RECEIVABLES FINANCE Sample Clauses
The Receivables Finance clause establishes the terms under which a party may assign or sell its rights to receive payments under a contract to a third-party financier, such as a bank or factoring company. Typically, this clause outlines the conditions for notification, consent requirements, and the process for transferring receivables, ensuring that the original debtor is aware of the new payee and that payments are redirected accordingly. Its core practical function is to facilitate liquidity for the party owed money by allowing them to access funds before the actual payment due date, while also clarifying the rights and obligations of all parties involved in the receivables transfer.
RECEIVABLES FINANCE. (a) If the Agent determines that it has not received (in accordance with Schedule 3 Part I paragraph 8) full payment in respect of a Purchased Receivable on the applicable Maturity Date, then the relevant Borrower shall on demand pay to the Agent an amount equal to the Outstanding Purchase Price in respect of such Purchased Receivable.
(b) Nothing in paragraph (a) above shall prevent the Agent from pursuing payment in respect of the relevant Purchased Receivable from the account debtor or from receiving payment of such Purchased Receivable to the credit of a Blocked Account. Each Obligor shall render such assistance as the Agent may reasonably require for that purpose.
(c) The Agent may deduct from payments in respect of Purchased Receivables made by account debtors or any of the Obligors into a Blocked Account the then Outstanding Purchase Price in respect of such Purchased Receivables. Any balance remaining after such deduction shall be applied in accordance with Clause 10.2 (Application from Blocked Accounts).
RECEIVABLES FINANCE. 10.1.1 If the Lender determines that it has not received (in accordance with clause 10.7) full payment in respect of a Purchased Receivable on the applicable Maturity Date, then the relevant Borrower shall on demand pay to the Lender an amount equal to the Outstanding Purchase Price in respect of such Purchased Receivable.
10.1.2 Nothing in paragraph (a) above shall prevent the Lender from pursuing payment in respect of the relevant Purchased Receivable from the account debtor or from receiving payment of such Purchased Receivable to the credit of a Blocked Account. Each Obligor shall tender such assistance as the Lender may reasonably require for that purpose.
10.1.3 The Lender may deduct from payments in respect of Purchased Receivables made by account debtors or any of the Obligors into a Blocked Account the then Outstanding Purchase Price in respect of such Purchased Receivables. Any balance remaining after such deduction shall be applied in accordance with clause 10.2.
RECEIVABLES FINANCE. (a) If the Agent determines that it has not received (in accordance with Clause 12.8 (Collection of Receivables)) full payment in respect of an Eligible Receivable on the applicable Maturity Date, then the relevant Borrower shall on demand pay to the Agent, for the account of the Lenders an amount equal to the amount of the Receivables Advance Amount not received by the Agent in respect of such Eligible Receivable.
(b) Nothing in paragraph (a) above shall prevent the Agent from pursuing payment in respect of an Eligible Receivable from the account debtor or from receiving payment of such Relevant Receivable to the credit of a Blocked Account. Each Obligor shall render such assistance as the Agent may reasonably require for that purpose.
(c) The Agent may deduct from payments in respect of Eligible Receivables made by account debtors or any of the Obligors into a Blocked Account the then Receivables Advance Amounts in respect of such Relevant Receivables. Any balance remaining after such deduction shall be applied in accordance with Clause 12.2 (Order of Application).