Common use of Factoring Agreements Clause in Contracts

Factoring Agreements. Enter into, amend or modify any Factoring Agreement with a Factor unless (a) subject to the proviso set forth in this Section below, the Factoring Agreement has been approved in writing by Agent and the conditions set forth in Section 9.03(e)(i), (ii) and (iii) hereof have been satisfied or (b) such amendment or modification thereof does not adversely affect the interest of the Agent (for purposes hereof, any change in fees, the rate of interest or the commissions charged by the Factor under the Factoring Agreement, or in the extension of the term of the Factoring Agreement, shall not be deemed to adversely affect the interest of the Agent); provided, that, with respect to Factoring Agreements entered into after the Restatement Date that provide that the Factor(s) may purchase certain Accounts from the Borrower or any Restricted Subsidiary in an amount not to exceed One Million Five Hundred Thousand Dollars ($1,500,000) in the aggregate, the conditions set forth in subclause (a) above (provided that the Borrower provide the Agent with a copy of the relevant Factoring Agreement) do not have to be satisfied until the 75th day after the date of the Factoring Agreement.

Factoring Agreements. Enter into, amend or modify any Factoring Agreement with a Factor unless (a) subject to the proviso set forth in this Section below, the Factoring Agreement has been approved in writing by Agent and the conditions set forth in Section 9.03(e)(i), (ii) and (iii) hereof have been satisfied or (b) such amendment or modification thereof does not adversely affect the interest of the Agent (for purposes hereof, any change in fees, the rate of interest or the commissions charged by the Factor under the Factoring Agreement, or in the extension of the term of the Factoring Agreement, shall not be deemed to adversely affect the interest of the Agent); provided, that, with respect to Factoring Agreements entered into after the Restatement Date that provide that the Factor(s) may purchase certain Accounts from the Borrower or any Restricted Subsidiary in an amount not to exceed One Million Five Hundred Thousand Dollars ($1,500,000) in the aggregate, the conditions set forth in subclause (a) above (provided that the Borrower provide the Agent with a copy of the relevant Factoring Agreement) do not have to be satisfied until the 75th sixtieth (60th) day after the date of the Factoring Agreement.