Customer Drafts definition

Customer Drafts means the negotiable drafts issued by an Account Debtor in connection with a Customer Program.
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Customer Drafts shall have the meaning set forth on Schedule 1.01(c).
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Customer Drafts means the negotiable drafts issued by an Account Debtor in connection with a Customer Program. Annex A-7
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Examples of Customer Drafts in a sentence

  • For purposes of this Section 1.6, Customer Drafts received by SMP from any Customer Program (in each case for so long as such drafts remain the property of SMP and have not been sold to any third party), shall be treated as if they constituted “Accounts” so long as Agent or its designee has possession of such Customer Drafts or otherwise has a first priority perfected security interest in any electronic Customer Drafts.

  • For purposes of this SECTION 1.6, Customer Drafts received by SMP from any Customer Program (in each case for so long as such drafts remain the property of SMP and have not been sold to any third party), shall be treated as if they constituted "Accounts" so long as Agent or its designee has possession of such Customer Drafts.

  • Borrowers have requested Agent and Requisite Lenders waive an Event of Default existing with respect to Borrowers exceeding limitations on Early Draft Sales, limit the ability to sell Customer Drafts for subsequent fiscal periods, amend the Fixed Charge Coverage Ratio for certain fiscal quarters and amend the definition of "Fixed Charges", and Agent and Requisite Lenders are willing to do so on the terms and conditions hereafter set forth.

  • None of the Credit Parties shall obtain any Customer Drafts on and after November 18, 2005.