Establishment of a Reserve. For each Purchased Receivable that has not been Closed, Buyer shall set aside in the Reserve an amount equal to the difference between 100% of the face amount of the Purchased Receivable and the Advance. The Reserve shall not be a segregated fund. Buyer’s maintenance of the Reserve shall not vest the Seller with any right, title, or interest therein as it is understood that the Reserve is set up as security to pay the Obligations of Seller. Buyer may change the percentage of the Reserve amount at any time in its sole discretion without notice to Seller. Funds in the Reserve shall be released upon Buyer’s discretion.
Appears in 4 contracts
Samples: Factoring Agreement Terms, Factoring Agreement Terms, Factoring Agreement Terms
Establishment of a Reserve. For each Purchased Receivable that has not been Closed, Buyer shall set aside in the Reserve an amount equal to the difference between 100% of the face amount of the Purchased Receivable and the Advance. The Reserve shall not be a segregated fund. Buyer’s maintenance of the Reserve shall not vest the Seller with any right, title, or interest therein as it is understood that the Reserve is set up as security to pay the Obligations of Seller. Buyer may change the percentage of the Reserve amount at any time in its sole discretion without notice to Seller. Funds in the Reserve shall be released upon BuyerXxxxx’s discretion.
Appears in 3 contracts
Samples: Factoring Agreement Terms, Factoring Agreement Terms, Factoring Agreement Terms
