Repurchase of Accounts. In the event that (a) an Assigned Account becomes the subject of a Dispute, (b) there exists any breach of your representations, warranties or covenants under this Agreement with respect to an Assigned Account, (c) an Assigned Account is not paid on or before the expiration of ninety (90) days from its invoice date (such an Account being hereinafter referred to as a “Late Account”), or (d) we reasonably deem ourselves insecure with respect to any Assigned Account in light of material changes in the creditworthiness of the Account Debtor or otherwise, then and in any such event you shall immediately upon demand by us (whether written or oral) repurchase the Account from us for a purchase price (the “Account Repurchase Price”) equal to (i) the sum of the Advance Payment for such Account plus any and all accrued fees hereunder (calculated to the date of repurchase) and unreimbursed costs and expenses associated with such Account minus (ii) the paid portion of such Account, if any. With respect to any Assigned Account that becomes the subject of a Dispute, your obligations under this paragraph are irrespective of any accord and satisfaction of such Account as against the Account Debtor by operation of Section 3-311 of the Uniform Commercial Code as adopted and in effect in the applicable jurisdiction (the “UCC”).
Repurchase of Accounts. The Customer shall (a) repurchase any and all Purchased Accounts and the Related Rights with respect thereto, whether disputed or undisputed, as may be requested by WFBC, from time to time in its sole discretion, and (b) pay on demand the Repurchase Price for such Purchased Accounts and the Related Rights with respect thereto. In any event where repurchase is required under this Agreement, WFBC, at its discretion, may charge the Repurchase Price to the Customer’s Collected Reserve Account which may create a deficit balance in the Collected Reserve Account.
Repurchase of Accounts. When you become obligated to repurchase an invoice or account, you shall thereupon be liable to us for the net amount thereof, and it shall not be necessary for us to tender such invoice or account to you until you have paid us. We may retain such account and will have a security interest therein as security for your obligation to pay the repurchase price, and we may sell any such account at public or private sale, collect and take control of any proceeds of any such account, or exercise any other remedy available to us as a secured party under the UCC and apply the net proceeds of the disposition of an account to the satisfaction of such repurchase price or to satisfy any other of your obligations hereunder.
Repurchase of Accounts. Lender may require that Borrower repurchase, by payment of the then unpaid Face Amount thereof, together with any unpaid fees relating to the Purchased Account on demand, or, at Lender's option, by Xxxxxx's charge to the Reserve Account:
6.1. Any Purchased Account, the payment of which has been disputed by the Payor or the Account Debtor obligated thereon, Lender being under no obligation to determine the bona fide nature of such dispute;
6.2. Any Purchased Account regarding which Borrower has breached any representation or warranty as set forth in the Section 14.
6.3. Any Purchased Account owing from an Account Debtor or Payor which (a) in Lender’s reasonable credit judgment has become insolvent or (b) has indicated an inability or unwillingness to pay the Purchased Account when due;
6.4. All Purchased Accounts upon the occurrence of an Event of Default, or upon the termination date of this Agreement; and
6.5. Any Purchased Account that remains unpaid beyond the Late Payment Date.
Repurchase of Accounts. Seller shall immediately on demand by Purchaser repurchase any Purchased Account that Purchaser determines in its sole discretion is uncollectible for any reason or is otherwise no longer an Eligible Account and on such demand shall pay to Purchaser the then unpaid Face Amount of the Account, together with any accrued but unpaid fees relating to the Account.
Repurchase of Accounts. Seller shall within five (5) Business Days of demand by Purchaser repurchase any Purchased Account that Purchaser determines at any time is uncollectible for any reason or is otherwise no longer an Eligible Account and on such demand shall pay to Purchaser the then unpaid amount due on the Purchased Account, together with any accrued but unpaid fees relating to the Purchased Account. Purchaser shall retain its security interest in any Purchased Account repurchased by Xxxxxx.
Repurchase of Accounts. Seller shall within five (5) Business Days of demand by Purchaser repurchase any Purchased Account that Purchaser determines at any time is uncollectible for any reason or is otherwise no longer an Eligible Account; provided, however, that Purchaser hereby foregoes and waives in advance any right hereunder to require such repurchase by Seller where the sole reason the Account Debtor has failed to pay any amounts due in respect of such Purchased Account is due to such Account Debtor being Insolvent (such nonpayment, an “Insolvency Default”) or due to the Credit Risk of such Account Debtor and/or any other Payor, provided that such Account Debtor and/or Payor has received and accepted the related goods or services without any Dispute. For the avoidance of doubt, Purchaser hereby assumes and, upon Purchaser’s purchase of any Purchased Account, Purchaser shall, to the extent such Purchased Account exceeds Seller’s Reserve Accounts, bear the risk of any and all losses, costs, expenses or claims arising from any Insolvency Default by or Credit Risk of an Account Debtor that is not an Affiliate of Seller. In the event Seller is required to repurchase a Purchased Account hereunder, Seller shall pay to Purchaser on demand the then unpaid amount due on the Purchased Account, together with any accrued but unpaid fees relating to the Purchased Account. Purchaser shall retain its security interest in any Purchased Account repurchased by Xxxxxx. Notwithstanding anything to the contrary herein, upon the occurrence of any Dispute or any failure by any Account Debtor and/or Payor to make a payment in connection with any Purchased Account that is not directly related to Credit Risk, Seller shall repurchase such Purchased Account immediately upon Purchaser’s request for the full amount of the original Purchase Price, less any amounts already collected by Purchaser from the applicable Account Debtor and/or Payor(s). In furtherance of the foregoing, Seller hereby acknowledges and agrees that Purchaser may set off any amounts owing to Seller from Purchaser in connection with Xxxxxx’s repurchase obligations hereunder.
Repurchase of Accounts. 4.1 Purchaser may require that Seller repurchase, by payment of the unpaid Face Amount thereof together with any unpaid fees relating to the Purchased Account on demand, or, at Purchaser’s option, by Purchaser’s charge to the Reserve Account:
4.1.1 any Purchased Account, the payment of which has been disputed by the Account Debtor obligated thereon, Purchaser being under no obligation to determine the bona fides of such dispute;
4.1.2 Any Purchased Account for with Seller has breached its warranty under Section 12 hereunder.
4.1.3 Any Purchased Account owing from an Account Debtor which in Purchaser’s reasonable credit judgment has become insolvent.
4.1.4 all Purchased Accounts upon the occurrence of an Event of Default, or upon the effective date of termination of this Agreement;
4.1.5 any Purchased Account which remains unpaid beyond the Late Payment Date.
4.2 The repurchase of a Purchased Account shall not constitute a reassignment thereof and Purchaser shall retain its security interest therein.
Repurchase of Accounts. 5.1 Under the following circumstances, Purchaser may require that Seller repurchase any Purchased Account, or at Seller's option, Seller may elect to repurchase any Purchased Account, by payment of the then unpaid Face Amount thereof together with any unpaid fees relating to the Purchased Account on demand, or, at Purchaser's option, or Seller's option if Seller is the party electing to repurchase a Purchased Account, by Purchaser's charge to the A/R Manager Reserve Account:
5.1.1. Any Purchased Account, the payment of which has been disputed by the Account Debtor obligated thereon, Purchaser being under no obligation to determine the bona fides of such dispute;
5.1.2. Any Purchased Account for which Seller has breached its warranty under Section 11 hereunder.
5.1.3. Any Purchased Account owing from an Account Debtor which in Purchaser's reasonable credit judgment has become Insolvent (within the meaning of the UCC).
5.1.4. All Purchased Accounts which have not been Closed upon the occurrence of an Event of Default, or upon the Maturity Date and (b) the termination date of this Agreement; or
5.1.5. Any Purchased Account which remains unpaid beyond the Late Payment Date.
5.2 After the date in which a Purchased Account has been Repurchased, Purchaser agrees that it shall remit to Seller within four business days after receipt by Purchaser any payment received on account of a Repurchased Account if Seller has actually Repurchased the Account, provided that there is no Event of Default or Seller has met the Required Reserve Amount.
Repurchase of Accounts. Crestmark may require that Client repurchase, by payment of the Crestmark Investment, on demand, or, at Crestmark's option, by Crestmark's charge to the Reserve Account:
7.1. Any Purchased Account which becomes an Ineligible Account;
7.2. Any Purchased Account, the payment of which has been disputed by the Account Debtor obligated thereon, Crestmark being under no obligation to determine the bona fides of such dispute;
7.3. Any Purchased Account for which Client has breached its warranty under Section 12 hereunder;
7.4. Any Purchased Account owing from an Account Debtor which in Crestmark’s reasonable credit judgment has become insolvent; and
7.5. All Purchased Accounts upon the occurrence of an Event of Default or upon the termination date of this Agreement.
