Factored Receivables Sample Clauses
The Factored Receivables clause defines the treatment of accounts receivable that have been sold or assigned to a third party, typically a factoring company. In practice, this clause clarifies which receivables are considered factored, outlines the rights and obligations of the parties regarding these receivables, and may specify how payments collected from customers are to be handled. Its core function is to ensure that all parties understand the status and ownership of receivables, thereby preventing disputes over payment rights and reducing the risk of double collection or misallocation of funds.
Factored Receivables. (a) Factoring Entity does not own or hold any Purchased Assets other than the Factored Receivables and holds no Assumed Liabilities. Factoring Entity shall not be deemed to have any obligations hereunder. GE shall cause the Factoring Entity to enter into the ▇▇▇▇ of Sale, pursuant to which it shall transfer to Buyer at Closing the Factored Receivables.
(b) Notwithstanding anything to the contrary set forth in this Agreement (including Section 5.1), Buyer and Seller have agreed that the Business shall continue to securitize its receivables from the date of this Agreement through the Closing in the ordinary course of business, and that Buyer shall purchase the Factored Receivables from Factoring Entity at the Closing pursuant to and in accordance with the ▇▇▇▇ of Sale the consideration for which is included in the Purchase Price.
Factored Receivables. Purchaser has acquired all factored receivables of Seller that are not owned and conveyed by Seller under this Agreement or the Separate ASA.
Factored Receivables. Submit for factoring under the Factoring Agreement any Receivable unless the Account Debtor thereon is located outside of the United States and Puerto Rico, accept any loan or advance from the Factor, or provide any security or collateral (other than as expressly provided for in the Factoring Agreement) to the Factor.
(d) amending Section 15.1 Appointment of Agent by replacing the reference to clause "(b)(iii)(C)" therein with "(b)(iv)(C),"
(e) amending Section 16.11 Amendments thereof by redesignating subsection (b)(v) thereof as subsection (b)(vi), and inserting between the last comma therein and the word "and" a new subsection (b)(v) to read as follows:
Factored Receivables. Submit for factoring under the Factoring Agreement any Receivable of an Account Debtor who is also the Account Debtor with respect to any Receivable that is submitted as an Eligible Receivable under the Borrowing Base, or submit as an Eligible Receivable under this Agreement any Receivable of an Account Debtor for whom any account payable to Borrower (but for the factoring thereof) is then factored under the Factoring Agreement, or, unless the Factor has declined to factor such account receivable at the rates in effect under the Factoring Agreement, factor any account receivable with any Person other than the Factor.
Factored Receivables. To the knowledge of the Company, the Factored Receivables of the Company and its Subsidiaries are current and collectible net of the reserve shown on the Company Balance Sheet (which reserve is adequate and calculated consistent with past practice in the preparation of the Financial Statements). Section 3.04(c) of the Company Disclosure Schedule lists and sets forth the aging of all Factored Receivables as of the date of the Balance Date. All Factored Receivables are and at the Closing will be free and clear of any Lien, except Permitted Liens.