Factor Collateral definition
Factor Collateral means all of Client's inventory, accounts, contract rights, and general intangibles (whether or not specifically assigned to Factor), now existing and hereafter arising, and the proceeds thereof, and security and guarantees therefor, and the goods and property represented thereby, and all books and records relating to the foregoing, and all sums of money at any time to Client's credit with Factor, and all Client's present and future claims against Factor under or in connection with the Factoring Agreement, and any of Client's property at any time in Factor's possession, but specifically excluding the items set forth in Sections 9(b)(i), (ii), (iii), (iv), and (v) below, and any and all present and future credit balances and reserves held by Factor for the Client's account in connection therewith.
Factor Collateral means (a) all of the RFS accounts arising from a Borrower's sales of merchandise or rendition of services to customers which RFS acquires from such Borrower pursuant to its Receivables Purchase Agreement and sells and assigns to factor pursuant to the factoring agreement (all of the foregoing, the "Factoring Accounts" and, individually, a "Factored Account"); (b) all Related Security (as hereinafter defined) with respect to each Factored Account; (c) all sums standing to the credit of RFS with the factor; (d) any property of RFS coming into the factor's possession in the ordinary course of its factoring of the Factored Accounts; and (e) all proceeds of the foregoing. "Related Security" means, with respect to any Factored Account, the following: (i) all security interests or liens and property subject thereto from time to time purporting to secure payment of such Factored Account, whether pursuant to the contract related to such Factored Account or otherwise, including all rights of stoppage in transit, replevin, reclamation, supporting obligations and letter of credit rights (as such terms are defined in the UCC), and all claims of lien filed or held by a Borrower or RFS on personal property; (ii) all rights to any goods whose sale gave rise to such Factored Account, including returned or repossessed goods, which are segregated from each Borrower's and RFS' other goods; (iii) all instruments, documents, chattel paper and general intangibles (each as defined in the UCC) arising from, related to or evidencing such Factored Account; (iv) all Uniform Commercial Code financing statements covering any collateral securing payment of such Factored Account; (v) all guaranties and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Factored Account whether pursuant to the contract related to such Factored Account or otherwise; (vi) all records of any nature evidencing or related to the Factored Accounts, including contracts, invoices, charge slips, credit memoranda, notes and other instruments and other documents, books, records and other information (including, without limitation, computer data); and (vii) all proceeds and amounts received or receivable arising from any of the foregoing.
Factor Collateral means (a) any and all Factor Reserves and all payments (if any) due or to become due to Borrower from the Factor Reserves as well as all monies on deposit, holdbacks and credits related to such, (b) all Factor Accounts and related general intangibles whether now existing or hereafter acquired or arising, all interest of replevin held by the Borrower arising in goods, the sale of which gave rise to any Factor Account, (c) all documents, chattel paper, instruments and general intangibles relating to the foregoing, (d) all books and records pertaining to all of the foregoing, including but not limited to computer programs, data and lists, (e) all inventory of Borrower, (f) all equipment of Borrower except and excluding equipment the intended primary purpose of which is to dispense beverages in a food service environment, and (g) all proceeds of the foregoing. Factor Collateral also includes a continuing lien on assets securing Borrower’s obligations to Factor prior to January 24, 2011, whether owned by Borrower or not, and proceeds of the foregoing.
Examples of Factor Collateral in a sentence
Moody's Taxable Preferred Stock ---------------------- ---------------------- ----------------------- ▇▇▇▇▇'▇ Rating Discount Factor Collateral Advanced Aaa 150% 67% Aa 155% 65% A 160% 63% Baa 165% 61% Ba 196% 51% B 216% 46% Below B and Unrated 250% 40% The Discount Factor for Dividends Received Deduction ("DRD") eligible preferred stock shall be (a) for investment grade DRD eligible preferred stock, 165%; (B) for non-investment grade DRD eligible preferred stock, 216%.
The Borrowers, Factor, Collateral Agent and Revolving Loan Agent shall have executed and delivered the Assignment of Factoring Proceeds Agreement.