Relevant Receivables Clause Samples
The 'Relevant Receivables' clause defines which accounts receivable are subject to the terms of the agreement. Typically, it specifies criteria such as the type, origin, or status of receivables that are included, for example, only those arising from certain transactions or within a particular timeframe. This clause ensures clarity by precisely identifying the receivables covered, thereby preventing disputes over which assets are affected by the contract.
Relevant Receivables. Each Relevant Receivable under this Agreement shall meet, on the date on which it is transferred to the Factor, the following eligibility criteria:
(i) it shall correspond to the firm sale of products (or to the related provision of services) by each of the French Sellers in the ordinary course of its business and in accordance with any document evidencing the origination of the Receivables;
(ii) it shall have been originated and monitored pursuant to the Credit and Collection Procedures;
(iii) it shall be denominated in Euros (EUR), Great Britain Pounds (GBP), United States Dollars (USD) or Swiss Francs (CHF) or any other currency approved by the Factor;
(iv) it shall be a Receivable (1) on a Debtor incorporated in a jurisdiction appearing in the Collectability List and (2) which is either a Tested Approved Receivable or an Untested Receivable which complies with the eligibility procedure set forth in Clause 3.3 below; it
Relevant Receivables. Each Relevant Receivable under this Agreement shall meet, on the date on which it is transferred to the Factor, the following eligibility criteria:
(i) it shall correspond to the firm sale of products (or to the related provision of services) by each of the French Sellers in the ordinary course of its business and in accordance with any document evidencing the origination of the Receivables;
(ii) it shall have been originated and monitored pursuant to the Credit and Collection Procedures;
(iii) it shall be denominated in Euros (EUR), Great Britain Pounds (GBP), United States Dollars (USD) or Swiss Francs (CHF) or any other currency approved by the Factor;
(iv) it shall be a Receivable (1) on a Debtor incorporated in a jurisdiction appearing in the Collectability List and (2) which is either a Tested Approved Receivable or an Untested Receivable which complies with the eligibility procedure set forth in Clause 3.3 below; it being understood that the Embraer Receivables, on the basis of the legal analysis carried out as at the date hereof showing that they do not comply with the Foreign Eligibility Conditions, will be treated as Tested Unpproved Receivables and will not be eligible for Assignment to the Factor (i) unless the Factor, at its entire discretion, accept at the request of the relevant French Seller to purchase such Receivables (provided that the Factor may at any time cease to purchase such Receivables) and (ii) provided that, on the basis that the Factor shall have recourse against the relevant French Seller pursuant to Clause 5.5 in case the Assignment of those Embraer Receivables to the Factor proves to be invalid and/or would prove to be unenforceable after notification is made to the relevant Debtor by way of a letter;
(v) the relevant Debtor shall not be an affiliated company of any of the Sellers (an affiliate being the Parent Company and any other entities that are controlled by the Parent Company);
(vi) it shall be fully capable of transfer without any Ban on Assignment; and when a consent is required (such as in case of a Ban on Assignment), such consent must have been obtained (a) to the satisfaction of the Factor, in a form and substance substantially similar to the model form of consent letter set out in Annex 10, and (b) from the relevant Debtor (acting on its behalf) or from the relevant Affiliate of that Debtor (acting on behalf of the relevant Debtor), on or prior to the date on which the Receivable is intended to be Assigned (for...
Relevant Receivables. Each Offered Receivable exists and has been originated by the Italian Seller in its own name and for its own account and is a Relevant Receivable and an Eligible Receivable;
Relevant Receivables. Each Offered Receivable exists and has been originated by the French Seller in its own name and for its own account and is a Relevant Receivable and an Eligible Receivable;