Without Recourse Receivables Clause Samples

Without Recourse Receivables. (a) Each Without Recourse Receivable will be assigned to the Factoring Agent (acting on behalf of the Tranche C Lenders) under an Assignment Document entered into by the relevant Borrower and the Factoring Agent on behalf of the Tranche C Lenders. (b) Each Borrower represents and warrants to each Finance Party that there is no prohibition on assignment (or any other similar restriction) under any Contract in respect of any Without Recourse Receivable. (c) The Factoring Agent shall not re-assign any Without Recourse Receivable to a Borrower and shall not require a Borrower to repurchase any Without Recourse Receivable unless there is Dispute in respect of such Receivable, in which case the Factoring Agent may re-assign the Without Recourse Receivable to the relevant Borrower and that Borrower shall repurchase such Receivable. (d) The Factoring Agent may at any time by providing a Customer Notice to the relevant Customer, with three Business Days prior notice to the relevant Borrower, disclose to that Customer the assignment of any Without Recourse Receivable by the relevant Borrower to the Factoring Agent.