Offset Reserve definition

Offset Reserve means, with respect to all Accounts and Account Debtors (other than Self-Pay Account Debtors), the result (but not less than zero) of (a) the sum of the amounts which such Account Debtors have requested or directed any Option Care Person to pay, or as to which any such Account Debtors have notified any Option Care Person that such Account Debtors shall withhold, setoff or recoup from any Option Care Person, in respect of actual or alleged overpayments by any such Account Debtor in respect of any Account, plus (b) the aggregate amount which any Option Care Person is indebted to such Account Debtors arising from the fact that an Account Debtor, in addition to being an Account Debtor, has an additional relationship with any Option Care Person (e.g., an Option Care Person is a tenant or customer of a Person that is an Account Debtor), minus (c) the amount paid by any Option Care Person to Account Debtors described in clause (a) as a refund of the overpayments contemplated by clause (a); PROVIDED that no amount relating to a Government Account Debtor shall be included in clause (a) of this definition unless (i) such Government Account Debtor has requested payment from an Option Care Person with respect to any actual or alleged overpayment by such Government Account Debtor or (ii) such Government Account Debtor, without sending prior request for payment to an Option Care Person, is or has been withholding, setting-off or recouping from an Option Care Person in respect of any actual or alleged overpayment by such Government Account Debtor to an Option Care Person.

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Offset Reserve shall have the meaning set forth in Section 3.6 hereof.

Offset Reserve means, in respect of the Billed Pool Receivables owing by any Obligor at any time, the lesser of (i) the aggregate amount of Claims of such Obligor in existence at such time and (ii) the aggregate Outstanding Balance of such Billed Pool Receivables at such time.

Examples of Offset Reserve in a sentence

• For purposes of calculating whether the amount in the Offset Reserve Account deposited by the Servicer on behalf of the Seller (net of withdrawals required hereunder with respect to the Seller) is equal to the Specified Offset Reserve Balance, only withdrawals with respect to a Rejected Receivable sold to the Purchaser by the Seller will be deemed to be with respect to the Seller.

• In the event such Receivable was sold to the Purchaser by an Other Seller, the Purchaser agrees to enforce the Other Seller's obligation to repurchase such Receivable under the terms of its agreement with such Other Seller and to cause the amount of such repurchase by the Other Seller to be deposited in the Offset Reserve Account.

• Thereupon the Servicer shall cause the Trustee to disburse all remaining amounts held in the Collection Account, the Seller Credit Reserve Account and the Offset Reserve Account to the Seller and all interests of the Purchaser in all Purchased Receivables owned by the Purchaser shall be reconveyed by the Purchaser to the Seller.

• The Servicer will maintain a detailed accounting record of all deposits and withdrawals from the Offset Reserve Account including whether a withdrawal was made with respect to a Medicare/Medicaid Offset on a Receivable sold to the Purchaser by the Seller or an Other Seller.

• After net collections with respect to Governmental Receivables subject to such offset liability have been collected, the Offset Reserve applicable to such Governmental Receivables will be credited to Borrower on the next determination date.

• The Purchaser has established and shall maintain trust accounts with the corporate trust department of the Trustee titled "NPF VI Seller Credit Reserve Account" (the "Seller Credit Reserve Account") and "NPF VI - Offset Reserve Account" (the "Offset Reserve Account").

• In the event of an offset with respect to a Receivable purchased by the Purchaser from the Seller or an Other Seller and such Rejected Receivable is not repurchased by such Seller or Other Seller in the manner set forth in Section 6.3 herein, the Servicer will cause the Trustee to withdraw the Net Value of such Rejected Receivable from the Offset Reserve Account and deposit it in the Purchase Account.

• FINOVA, at any time, in the exercise of its Permitted Discretion, shall be entitled to establish a reserve against Eligible Receivables, as a percentage of each advance or otherwise, with respect to offset liability in connection with Governmental Receivables (the "Offset Reserve").

• Borrower hereby grants to FINOVA the right to make payments from amounts withheld from advances under the Receivables Loans to any Payor or other Person in connection with the Offset Reserve.

• The parties acknowledge that the Purchaser and the Servicer have entered into a series of agreements in substantially the form as this Agreement with other sellers of Receivables ("Other Sellers") and that the Offset Reserve Account has been established to provide liquidity to the Purchaser with respect to Rejected Receivables, whether such Receivables were sold to the Purchaser by the Seller or by Other Sellers.

More Definitions of Offset Reserve

Offset Reserve means, in respect of the Pool Receivables owing by any Obligor at any time, the lesser of (a) the sum of (i) the aggregate amount of Over/Under Payments in respect of such Obligor at such time, plus (ii) the aggregate amount of Rebates in respect of such Obligor at such time, plus (iii) the aggregate amount of Corporate Allowances in respect of such Obligor at such time, plus (iv) the aggregate amount of Advance Billings in respect of su▇▇ ▇▇▇▇▇or at such time, plus (v) the aggregate amount of Credits In Past Due in respect of such Obligor at such time, plus (vi) the aggregate amount of all other amounts payable by any Originator or any Affiliate thereof to such Obligor, and (b) the aggregate Outstanding Balance of such Pool Receivables at such time; provided, however, that in the case of any such Obligor that owes Pool Receivables which are Canadian Receivables, the aggregate amounts referred to in clause (a) above that are denominated in Canadian Dollars shall be the Equivalent in US Dollars of such aggregate amounts.

Offset Reserve means, with respect to all Accounts and Account -------------- Debtors (other than Self-Pay Account Debtors), the result (but not less than zero) of (a) the sum of the amounts which such Account Debtors have requested or directed any Borrower Party to pay, or as to which any such Account Debtors have notified any Borrower Party that such Account Debtors shall withhold, setoff or recoup from any Borrower Party, in respect of actual or alleged overpayments by any such Account Debtor in respect of any Account, plus (b) the sum of the amounts due by the Borrower Parties to any Government Account Debtor relating to any "cost report" settlements, plus (c) the aggregate amount which any Borrower Party is indebted to such Account Debtors arising from the fact that an Account Debtor, in addition to being an Account Debtor, has an additional relationship with any Borrower Party (e.g., any Borrower Party is a tenant or customer of a Person that is an Account Debtor), minus (d) the amount paid by any Borrower Party to Account Debtors described in clause (a) as a refund of the overpayments contemplated by clause (a).

Offset Reserve means, at any time, with respect to any Obligor, the amount established by the Servicer as a reserve for offsets to the aggregate Outstanding Balance of such Obligor's Transferred Receivables as a result of liabilities owing by the Originators to such Obligor, which shall not exceed the lesser of (i) such aggregate Outstanding Balance and (ii) the aggregate amount of such liabilities.

Offset Reserve means, in respect of the Pool Receivables owing by any Obligor at any time, the lesser of (a) the sum of, without duplication, (i) the aggregate amount of Over/Under Payments in respect of such Obligor at such time, plus (ii) the aggregate amount of Rebates owed by the related Originator or its Affiliates in respect of such Obligor at such time, plus (iii) the aggregate amount of Advance B▇▇▇▇▇▇▇ in respect of such Obligor at such time, plus (iv) the aggregate amount of Credits In Past Due in respect of such Obligor at such time, plus (v) the aggregate amount of all other amounts payable by any Originator or any Affiliate thereof to such Obligor, and (b) the aggregate Outstanding Balance of such Pool Receivables at such time; provided, however, that in the case of any such Obligor that owes Pool Receivables which are Canadian Dollar Receivables, the aggregate amounts referred to in clause (a) above that are denominated in Canadian Dollars shall be the Equivalent in US Dollars of such aggregate amounts.

Offset Reserve means, at any time, with respect to any Obligor, the amount established by the Servicer as a reserve for offsets to the aggregate Outstanding Balance of such Obligor's Transferred Receivables as a result of liabilities owed by the Originator to such Obligor, which shall not exceed the lesser of (i) such aggregate Outstanding Balance and (ii) the aggregate amount of such liabilities.

Offset Reserve means, with respect to all Accounts and Account Debtors (other than a Self-Pay Account Debtors), the result (but not less than zero) of (a) the sum of the amounts which such Account Debtors have requested or directed the Borrower to pay, or as to which any such Account Debtors have notified the Borrower that such Account Debtors shall withhold, setoff or recoup from the Borrower, in respect of actual or alleged overpayments by any such Account Debtor in respect of any Account, plus (b) the aggregate amount which the Borrower is indebted to such Account Debtors arising from the fact that an Account Debtor, in addition to being an Account Debtor, has an additional relationship with the Borrower (e.g., the Borrower is a tenant or customer of the Person that is an Account Debtor), minus (c) the amount paid by the Borrower to Account Debtors described in clause (a) as a refund of the overpayments contemplated by clause (a); provided that clauses (a) and (b) shall apply only if the aggregate amount at issue relating to any Account Debtor exceeds one hundred thousand dollars ($100,000) or if the aggregate amount at issue relating to all Account Debtors exceeds two hundred thousand dollars ($200,000).