Revocation on specific grounds Sample Clauses

Revocation on specific grounds. The global revocation of the Mandates for any French Seller, notified in accordance with Clause 17.1, may occur in the following cases: (a) Revocation of the Mandates with ten 10 (ten) Business Days’ prior notice (i) irrespective of whether a Default Notice has been sent to the Factor in that respect, in case of the occurrence of (A) a material change in a French Seller’s legal situation; or (B) a significant deterioration of a French Seller’s financial position; or (C) severe deficiencies in a French Seller’s accounting management; or (D) significant delays or any aggravation of delays for payment in respect of suppliers and unsecured or secured creditors (such as inter alia the French Trésor Public, Urssaf, caisses de retraite etc.) of a French Seller (other than resulting from the normal course of such French Seller’s business) which, individually or collectively, would have a Material Adverse Effect; (ii) for a period of forty-five (45) days, the occurrence of at least three (3) seizures or attachments from several creditors of a French Seller (or other equivalent proceedings under relevant laws, such as inter alia under French law avis à tiers détenteurs and saisies of all types) for an aggregate amount in excess of (A) three hundred thousand Euros (EUR 300,000), for any of the French Sellers (other than Alcan Rhenalu); and (B) six hundred thousand Euros (EUR 600,000), for Alcan Rhenalu, unless such seizures or attachments are finally dismissed within forty-five (45) days from the sending of a notice to that effect to the relevant French Seller; (iii) in case of the occurrence of any Event of Default with respect to a French Seller which is continuing (other than resulting from Clause 11.2.2(c)(iv)), for which the Factor has decided not to terminate the Agreement, and in particular, a failure by a French Seller to comply with its Credit and Collection Procedures or a failure to domicile payments of Transferred Receivables in the relevant Collection Account; then the Factor may, by sending a ten (10) Business Days prior notice to the relevant French Seller (with a copy to the Parent Company) terminate the Mandates in relation to such relevant French Seller;