Common use of Procedure for the Transfer-Back of Transferred Receivables Clause in Contracts

Procedure for the Transfer-Back of Transferred Receivables. (a) The Parties agree that any Transfer-Back of all relevant Transferred Receivables to be made pursuant to this Agreement shall take place through an automatic rescission (résolution de plein droit) of the Assignment having taken place over such Transferred Receivables, in accordance with the following procedure: (i) if the Transfer-Back is requested by a Party pursuant to the Agreement, by no later than 10.00 a.m. on each relevant Business Day, that Party shall deliver to the other Party a Transfer-Back File containing the list of all outstanding Transferred Receivables originated by such French Seller which have been assigned to the Factor and that are to be Transferred Back to it (the “Affected Receivables”), (ii) by no later than 10.00 a.m. on the immediately following Business Day, the Factor shall notify to the relevant French Seller the details of the calculations of the rescission price of the Affected Receivables which shall be, unless otherwise agreed by the Parties, equal to the amount of the Payment made by the Factor with respect to such Affected Receivables less the collections, the Reductions or Cancellations Items and any Insurance Indemnification relating thereto (the “Transfer-Back Price”); (iii) by no later than 10.00 a.m. on the immediately following Business Day, the relevant French Seller shall instruct the Factor to make the payment of the relevant Transfer-Back Price by way of debit of such relevant Transfer-Back Price from the relevant Current Account and credit of such amount to the Asset Account, provided that the payment of such Transfer-Back Price shall only be deemed to occur once the rule set forth in Clause 8.

Procedure for the Transfer-Back of Transferred Receivables. Retransfer Modes (a) The Parties agree that any Transfer-Back of all relevant Transferred Receivables to be made pursuant to this Agreement shall take place through an automatic rescission (résolution de plein droit) of the Assignment transfer having taken place over such Transferred Receivables, in accordance with the following procedure: (i) if the Transfer-Back is requested by a Party pursuant to the Agreement, by no later than 10.00 a.m. on each relevant Business Day, that Party shall deliver to the other Party a Transfer-Back File file containing the list of all outstanding Transferred Receivables originated by such French Seller the Company which have been assigned to the Factor and that are to be Transferred Back to it (the “"Affected Receivables”"), (ii) by no later than 10.00 a.m. on the immediately following Business Day, the Factor shall notify to the relevant French Seller Company the details of the calculations of the rescission price of the Affected Receivables which shall be, unless otherwise agreed by the Parties, equal to the amount of the Payment made by the Factor with respect to such Affected Receivables less the collections, the Reductions reductions or Cancellations Items cancellations items and any Insurance Indemnification relating thereto (but only to the “extent such collections, reductions, cancellation items and/or Insurance Indemnification were retained by the Company and not turned over to the Factor) (the "Transfer-Back Price”"); (iii) by no later than 10.00 a.m. on the immediately following Business Day, the relevant French Seller Company shall instruct the Factor to make the payment of the relevant Transfer-Back Price by way of debit of such relevant Transfer-Back Price from the relevant Current Account and credit of such amount to the Asset Account, provided that the payment of such Transfer-Back Price shall only be deemed to occur once the rule set forth in Clause 8Article 7.1.5, has been complied with. (b) Upon full payment of the agreed Transfer-Back Price, the transfer of the Transferred Receivables shall be automatically rescinded (résolu de plein droit) without any further formality.