Common use of Excluded Receivables Clause in Contracts

Excluded Receivables. The following Receivables shall be excluded from the scope of application of the Agreement: (i) receivables arising from a contract of which the performance has been wholly or partly subcontracted under French law n°75-1334 of 31 December 1975, or any similar applicable law or regulation granting to the subcontractor a direct claim on the relevant Debtor for the payment owed to it by the relevant French Seller under the subcontract (save if, to the reasonable satisfaction of the Factor, bank guarantees (to guarantee payments to the relevant subcontractors) or other relevant arrangements have been implemented in advance in accordance with the above laws and regulations so as to avert the exercise of any such direct claim); (ii) receivables the payment of which, even if unconditionally accepted by the Debtor, is on the date on which is transferred to the Factor, is the subject of verifying the performance of an obligation by the relevant French Seller; (iii) receivables evidenced by invoices solely corresponding to penalties and late payment interests; (iv) receivables evidenced by invoices corresponding to Receivables which are, on the date on which it is transferred to the Factor, Disputed Receivables.

Appears in 4 contracts

Samples: Factoring Agreement, Factoring Agreement (Constellium N.V.), Factoring Agreement (Constellium Holdco B.V.)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!