CHARGES TO RESERVE ACCOUNT. Statesman may in its sole and absolute discretion charge losses on Purchased Receivables related to Credit Risk (as defined in Section 4.06) against the Reserve Account. Statesman agrees to add to the Reserve Account the amount received as a recovery less associated collection costs on any Purchased Receivables which were previously charged to the Reserve Account. Statesman shall notify the Cooperative promptly in writing of any such reduction in the Reserve Account. As of the end of each month, Statesman will provide the Cooperative with a report of transactions in the Reserve Account during such month showing the balance in such account as of the end of such month.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Southern States Capital Trust I), Revolving Credit Agreement (Southern States Cooperative Inc)
CHARGES TO RESERVE ACCOUNT. Statesman may in its sole and -------------------------- absolute discretion charge losses on Purchased Receivables related to Credit Risk (as defined in Section 4.06) against the Reserve Account. Statesman agrees to add to the Reserve Account the amount received as a recovery less associated collection costs on any Purchased Receivables which were previously charged to the Reserve Account. Statesman shall notify the Cooperative promptly in writing of any such reduction in the Reserve Account. As of the end of each month, Statesman will provide the Cooperative with a report of transactions in the Reserve Account during such month showing the balance in such account as of the end of such month.
Appears in 2 contracts
Samples: Financing Services and Contributed Capital Agreement (Southern States Capital Trust Ii), Financing Services and Contributed Capital Agreement (Southern States Cooperative Inc)
CHARGES TO RESERVE ACCOUNT. Statesman may in its sole and absolute discretion charge losses on Purchased Receivables related to Credit Risk (as defined in Section 4.06) against the Reserve Account. Statesman agrees to add to the Reserve Account the amount received as a recovery less associated collection costs on any losses on Purchased Receivables which were previously charged to the Reserve Account. Statesman shall notify the Cooperative promptly in writing of any such reduction in the Reserve Account. As of the end of each month, Statesman will provide the Cooperative with a report of transactions in the Reserve Account during such month showing the balance in such account as of the end of such month.
Appears in 1 contract
Samples: Financing Services and Contributed Capital Agreement (Southern States Capital Trust I)
