are sold to investors. 3. The Best Efforts Underwriting Agreement: In this scenario, the Underwriter agrees to use their best efforts to sell as many equipment receivables as possible, but does not make a commitment to purchase any unsold receivables. The issuer assumes the risk of any unsold receivables. In conclusion, the Massachusetts Underwriting Agreement between Advance Equipment Receivable Series LLC and Advance Bank Corporation is a comprehensive document that establishes the terms, conditions, and responsibilities for the underwriting process for the sale of equipment receivables. The specific type of agreement may vary depending on the agreed-upon terms between both parties.
Massachusetts Underwriting Agreement between Advanta Equipment Receivable Series LLC and Advanta Bank Corporation
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