Establishment of a Reserve. Upon the purchase by Buyer of each Purchased Receivable, Buyer shall, unless waived by Buyer in its sole discretion, establish a Reserve. The Reserve shall be the amount by which the face amount of the Purchased Receivable exceeds the Advance (the "Reserve"). The Reserve shall be a book balance maintained on the records of Buyer and shall not be a segregated fund.
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Samples: Accounts Receivable and Purchase Order Financing Security Agreement (Intelligent Highway Solutions, Inc.), Factoring Agreement (SSP Solutions Inc)
Establishment of a Reserve. Upon the purchase by Buyer of each Purchased Receivable, Buyer shall, unless waived by Buyer in its sole discretion, shall establish a Reservereserve. The Reserve reserve shall be the amount by which the face amount of the Purchased Receivable exceeds the Advance on that Purchased Receivable (the "Reserve"); provided, the Reserve with respect to all Purchased Receivables outstanding at any one time shall be an amount not less than 30% of the Account Balance at that time and may be set at a higher percentage at Buyer's sole discretion. The Reserve reserve shall be a book balance maintained on the records of Buyer and shall not be a segregated fund.
Appears in 1 contract
Samples: Accounts Receivable Purchase Agreement (Adept Technology Inc)
Establishment of a Reserve. Upon the purchase by -------------------------- Buyer of each Purchased Receivable, Buyer shall, unless waived by Buyer in its sole discretion, establish a Reserve. The Reserve shall be the amount by which the face amount of the Purchased Receivable exceeds the Advance Advance, less all accrued fees and Adjustments on that Purchased Receivable (the "Reserve"). The Reserve shall be a book balance maintained on the records of Buyer and shall not be a segregated fund.
Appears in 1 contract
Samples: Factoring Agreement (MRL Inc)
Establishment of a Reserve. Upon the purchase by Buyer of each Purchased Receivable, Buyer shall, unless waived by Buyer in its sole discretion, establish a Reserve. The Reserve shall be the amount by which the face amount of the Purchased Receivable exceeds the Advance Advance, less all accrued fees and Adjustments on the Purchased Receivable (the "Reserve"). The Reserve shall be a book balance maintained on the records of Buyer and shall not be a segregated fund.
Appears in 1 contract
