Examples of Factoring Credit Balances in a sentence
No effective financing statements or other instrument similar in effect covering all or any part of the Collateral is on file or recorded in any filing or recording office save for the financing statements filed in connection with the above-mentioned Factoring Agreement and Assignment of Factoring Credit Balances Agreement.
Within 60 days of the Closing Date, the Borrower shall use commercially reasonable efforts to obtain a duly executed Assignment of Factoring Credit Balances Agreement, in form and substance satisfactory to the Agent, from the credit insurance company under the Factor Guaranties.
Contemporaneously with the execution of any future Factor Guaranties, Borrowers shall obtain duly executed Assignment of Factoring Credit Balances Agreements, in form and substance satisfactory to the Agent.
For so long as Availability equals or exceeds $5,000,000 and no Default or Event of Default exists, Borrower shall be permitted to receive from the Lockbox Banks all payments or other remittances of Accounts and other proceeds of the Collateral received in the Lockboxes, and to receive from each Factor the Factoring Credit Balances.
No service contract or letter of appointment has been entered into between the Non-Executive Director and the Independent Non-Executive Directors with the Company, but they are subject to retirement by rotation and re-election at general meeting in accordance with the Constitution of the Company.
If Accounts in an aggregate face amount of $250,000 or more cease to be Eligible Accounts or Eligible Factoring Credit Balances, as applicable, Borrowers shall notify Lender of such occurrence promptly (and in any event within two Business Days) after any Borrower has knowledge thereof.
Toymax shall have executed and delivered to the Agent the Toymax Assignment of Factoring Credit Balances Agreement and Funnoodle shall have executed and delivered to the Agent the Funnoodle Assignment of Factory Credit Balances Agreement.
Subject to the provisions of Section 3.5 below, CIT will credit the Revolving Loan Account with all amounts received by CIT from each Depository Account or from others for the Companies' account, including, as set forth above, all amounts received by CIT in payment of Trade Accounts Receivable and the Factoring Credit Balances, and such amounts will be applied to payment of the Obligations in the order and manner set forth herein.
A Borrower shall notify Agent promptly of any event or circumstance which to such Borrower's knowledge would cause Agent to consider any then existing Factoring Credit Balance or Inventory as no longer constituting Eligible Factoring Credit Balances or Eligible Inventory, as the case may be.
A Borrower shall notify Agent promptly of any event or circumstance which to such Borrower’s knowledge would cause Agent to consider any then existing Factoring Credit Balance or Inventory as no longer constituting Eligible Factoring Credit Balances or Eligible Inventory, as the case may be.