Default under Receivables Clause Samples

Default under Receivables. Each Borrower shall, as soon as it becomes aware of any default by a Customer in the payment of any Receivable (and that default is not remedied within 60 days of the relevant due date or as otherwise stipulated in the relevant Customer Limit Advice) or any right of set-off, counterclaim or deduction purported to be exercised, made or asserted by the relevant Customer in respect of any Receivable, notify the Factoring Agent accordingly and supply to the Factoring Agent particulars of the default or the purported right of set-off, counterclaim or deduction, in each case identifying each Receivable in question, its face amount and due date and the amount in default or purported to be set-off, counterclaimed or deducted by the relevant Customer.