Examples of Factored Accounts in a sentence
Upon the actual sale of Identified Accounts pursuant to such factoring arrangement (such sold accounts being "Factored Accounts"), the Lien of the Collateral Agent shall be automatically released pursuant to the Security Agreement.
Our purchase of the Factored Accounts shall be reflected on the Statements of Account which we shall render to you, and such statements shall also reflect all credits and discounts made available to the Account Debtors thereon (whether or not taken) and anticipation earned by such Account Debtors.
We shall purchase the Factored Accounts for the gross amount of the respective invoices, less factoring fees or commissions relating thereto, trade and cash discounts allowable to the Account Debtors thereon and credits and allowances (with respect to any Factored Account, the "Purchase Price”).
In addition to the foregoing, at any time and from time to time upon our request, in our sole and absolute discretion, we may require that any or all of your invoices with respect to Accounts that are not Factored Accounts (such Accounts herein called “Pledged Accounts”) shall bear a notice (in form and substance approved by us) that the Pledged Account represented thereby has been assigned to us or our assignee as collateral, and must be paid only to us or our assignee.
We shall have the right to establish and maintain at any time and from time to time such reserves against Factored Accounts as we in our sole and absolute discretion may deem necessary.