Serviced Account. Any Account that is not purchased by Buyer shall be deemed a Serviced Account and shall, at Buyer’s option, either be (i) returned to Seller, or (ii) forwarded by Buyer to the respective Account Debtor for payment. When Buyer generates an invoice for a Serviced Account on behalf of Seller and forwards the invoice to the Account Debtor or back to Seller, Seller shall pay Buyer a Serviced Account Fee for each invoice so generated, with said fee being charged to Seller’s Reserve Account or deducted from future funding proceeds. Purchaser is under no obligation to collect or otherwise manage a Serviced Account.
Appears in 5 contracts
Samples: Factoring Agreement Terms, Factoring Agreement Terms, Factoring Agreement Terms
