Reverse Factoring Sample Clauses

Reverse Factoring is a financial arrangement where a third-party financier pays a supplier on behalf of a buyer, typically before the buyer’s invoice due date. In practice, the supplier receives early payment from the financier, while the buyer settles the invoice with the financier at a later agreed date, often extending their payment terms. This clause facilitates improved cash flow for suppliers and allows buyers to optimize their working capital, effectively solving the problem of delayed supplier payments and strengthening supply chain relationships.
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Reverse Factoring. Expro Americas, LLC, one of the Guarantors under the Revolving Facility Agreement and which has pledged substantially all its assets to secure the loans and other extensions of credit thereunder, at the request of one of its customers, Eni Petroleum Co. Inc. (“Eni”), is looking to participate in Eni’s reverse factoring arrangement with JPMorgan Chase Bank, N.A. (“JPM”). Eni is requesting all its suppliers to participate in such reverse factoring, as a result of which, Expro Americas, LLC would receive payment on its receivables against Eni immediately upon transfer the transfer or such receivables to JPM, instead of within 180-day payment period requested by Eni. Therefore, such reverse factoring is to the benefit of both Eni and Expro Americas, LLC. The Revolving Facility Agreement permits non-recourse factoring on arm’s length terms for cash but only to the extent the underlying receivables are not subject to Transaction Security. Therefore, the Parent desires to obtain the consent of the Lenders for Expro Americas, LLC to be able to participate in such reverse factoring arrangement in respect of the Eni receivables in an aggregate amount up to USD5,500,000 per financial year and to permit the Agent to sign any releases, confirmations and other instruments, and take any other actions, as may be reasonably requested by the Parent, Expro Americas, LLC or JPM in order to effectuate or evidence the release of such receivables from the Transaction Security upon transfer to JPM, including the letter in substantially the form attached hereto as Exhibit A (the foregoing being referred to as the “Eni Factoring Consent”).
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Related to Reverse Factoring

  • Off-Balance Sheet Transactions There is no transaction, arrangement or other relationship between the Company or any of its Subsidiaries and an unconsolidated or other off-balance sheet entity which is required to be disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus (other than as disclosed therein).

  • Net Receivables Balance Seller has determined that, immediately after giving effect to each purchase hereunder, the Net Receivables Balance is at least equal to the sum of (i) the Aggregate Capital, plus (ii) the Aggregate Reserves.

  • Financial Statements; Servicing Facility In connection with marketing the Mortgage Loans, the Purchaser may make available to a prospective Purchaser a Consolidated Statement of Operations of the Company for the most recently completed two fiscal years for which such a statement is available, as well as a Consolidated Statement of Condition at the end of the last two fiscal years covered by such Consolidated Statement of Operations. The Company also shall make available any comparable interim statements to the extent any such statements have been prepared by or on behalf of the Company (and are available upon request to members or stockholders of the Company or to the public at large). The Company also shall make available to Purchaser or prospective Purchaser a knowledgeable financial or accounting officer for the purpose of answering questions respecting recent developments affecting the Company or the financial statements of the Company, and to permit any prospective Purchaser to inspect the Company's servicing facilities for the purpose of satisfying such prospective Purchaser that the Company has the ability to service the Mortgage Loans as provided in this Agreement.

  • Off-Balance Sheet Arrangements There is no transaction, arrangement, or other relationship between the Company or any of its Subsidiaries and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in its 1934 Act filings and is not so disclosed or that otherwise could be reasonably likely to have a Material Adverse Effect.

  • Previously Reviewed Receivable; Duplicative Tests If any Review Receivable was included in a prior Review, the Asset Representations Reviewer will not conduct additional Tests on such Review Receivable, but will include the previously reported Test results in the Review Report for the current Review. If the same Test is required for more than one representation and warranty, the Asset Representations Reviewer will only perform the Test once for each Review Receivable, but will report the results of the Test for each applicable representation and warranty on the Review Report.