Common use of Intercompany Receivables Clause in Contracts

Intercompany Receivables. 10.1 If a member of the Group grants security over its intercompany receivables it shall be free to deal with those receivables in the ordinary course of its business until a Declared Default has occurred. 10.2 If required by local law to perfect the security or to exclude the possibility that the debtor pays to the relevant member of the Group with discharging effect, notice of the security will be served on the relevant lender within 10 Business Days of the security being granted. 10.3 If required under local law security over intercompany receivables will be registered subject to the general principles set out in these Agreed Security Principles.

Intercompany Receivables. 10.1 9.1 If a member of the Group grants security over its intercompany receivables it shall be free to deal with those receivables in the ordinary course of its business until a Declared Default has occurred. 10.2 9.2 If required by local law to perfect the security or to exclude the possibility that the debtor pays to the relevant member of the Group with discharging effect, notice of the security will be served on the relevant lender within 10 Business Days of the security being granted. 10.3 9.3 If required under local law security over intercompany receivables will be registered subject to the general principles set out in these Agreed Security Principles.