FULL RECOURSE OPTION. (1) Statesman may from time to time, at its option upon the terms and subject to the conditions contained in this Agreement, purchase from the Cooperative Installments Sales Contracts arising out of the sales of goods by Retail Services, which Installment Sales Contracts Statesman has determined in its sole and absolute discretion to be acceptable (which contracts are herein referred to as "Eligible Contracts"), notwithstanding the fact that such contracts have not been previously approved by Statesman and do not bear an appropriate Statesman Approval Number. All purchases of such contracts shall be subject to full recourse to the Cooperative as provided in paragraph (2) of this Section 3.03. (2) If any installment on any Installment Sales Contract purchased under the provisions of this Section 3.03 is not paid within ninety (90) days of the date it is scheduled to be paid, upon written demand by Statesman, the Cooperative will repurchase such contract immediately for its Net Balance.
Appears in 5 contracts
Samples: Revolving Credit Agreement (Southern States Capital Trust I), Financing Services and Contributed Capital Agreement (Southern States Cooperative Inc), Financing Services and Contributed Capital Agreement (Southern States Capital Trust I)
