Refund to Seller. Provided that there does not then exist an Event of Default, as defined in Section 9, or any event or condition that with notice, lapse of time or otherwise would constitute an Event of Default, Buyer shall refund to Seller, the amount, if any, which Buyer owes to Seller at the end of the Reconciliation Period according to the accounting prepared by Buyer for that Reconciliation Period (the “Refund”). The Refund shall be an amount equal to: 3.10.1 The Reserve as of the beginning of that Reconciliation Period, plus 3.10.2 The Reserve created for each Purchased Receivable paid during that Reconciliation Period, minus 3.10.3 The Reserve created for each Repurchased Receivable, minus 3.10.4 The total for that Reconciliation Period of 3.10.4.1 Factoring Fee 3.10.4.2 Adjustments and/or reserves for Avoidance Claims; 3.10.4.3 Repurchased Receivables, to the extent Buyer has agreed to accept payment thereof by deduction from the Refund; and 3.10.4.4 The Reserve for the Account Balance as of the first day of the following Reconciliation Period. 3.10.4.5 In the event the formula set forth in this Section results in an amount due to Buyer from Seller, Seller shall immediately make such payment to Buyer or, in Buyer’s sole discretion, assign additional Receivables to Buyer.
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Samples: Factoring Agreement, Factoring Agreement (Stellar Acquisition III Inc.)
Refund to Seller. Provided that there does not then exist an Event of Default, as defined in Section 9, or any event or condition that with notice, lapse of time or otherwise would constitute an Event of Default, Buyer shall refund to Seller, the amount, if any, which Buyer owes to Seller at the end of the Reconciliation Period according to the accounting prepared by Buyer for that Reconciliation Period (the “Refund”). The Refund shall be an amount equal to:
3.10.1 3.10.1. The Reserve as of the beginning of that Reconciliation Period, plus
3.10.2 3.10.2. The Reserve created for each Purchased Receivable paid during that Reconciliation Period, minus
3.10.3 3.10.3. The Reserve created for each Repurchased Receivable, minus
3.10.4 3.10.4. The total for that Reconciliation Period of:
3.10.4.1 3.10.4.1. Finance Fee;
3.10.4.2. Factoring Fee;
3.10.4.2 3.10.4.3. Adjustments and/or reserves for Avoidance Claims;
3.10.4.3 3.10.4.4. Repurchased Receivables, to the extent Buyer has agreed to accept payment thereof by deduction from the Refund; and
3.10.4.4 3.10.4.5. The Reserve for the Account Balance as of the first day of the following Reconciliation Period.
3.10.4.5 3.10.4.6. In the event the formula set forth in this Section results in an amount due to Buyer from Seller, Seller shall immediately make such payment to Buyer or, in Buyer’s sole discretion, assign additional Receivables to Buyer.
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Refund to Seller. Provided that there does not then exist an Event of Default, as defined in Section 9, or any event or condition that with notice, lapse of time or otherwise would constitute an Event of Default, Buyer shall refund to Seller, the amount, if any, which Buyer owes to Seller at the end of the Reconciliation Period according to the accounting prepared by Buyer for that Reconciliation Period (the “"Refund”"). The Refund shall be an amount equal to:
3.10.1 3.12.1. The Reserve as of the beginning of that Reconciliation Period, plus
3.10.2 3.12.2. The Reserve created for each Purchased Receivable paid during that Reconciliation Period, minus
3.10.3 3.12.3. The Reserve created for each Repurchased Receivable, minus
3.10.4 3.12.4. The total for that Reconciliation Period of:
3.10.4.1 3.12.4.1. Finance Fee;
3.12.4.2. Factoring Fee;
3.10.4.2 3.12.4.3. Adjustments and/or reserves for Avoidance Claims;
3.10.4.3 3.12.4.4. Repurchased Receivables, to the extent Buyer has agreed to accept payment thereof by deduction from the Refund; and
3.10.4.4 3.12.4.5. The Reserve for the Account Balance as of the first day of the following Reconciliation Period.
3.10.4.5 3.12.4.6. In the event the formula set forth in this Section results in an amount due to Buyer from Seller, Seller shall immediately make such payment to Buyer or, in Buyer’s sole discretion, assign additional Receivables to Buyer.
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Refund to Seller. Provided that there does not then exist an Event of Default, as defined in Section 9, or any event or condition that with notice, lapse of time or otherwise would constitute an Event of Default, Buyer shall refund to Seller, the amount, if any, which Buyer owes to Seller at the end of the Reconciliation Period according to the accounting prepared by Buyer for that Reconciliation Period (the “"Refund”"). The Refund shall be an amount equal to:
3.10.1 3.9.1. The Reserve as of the beginning of that Reconciliation Period, plus
3.10.2 3.9.2. The Reserve created for each Purchased Receivable paid during that Reconciliation Period, minus
3.10.3 3.9.3. The Reserve created for each Repurchased Receivable, minus
3.10.4 3.9.4. The total for that Reconciliation Period of:
3.10.4.1 3.9.4.1. Factoring Fee;
3.10.4.2 3.9.4.2. Adjustments and/or reserves for Avoidance Claims;
3.10.4.3 3.9.4.3. Repurchased Receivables, to the extent Buyer has agreed to accept payment thereof by deduction from the Refund; and
3.10.4.4 3.9.4.4. The Reserve for the Account Balance as of the first day of the following Reconciliation Period.
3.10.4.5 3.9.4.5. In the event the formula set forth in this Section results in an amount due to Buyer from Seller, Seller shall immediately make such payment to Buyer or, in Buyer’s sole discretion, assign additional Receivables to Buyer.
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