Permitted Receivables Financing Clause Samples

Permitted Receivables Financing. The Servicer shall cause the facility established by this Agreement and the other Transaction Documents to at all times (i) constitute a permitted “Receivables Facility” under and as defined in the Credit Agreement as in effect on the relevant date of determination and (ii) be permitted by the terms of the Credit Agreement. 127256974\V-8

Permitted Receivables Financing. The Seller shall cause the facility established by this Agreement and the other Transaction Documents to at all times (i) constitute a permitted “Receivables Facility” under and as defined in the Credit Agreement as in effect on the relevant date of determination and (ii) be permitted by the terms of the Credit Agreement. 127256974\V-8

Permitted Receivables Financing. Upon any of the Credit Parties obtaining knowledge thereof, the Borrowers will give written notice to the U.S. Administrative Agent promptly (and in any event within two Business Days) of (i) any affirmative decision by a party to a Permitted Receivables Financing not to extend the scheduled termination date of such Permitted Receivables Financing or (ii) a termination (whether scheduled or unscheduled) of a Permitted Receivables Financing that is reasonably likely to occur within 60 days.

Permitted Receivables Financing. Promptly upon any of the Credit Parties obtaining knowledge thereof, (i) any affirmative decision by a party to a Permitted Receivables Financing not to extend the scheduled termination date of such Permitted Receivables Financing or replace such Permitted Receivables Financing with another Permitted Receivables Financing with similar terms and in a similar amount or (ii) a termination (whether scheduled or unscheduled) of a Permitted Receivables Financing that is reasonably likely to occur (A) within sixty (60) days and (B) prior to being replaced with another Permitted Receivables Financing with similar terms and in a similar amount.

Permitted Receivables Financing. Any customary program for financing based solely on the grant of security interests on accounts receivable (and the proceeds thereof and related agreements and security customary for accounts receivable financings) of the Borrower and its Subsidiaries and which involves the transfer without recourse (other than customary limited recourse) of such accounts receivable to a Permitted Receivables Vehicle and transfers of interests in such accounts receivable to the parties providing such financing, so long as (a) such program is intended by the parties thereto to be treated (whether or not such treatment is ultimately disallowed) as an "off balance sheet" transaction; and (b) all cash advances to the Permitted Receivables Vehicles pursuant to all such programs from the Persons providing such financings shall not exceed an amount which is equal to 75% of the Borrower's Consolidated EBITDA for the Reference Period most recently ended, as reported as at the end of each fiscal quarter. Permitted Receivables Vehicle. Lexmark Receivables Corporation, a Delaware corporation, or any other Person established as a "bankruptcy remote" Subsidiary (whether direct or indirect) of the Borrower for the purpose of acquiring accounts receivable under any Permitted Receivables Financing.

Permitted Receivables Financing receivables securitizations or other receivables financings (including any factoring program) that are non-recourse to Obligors or Subsidiaries (except for (w) recourse to any Foreign Subsidiaries that own the assets underlying such financing (or have sold such assets in connection with such financing), (x) any customary limited recourse or, to the extent applicable only to non-Obligors, that is customary in the relevant local market, (y) any performance undertaking or Guarantee, to the extent applicable only to non-Obligors, that is customary in the relevant local market, and (z) an unsecured parent Guarantee by an Obligor or a Subsidiary that is a parent company of a Foreign Subsidiary of obligations of Foreign Subsidiaries, and, in each case, reasonable extensions thereof); provided that, (i) with respect to Permitted Receivables Financings incurred in the form of a factoring program, the outstanding amount of such Permitted Receivables Financing for the purposes of this definition shall be deemed to be equal to the Permitted Receivables Net Investment for the last Test Period, and (ii) with respect to a Permitted Receivables Financing that includes the transfer of Accounts of any Borrower, (1) immediately prior to the consummation of such Permitted Receivables Financing, Borrowers shall deliver to Agent an updated Borrowing Base Report reflecting the impact on the Borrowing Base by such transfer, (2) Agent and the purchaser of such Accounts (or trustee or agent acting on behalf thereof) shall have entered into an agreement reflecting the priority of their rights with respect to the Accounts originated by the applicable Borrower and the handling of collection of such Accounts, and (3) the proceeds of such transfer of Accounts received by the applicable Borrower shall be equal to or greater than any impact on the Accounts Formula Amount from the exclusion of such Accounts thereof and if a Cash Dominion Trigger Period exists, such proceeds are paid to the Agent for application to the outstanding Loans. Permitted Receivables Net Investment: the aggregate cash amount paid by the purchasers under any Permitted Receivables Financing in the form of a factoring program in connection with their purchase of Accounts and customary related assets or interests therein, as the same may be reduced from time to time by collections with respect to such Accounts and related assets or otherwise in accordance with the terms of such Permitted Receivables Financing (but excl...

Permitted Receivables Financing. Upon the occurrence and during the continuance of a Default or Event of Default, immediately upon the receipt by any Consolidated Party of Net Cash Proceeds from any Permitted Receivables Financing, the Borrower shall prepay the Loans in an aggregate amount equal to the Net Cash Proceeds of the related Permitted Receivables Financing (such prepayment to be applied as set forth in clause (iv) below).

Permitted Receivables Financing. The facility established by this Agreement and the other Transaction Documents constitutes a “Permitted Receivables Financing” and any indebtedness incurred pursuant to such facility constitutes “Permitted Receivables Financing Indebtedness”, in each case, under and as defined in the Credit Agreement.

Permitted Receivables Financing. The Borrower shall cause any purchaser pursuant to a Permitted Receivables Financing to make or settle all cash payments due from such purchaser to the Borrower or any Subsidiary attributable to the sale of receivables in connection with any Permitted Receivables Financing within two (2) Business Days of sale of the receivables giving rise to such payment. In the event that any Borrowing Base Certificate previously delivered to the Agent includes any receivables sold pursuant to a Permitted Receivables Financing, the Borrower shall deliver the Agent an updated Borrowing Base Certificate prepared after giving effect to such sale within five (5) Business Days following the consummation of such sale.