Common use of Payment to the French Sellers Clause in Contracts

Payment to the French Sellers. When Indirect Payments are made directly to the French Sellers for the payment of Transferred Receivables, the French Sellers may only receive them as an agent of the Factor, and an equivalent amount shall be paid once a week by such French Seller to the Collection Account or to such other account as the Factor may designate in writing. Failing such repayment being made within five (5) Business Days after receipt of such Indirect Payment, the Factor may debit the corresponding amount from the Current Account, without prejudice to any other recourse.

Payment to the French Sellers. When Indirect Payments are made directly to the French Sellers for the payment of Transferred Receivables, the French Sellers may only receive them as an agent of the Factor, and an equivalent amount shall be paid once a week by such French Seller to the Collection Account or to such other account as the Factor may designate in writing. Failing such repayment being made within five (5) Business Days after receipt of such Indirect Payment, the Factor may debit the corresponding amount from the Current Account, without prejudice to any other recourse.. 72208170 42