Common use of Definancing or Transfer-Back of Disputed Receivables Clause in Contracts

Definancing or Transfer-Back of Disputed Receivables. (a) Each French Seller undertakes to promptly inform the Factor upon becoming aware that a Transferred Receivable has become a Disputed Receivable. (b) From the issuance of a notice of dispute by the French Seller to the Factor, the relevant French Seller shall have a maximum term of thirty (30) calendar days to obtain a commitment to pay from the Debtor of the relevant non matured Disputed Receivable. If the relevant Disputed Receivable is overdue, such period shall not exceed thirty (30) calendar days after its due date. At the end of such period and in case of non payment, a Disputed Receivable shall be deemed a Non-Approved Receivable. Disputed Receivable becoming Non-Approved Receivables may be Definanced. (c) In any case, at the sole discretion of the Factor, any Disputed Receivable remaining unpaid in whole or in part by a Debtor for over one hundred and twenty (120) days after its due date may be Transferred Back pursuant to the procedure set forth in Clause 5.7 below. Without prejudice to the foregoing, the relevant French Seller shall be entitled, at any time, to request that a Disputed Receivable be Transferred Back pursuant to the procedure set forth in Clause 5.7 below. (d) If the claim concerns the existence of the Transferred Receivable (absence of an order or delivery, etc.) or if the Transferred Receivable is disputed in the context of a legal action, the relevant French Seller may not benefit from the period mentioned in paragraph (b) above and the Transferred Receivable may be immediately Transferred Back pursuant to the procedure set forth in Clause 5.7 below.

Definancing or Transfer-Back of Disputed Receivables. (a) Each French Seller undertakes to promptly inform the Factor upon becoming aware that a Transferred Receivable (including a Non-Recourse Receivable or an Off BS Receivable) has become a Disputed Receivable. (b) From the issuance of a notice of dispute by the French Seller to the Factor, the relevant French Seller shall have a maximum term of thirty (30) calendar days to obtain a commitment to pay from the Debtor of the relevant non matured Disputed Receivable. If the relevant Disputed Receivable is overdue, such period shall not exceed thirty (30) calendar days after its due date. At the end of such period and in case of non payment, a Disputed Receivable shall be deemed a Non-Approved Receivable. Disputed Receivable Receivables becoming Non-Approved Receivables may be Definanced. (c) In any case, at the sole discretion of the Factor, any Disputed Receivable remaining unpaid in whole or in part by a Debtor for over one hundred and twenty (120) days after its due date may be Transferred Back pursuant to the procedure set forth in Clause 5.7 below. Without prejudice to the foregoing, the relevant French Seller shall be entitled, at any time, to request that a Disputed Receivable be Transferred Back pursuant to the procedure set forth in Clause 5.7 below. (d) If the claim concerns the existence of the Transferred Receivable (absence of an order or delivery, etc.) ), or if the Transferred Receivable is disputed in the context of a legal action, the relevant French Seller may not benefit from the period mentioned in paragraph (b) above and the Transferred Receivable may be immediately Transferred Back pursuant to the procedure set forth in Clause 5.7 below.