Receivables Program. The Lenders hereby acknowledge and agree that the transfer of Program Receivables by SNC to the Borrower, and the transfer of Program Receivables by the Borrower to JSF pursuant to the Receivables Program, constitute true and valid sales for consideration (or, in the case of Program Receivables contributed by the Borrower to JSF, contributions for consideration), and not a borrowing by the Borrower or SNC from JSF secured by such Program Receivables.
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Samples: Credit Agreement (Smurfit Stone Container Corp), Credit Agreement (Smurfit Stone Container Corp), Credit Agreement (Jsce Inc)
Receivables Program. The Lenders hereby acknowledge -------------------- and agree that the transfer of Program Receivables by SNC to the Borrower, and the transfer of Program Receivables by the Borrower to JSF pursuant to the Receivables Program, constitute true and valid sales for consideration (or, in the case of Program Receivables contributed by the Borrower to JSF, contributions for consideration), and not a borrowing by the Borrower or SNC from JSF secured by such Program Receivables.
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