Factoring Account definition

Factoring Account. The designated account that Party B opens under the Contract with Party A for the purposes of collecting accounts receivable, deducting factoring financing principal and interests and payment of factoring balance; the only eligible account for collecting the accounts receivable under this Contract;

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Factoring Account means a special account that is opened by Party A under Party B’s services and used for collecting account receivables, deducting principal and interests of factoring financing, paying factoring balance, which is the solely legitimate account for collecting account receivables under this Contract;

Factoring Account means any contract or agreement (including any schedule, addendum or amendment thereto or assignment, assumption, renewal or novation thereof) and any ancillary agreements, documents or instruments relating thereto, pursuant to which a Person (i) agrees to acquire (whether initially or as an assignee) or assume a risk of nonpayment for Receivables, whether or not relating to the purchase of Receivables or the advancing of funds in anticipation of payment of Receivables, or (ii) agrees to grant credit in respect of Receivables which the Person has the right or obligation to acquire.

Examples of Factoring Account in a sentence

All factoring fees or charges are due when posted and charged to your Factoring Account.
Fees may be charged to your Factoring Account as incurred or billed to you, at our option.
In the event that you elect to terminate this Agreement other than in accordance with the provisions hereof or if we terminate this Agreement as the result of an Event of Default terminates, you shall pay to us, any we may charge the Factoring Account with, an amount equal to twenty-five percent (25%) of the Reserve, not as a penalty but as liquidated damages to compensate us for loss of profits, recovery of expenses, and other damages resulting from such termination.
Without Party A’s consent, Party B is not allowed to withdraw any amount from the Factoring Account or issue an order of payment from such Factoring Account.
Accounts: The accounts maintained in the factoring procedure: Factoring Account, Incoming Payment Settlement Account, Purchase Price Reserve Account, Reserve Account, Settlement Account, Special Account, Special Settlement Account, Special Purchase Price Reserve Account.
All factoring commissions or surcharges are due when posted and charged to the Factoring Account.
If the Factoring Account is overdrawn, the Client shall immediately, and without a notice of default being required, repay the amount by which the account is exceeded to the Factor.
Borrower’s failure to so direct its Account Debtors (other than with respect to Permitted Factoring Accounts or other Accounts with Permitted Factoring Account Debtors) shall constitute an Event of Default, for which no notice requirement, grace period or cure period shall apply.
The reserve required hereunder shall be maintained with us in an account designated as the "Factoring Account".
Unless we agree in writing that you are not required to assign all of your accounts receivable to us, we shall have the right at any time, based on your financial statements or our inspection of your books and records, to charge the Factoring Account with the highest factoring commission outlined in this SECTION 24 on all of your accounts receivable which we determine that, contrary to the provisions of this Agreement, you have not assigned to us.

More Definitions of Factoring Account

Factoring Account has the meaning ascribed thereto in Clause 11.1;

Factoring Account is the account with the Bank on which the credit is booked.

Factoring Account means an account established and maintained by the Bank to record all sums payable or paid to the Seller, all payments received in relation to Debts and all charges, expenses and other sums payable or paid by the Seller to the Bank under this Agreement;

Factoring Account. Account on which the purchased Receivables are booked in their aggregate amount.

Factoring Account has the meaning attached to it in article 6.6 of these General Terms and Conditions; Factoring Agreement — General Terms and Conditions 1/8 Factoring Fee has the meaning attached to it in the Special Terms and Conditions; Financing Limit has the meaning attached to it in the Special Terms and Conditions; Financing Percentage has the meaning attached to it in the Special Terms and Conditions;