Constitution of a Specific Reserve Sample Clauses

Constitution of a Specific Reserve. (a) The Specific Reserve refers to Tolling and Pseudo Tolling reserve which is respectively set up for each French Seller in order to cover compensation risks arising from Transferred Receivables deriving from contractual relationships with Debtors that include Tolling and/or Pseudo Tolling transactions, unless non set-off agreements satisfactory to the Factor are entered into between the French Sellers and their relevant Debtors. For the avoidance of doubt, such agreements shall be fully enforceable by the Factor against the relevant Debtors. Any event taken into account in the Specific Reserve shall be taken into account only once, and only with respect to such reserve (to the exclusion of the Holdback Reserve). (b) The Specific Reserve shall be determined by the Factor on the Closing Date on the basis of the Tolling report for the month of November 2010, as transmitted to the Factor on or prior to the Closing Date and shall be adjusted on a monthly basis by the Factor according to the representation and data received from the relevant French Sellers and based on and in respect of the account payable ledger and the Tolling report provided by the French Sellers in accordance with the provisions of Clause 4.2(m)(ii)(c).
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Constitution of a Specific Reserve. (a) The Specific Reserve refers to Tolling and Pseudo Tolling reserve which is respectively set up for each French Seller in order to cover compensation risks arising from Transferred Receivables (other than the Off BS Receivables) deriving from contractual relationships with Debtors that include Tolling and/or Pseudo Tolling transactions, unless non set-off agreements satisfactory to the Factor are entered into between the French Sellers and their relevant Debtors. For the avoidance of doubt, such agreements shall be fully enforceable by the Factor against the relevant Debtors. Any event taken into account in the Specific Reserve shall be taken into account only once, and only with respect to such reserve (to the exclusion of the Holdback Reserve (and the Reserve referred to in Clause 8.5.3 (as the case may be))). (b) The Specific Reserve shall be determined by the Factor on the Closing Date on the basis of the Tolling report for the month of November 2010, as transmitted to the Factor on or prior to the Closing Date and shall be adjusted on a monthly basis by the Factor according to the representation and data received from the relevant French Sellers and based on and in respect of the account payable ledger and the Tolling report provided by the French Sellers in accordance with the provisions of Clause 4.2(m)(ii)(c).

Related to Constitution of a Specific Reserve

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  • Country-Specific Provisions Argentina

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