Common use of Disputed Receivables Clause in Contracts

Disputed Receivables. (a) The Company 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 Company to the Factor, the Company shall have a maximum term of 30 calendar days to obtain a written commitment to pay (bon à payer) 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, the Factor may Definance the Disputed Receivable by debit from the Current Account of an amount not exceeding the amount of the Disputed Receivable and credit of such amount to a Deferred Availability Account. (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 fifty (150) days after its due date may be Transferred Back pursuant to the procedure set forth in Article 4.3.4 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 Company may not benefit from the period mentioned in paragraph (b) above and the Transferred Receivable may be immediately Transferred Back by debiting from the Current Account of an amount not exceeding the amount of the Disputed Receivable and crediting of such amount to the Assets Account in order to revoke, as from the reimbursement of the debit position of the Current Account if any, the Subrogation Payment up to such amount.

Disputed Receivables. (a) The Company undertakes to promptly inform the Factor upon becoming aware If at any time an Authorized Officer of Petrobras Finance shall have knowledge that a Transferred representation or warranty set forth in this Agreement was false or incorrect in any material respect on the date when made or deemed made with respect to any Purchased Receivable, and such misrepresentation results in an adjustment or other reduction in the Net Invoice Amount or Collections in respect of such Purchased Receivable has become (it being understood that a Disputed Receivable. (b) From the issuance "reduction" in Collections shall be deemed to have occurred upon any failure to collect payment of a notice Purchased Receivable in full within 30 days of dispute by the Company date on which such Purchased Receivable, in respect of which a representation and/or warranty was false or incorrect in any material respect on the date when made or deemed made, was otherwise due, or deemed due hereunder), such Receivable shall not be deemed to be a Qualified Receivable to the Factorextent of such adjustment or reduction and Petrobras Finance shall designate for Sale to the Trustee, for no added consideration, the Company shall have a maximum term of 30 calendar days next Qualified Receivable or Receivables Generated which would not otherwise be Purchased Receivables in an aggregate amount at least equal to obtain a written commitment to pay (bon à payer) 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, the Factor may Definance the Disputed Receivable by debit from the Current Account of an amount not exceeding the amount of such adjustment or other reduction. Without limiting the Disputed Receivable and credit of such amount to a Deferred Availability Account. (c) In any caseforegoing, at the sole discretion of the Factorbut without duplication, any Disputed Receivable remaining unpaid in whole or in part by a Debtor for over one hundred and fifty (150) days after its due date may be Transferred Back pursuant if Petrobras Finance Sells to the procedure set forth in Article 4.3.4 below. (d) If the claim concerns the existence of the Transferred Trustee a Receivable (absence of an order or deliverythat is not a Qualified Receivable, etc.) or if the Transferred Receivable is disputed in the context of a legal action, the relevant Company may not benefit from the period mentioned in paragraph (b) above and the Transferred Receivable may be immediately Transferred Back by debiting from the Current Account of an amount not exceeding the amount of the Disputed Receivable and crediting of such amount Petrobras Finance shall designate for Sale to the Assets Account Trustee the next Qualified Receivable or Receivables Generated which would not otherwise be Purchased Receivables in order to revoke, as from the reimbursement of the debit position of the Current Account if any, the Subrogation Payment up an aggregate amount equal to such amountReceivable.

Disputed Receivables. (a) The Company undertakes to promptly inform the Factor upon becoming aware If at any time an Authorized Officer of Petrobras Finance shall have knowledge that a Transferred representation or warranty set forth in this Agreement was false or incorrect in any material respect on the date when made or deemed made with respect to any Purchased Receivable, and such misrepresentation results in an adjustment or other reduction in the Net Invoice Amount or Collections in respect of such Purchased Receivable has become (it being understood that a Disputed Receivable. (b) From the issuance "reduction" in Collections shall be deemed to have occurred upon any failure to collect payment of a notice Purchased Receivable in full within 30 days of dispute by the Company date on which such Purchased Receivable, in respect of which a representation and/or warranty was false or incorrect in any material respect on the date when made or deemed made, was otherwise due, or deemed due hereunder), such Receivable shall not be deemed to be a Qualified Receivable to the Factorextent of such adjustment or reduction and Petrobras Finance shall designate for Sale to the Trustee, for no added consideration, the Company shall have a maximum term of 30 calendar days next Qualified Receivable or Receivables Generated which would not otherwise be Purchased Receivables in an aggregate amount at least equal to obtain a written commitment to pay (bon à payer) 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, the Factor may Definance the Disputed Receivable by debit from the Current Account of an amount not exceeding the amount of such adjustment or other reduction. Without limiting the Disputed Receivable and credit of such amount to a Deferred Availability Account. (c) In any caseforegoing, at the sole discretion of the Factorbut without duplication, any Disputed Receivable remaining unpaid in whole or in part by a Debtor for over one hundred and fifty (150) days after its due date may be Transferred Back pursuant if Petrobras Finance Sells to the procedure set forth in Article 4.3.4 below. (d) If the claim concerns the existence of the Transferred Trustee a Receivable (absence of an order or deliverythat is not a Qualified Receivable, etc.) or if the Transferred Receivable is disputed in the context of a legal action, the relevant Company may not benefit from the period mentioned in paragraph (b) above and the Transferred Receivable may be immediately Transferred Back by debiting from the Current Account of an amount not exceeding the amount of the Disputed Receivable and crediting of such amount Petrobras Finance shall designate for Sale to the Assets Account Trustee the next Qualified Receivable or Receivables Generated which would not otherwise be Purchased Receivables in order to revoke, as from the reimbursement of the debit position of the Current Account if any, the Subrogation Payment up an aggregate amount equal to such amount.Receivable. Receivables Purchase Agreement

Disputed Receivables. (a) The Company undertakes to promptly inform the Factor upon becoming aware If at any time an Authorized Officer of Petrobras Finance shall have knowledge that a Transferred representation or warranty set forth in this Agreement was false or incorrect in any material respect on the date when made or deemed made with respect to any Purchased Receivable, and such misrepresentation results in an adjustment or other reduction in the Net Invoice Amount or Collections in respect of such Purchased Receivable has become (it being understood that a Disputed Receivable. (b) From the issuance "reduction" in Collections shall be deemed to have occurred upon any failure to collect payment of a notice Purchased Receivable in full within 30 days of dispute by the Company date on which such Purchased Receivable, in respect of which a representation and/or warranty was false or incorrect in any material respect on the date when made or deemed made, was otherwise due, or deemed due hereunder), such Receivable shall not be deemed to be a Qualified Receivable to the Factorextent of such adjustment or reduction and Petrobras Finance shall designate for Sale to the Trustee, for no added consideration, the Company shall have a maximum term of 30 calendar days next Qualified Receivable or Receivables Generated which would not otherwise be Purchased Receivables in an aggregate amount at least equal to obtain a written commitment to pay (bon à payer) 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, the Factor may Definance the Disputed Receivable by debit from the Current Account of an amount not exceeding the amount of such adjustment or other reduction. Without limiting the Disputed Receivable and credit of such amount to a Deferred Availability Account. (c) In any caseforegoing, at the sole discretion of the Factorbut without duplication, any Disputed Receivable remaining unpaid in whole or in part by a Debtor for over one hundred and fifty (150) days after its due date may be Transferred Back pursuant if Petrobras Finance Sells to the procedure set forth in Article 4.3.4 below. (d) If the claim concerns the existence of the Transferred Trustee a Receivable (absence of an order or deliverythat is not a Qualified Receivable, etc.) or if the Transferred Receivable is disputed in the context of a legal action, the relevant Company may not benefit from the period mentioned in paragraph (b) above and the Transferred Receivable may be immediately Transferred Back by debiting from the Current Account of an amount not exceeding the amount of the Disputed Receivable and crediting of such amount Petrobras Finance shall designate for Sale to the Assets Account Trustee the next Qualified Receivable or Receivables Generated which would not otherwise be Purchased Receivables in order to revoke, as from the reimbursement of the debit position of the Current Account if any, the Subrogation Payment up an aggregate amount equal to such amount.Receivable. <PAGE>