Common use of Recourse Provisions Clause in Contracts

Recourse Provisions. (a) All Accepted Accounts shall be purchased by Factor with recourse against Client. The term “Recourse Event” shall include, without limitation, the following: (i) a breach of any representation or warranty or covenant of this Agreement by Client; (ii) the existence of any dispute of any kind, regardless of validity, now or hereafter arising, between Client and an Account Debtor, or between an Account Debtor and Factor, that is asserted by an Account Debtor as a basis for refusing to pay all or part of any Accepted Account (“Dispute”); (iii) the assertion by any Account Debtor, or by a bankruptcy trustee or any other party which is acting for an Account Debtor, of a claim of loss, counterclaim, refund, credit, return of goods, return of payment or offset of any kind against Client or Factor (“Claim”); and (iv) non-payment by the Account Debtor of the full amount of any Accepted Account 91 days after the purchase of such Accepted Account by Factor, or, if Factor believes, in Factor’s sole judgment, at any time prior to such 91st day, that the Account Debtor may be unable or unwilling to pay any Accepted Account; Client and Factor hereby agree that any Accepted Account covered by clause (iv) is a “defective good”. Upon the occurrence of any event described in clauses (i), (ii), (iii) or (iv) of the preceding sentence, Client will within 24 hours pay to Factor, on the Accepted Account which is subject to the Recourse Event, the amount of the Initial Payment on the Accepted Account plus the Commission on the Accepted Account and plus the aggregate Factor’s Fee on the Accepted Account for all days from the Initial Payment on such Accepted Account to the time of Client’s payment in full of the Accepted Account. Factor may also, in addition to any other remedies available to Factor under this Agreement, immediately charge back to Client (and/or, at Factor’s sole option, repurchase) any Accepted Account which is subject to a Recourse Event by taking funds out of the Reserve Account, or immediately exercise the remedies described in Section 10. With Factor’s agreement, Client may assign other accounts receivable which are acceptable to Factor, in substitution for an Accepted Account which is subject to a Recourse Event.

Recourse Provisions. (a) All Accepted Accounts shall be purchased by Factor with recourse against Client. The term “"Recourse Event” " shall include, without limitation, the following: (i) a breach of any representation or warranty or covenant of this Agreement by Client; (ii) the existence of any dispute of any kind, regardless of validity, now or hereafter arising, between Client and an Account Debtor, or between an Account Debtor and Factor, that is asserted by an Account Debtor as a basis for refusing to pay all or part of any Accepted Account (“"Dispute”"); (iii) the assertion by any Account Debtor, or by a bankruptcy trustee or any other party which is acting for an Account Debtor, of a claim of loss, counterclaim, refund, credit, return of goods, return of payment or offset of any kind against Client or Factor (“"Claim”"); and (iv) non-payment by the Account Debtor of the full amount of any Accepted Account 91 days after the purchase of such Accepted Account by Factor, or, if Factor believes, in Factor’s 's sole judgment, at any time prior to such 91st day, that the Account Debtor may be unable or unwilling to pay any Accepted Account; Client and Factor hereby agree that any Accepted Account covered by clause (iv) is a “"defective good”". Upon the occurrence of any event described in clauses (i), (ii), (iii) or (iv) of the preceding sentence, Client will within 24 hours immediately pay to Factor, on the Accepted Account which is subject to the Recourse Event, the amount of the Initial Payment on the Accepted Account plus the Commission on the Accepted Account and plus the aggregate Factor’s 's Fee on the Accepted Account for all days from the Initial Payment on such Accepted Account to calculated at the time of Client’s 's payment. If Factor does not receive an immediate payment in full of the Accepted Account. from Client, Factor may alsomay, in addition to any other remedies available to Factor under this Agreement, immediately charge back to Client (and/or, at Factor’s sole option, repurchase) any Accepted Account which is subject to a Recourse Event by taking funds out of the Reserve Account, or immediately exercise the remedies described in Section 10. With Factor’s 's agreement, Client may assign other accounts receivable which are acceptable to Factor, in substitution for an Accepted Account which is subject to a Recourse Event.

Recourse Provisions. (a) All Accepted Accounts shall be purchased by Factor with recourse against Client. The term “"Recourse Event” " shall include, without limitation, the following: (i) a breach of any representation or warranty or covenant of this Agreement by Client; (ii) the existence of any dispute of any kind, regardless of validity, now or hereafter arising, between Client and an Account Debtor, or between an Account Debtor and Factor, that is asserted by an Account Debtor as a basis for refusing to pay all or part of any Accepted Account (“"Dispute”"); (iii) the assertion by any Account Debtor, or by a bankruptcy trustee or any other party which is acting for an Account Debtor, . of a claim of loss, counterclaim, refund, credit, return of goods, return of payment or offset of any kind against Client or Factor (“"Claim”'); and (iv) non-payment by the Account Debtor of the full amount of any Accepted Account 91 days after the purchase of such Accepted Account by Factor, or, if Factor believes, in Factor’s 's sole judgment, . at any time prior to such 91st 91" day, that the Account Debtor may be unable or unwilling to pay any Accepted Account; Client and Factor factor hereby agree that any Accepted Account covered by clause (iv) is a “"defective good”'. Upon the occurrence of any event described in clauses (i), (ii), (iii) or (iv) of the preceding sentence, Client will within 24 hours wilt immediately pay to Factor, on the Accepted Account which is subject suxxxxt to the Recourse Event, the amount of the Initial Payment on the Accepted Account plus the Commission on the Accepted Account and plus the aggregate Factor’s 's Fee on the Accepted Account for all days from the Initial Payment on such Accepted Account to calculated at the time of Client’s 's payment. If Factor does not receive an immediate payment in full of the Accepted Account. from Client, Factor may alsomay, in addition to any other remedies tanodics available to Factor under this Agreement, immediately charge back to Client (and/or, at Factor’s sole option, repurchase) any Any Accepted Account which is subject to a Recourse Event by taking funds out of the Reserve Account, or immediately Immediately exercise the remedies described in Section 10. With Factor’s 's agreement, Client may assign other accounts receivable which are acceptable to Factor, in substitution for an Accepted Account which is subject to a Recourse Event.

Recourse Provisions. (a) All Accepted Accounts shall be purchased by Factor with recourse against Client. The term “"Recourse Event” " shall include, without limitation, the following: (i) a breach of any representation or warranty or covenant of this Agreement by Client; (ii) the existence of any dispute of any kind, regardless of validity, now or hereafter arising, between Client and an Account Debtor, or between an Account Debtor and Factor, that is asserted by an Account Debtor as a basis for refusing to pay all or part of any Accepted Account (“"Dispute”"); (iii) the assertion by any Account Debtor, or by a bankruptcy trustee or any other party which is acting for an Account Debtor, of a claim of loss, counterclaim, refund, credit, return of goods, return of payment or offset of any kind against Client or Factor (“"Claim”"); and (iv) non-payment by the Account Debtor of the full amount of any Accepted Account 91 days after the purchase of such Accepted Account by Factor, or, if Factor believes, in Factor’s sole judgment, at any time prior to such 91st day, that the Account Debtor may be unable or unwilling to pay any Accepted Account; Client and Factor hereby agree that any Accepted Account covered by clause (iv) is a “"defective good”". Upon the occurrence of any event described in clauses (i), (ii), (iii) or (iv) of the preceding sentence, Client will within 24 hours immediately pay to Factor, on the Accepted Account which is subject to the Recourse Event, the amount of the Initial Payment on the Accepted Account plus the Commission on the Accepted Account and plus the aggregate Factor’s 's Fee on the Accepted Account for all days from the Initial Payment on such Accepted Account to the time of Client’s payment in full of the Accepted Account. If Factor may alsodoes not receive an immediate payment from Client, Factor may, in addition to any other remedies available to Factor under this Agreement, immediately charge back to Client (and/or, at Factor’s sole option, repurchase) any Accepted Account which is subject to a Recourse Event by taking funds out of the Reserve Account, or immediately exercise the remedies described in Section 10. With Factor’s 's agreement, Client may assign other accounts receivable which are acceptable to Factor, in substitution for an Accepted Account which is subject to a Recourse Event. (b) Factor may charge the Reserve Account with the amount of any Account Debtor Repayment (as defined below). An “Account Debtor Repayment” shall refer to a payment made by Factor to an Account Debtor of Client to reimburse the Account Debtor for a payment theretofore made by the Account Debtor to the Factor other than on account of an Accepted Account. (c) Client shall notify Factor of any Recourse Event immediately. (d) Factor may settle any Dispute or Claim directly with Account Debtor; such settlement does not relieve Client of final responsibility for payment of any such Accepted Account.

Recourse Provisions. (a) All Accepted Accounts shall be purchased by Factor with recourse against Client. The term “"Recourse Event” " shall include, without limitation, the following: (i) a breach of any representation or warranty or covenant of this Agreement by Client; (ii) the existence of any dispute of any kind, regardless of validity, now or hereafter arising, between Client and an Account Debtor, or between an and Account Debtor and Factor, that is asserted by an Account Debtor as a basis for refusing to pay all or part of any Accepted Account (“"Dispute”"); (iii) the assertion by any Account Debtor, or by a bankruptcy trustee or any other party which is acting for an Account Debtor, of a claim of loss, counterclaim, refund, credit, return of goods, return of payment or offset of by any kind against Client or Factor (“"Claim”"); and (iv) non-payment by the Account Debtor of the full amount of any Accepted Account 91 days after the purchase of such Accepted Account by Factor, or, if Factor believes, in Factor’s 's sole judgment, at any time prior to such 91st day, that the Account Debtor may be unable or unwilling to pay any Accepted Account; Client and Factor hereby agree that any Accepted Account covered by clause (iv) is a “"defective good”". Upon the occurrence of any event described in clauses (i), (ii), (iii) or (iv) of the preceding sentence, Client will within 24 hours immediately pay to Factor, on the Accepted Account which is subject to the Recourse Event, the amount of the Initial Payment on the Accepted Account plus the Commission on the Accepted Account and plus the aggregate Factor’s 's Fee on the Accepted Account for all days from the Initial Payment on such Accepted Account to calculated at the time of Client’s 's payment. If Factor does not receive an immediate payment in full of the Accepted Account. from Client, Factor may alsomay, in addition to any other remedies available to Factor under this Agreement, immediately charge back to Client (and/or, at Factor’s sole option, repurchase) any Accepted Account which is subject to a Recourse Event by taking funds out of the Reserve Account, or immediately exercise the remedies described in Section 10. With Factor’s 's agreement, Client may assign other accounts receivable which are are, acceptable to Factorfactor, in substitution for an Accepted Account which is subject to a Recourse Event.

Recourse Provisions. (a) All Accepted Accounts shall be purchased by Factor with recourse against Client. The term “"Recourse Event” " shall include, without limitation, the following: (i) a breach of any representation or warranty or covenant of this Agreement by Client; (ii) the existence of any dispute of any kind, regardless of validity, now or hereafter arising, between Client and an Account Debtor, or between an Account Debtor and Factor, that is asserted by an Account Debtor as a basis for refusing to pay all or part of any Accepted Account (“"Dispute”"); (iii) the assertion by any Account Debtor, or by a bankruptcy trustee or any other party which is acting for an Account Debtor, of a claim of loss, counterclaim, refund, credit, return of goods, return of payment or offset of any kind against Client or Factor (“"Claim”"); and (iv) non-payment by the Account Debtor of the full amount of any Accepted Account 91 121 days after the purchase of such Accepted Account by Factor, or, if Factor believes, in Factor’s 's sole judgment, at any time prior to such 91st 121st day, that the Account Debtor may be unable or unwilling to pay any Accepted Account; Client and Factor hereby agree that any Accepted Account covered by clause (iv) is a “"defective good”". Upon the occurrence of any event described in clauses (i), (ii), (iii) or (iv) of the preceding sentence, Client will within 24 hours immediately pay to Factor, on the Accepted Account which is subject to the Recourse Event, the amount of the Initial Payment on the Accepted Account plus the Commission on the Accepted Account and plus the aggregate Factor’s 's Fee on the Accepted Account for all days from the Initial Payment on such Accepted Account to calculated at the time of Client’s 's payment. If Factor does not receive an immediate payment in full of the Accepted Account. from Client, Factor may alsomay, in addition to any other remedies available to Factor under this Agreement, immediately charge back to Client (and/or, at Factor’s sole option, repurchase) any Accepted Account which is subject to a Recourse Event by taking funds out of the Reserve Account, or immediately exercise the remedies described in Section 10. With Factor’s 's agreement, Client may assign other accounts receivable which are acceptable to Factor, in substitution for an Accepted Account which is subject to a Recourse Event. (b) Factor may charge the Reserve Account with the amount of any Account Debtor Repayment (as defined below). An "Account Debtor Repayment" shall refer to a payment made by Factor to an Account Debtor of Client to reimburse the Account Debtor for a payment theretofore made by the Account Debtor to the Factor other than on account of an Accepted Account. (c) Client shall notify Factor of any Recourse Event immediately. (d) Factor may settle any Dispute or Claim directly with Account Debtor; such settlement does not relieve Client of final responsibility for payment of any such Accepted Account.