Common use of Sale of Accounts Receivable Clause in Contracts

Sale of Accounts Receivable. Sell or otherwise dispose of any account receivable, including any sale or transfer to any Subsidiary of the Borrower, except that (a) any Subsidiary of the Borrower may sell or transfer any of its accounts receivable to the Borrower, (b) the Borrower or any Subsidiary of the Borrower may sell its accounts receivable in the ordinary course of business consistent with the Borrower's or such Subsidiaries' collection practices as in effect from time to time and not as part of a financing and (c) the Borrower or any Participating Subsidiary may sell or otherwise grant an interest in its Receivables to StoneSub, and StoneSub may sell or otherwise grant an interest in its Receivables to other Persons, in each case pursuant to the Accounts Receivable Financing Program. In addition to the foregoing, the Borrower or any Subsidiary eligible to be a Participating Subsidiary may directly sell interests in Receivables to a financial institution or other Person (whether on a revolving purchase basis or in a one-time transaction); provided, however, that all such sales shall be on terms (considered as a whole) not materially more onerous to the Borrower and the Lenders than those permitted for sales by StoneSub to the Issuer under the Receivables Financings in existence on the Closing Date; and provided further, that any such sales of receivables shall, for all other purposes of this Agreement, and regardless of the treatment thereof by the Borrower on its financial statements, be deemed to be an incurrence by the Borrower of Indebtedness for Money Borrowed in respect of the financing of the receivables involved and not as a sale of such receivables; and provided further, that the aggregate of the Indebtedness for Money Borrowed deemed to have been incurred and at any time outstanding pursuant to this sentence shall reduce on a dollar-for-dollar basis the aggregate principal amount of Indebtedness for Money Borrowed which StoneSub is permitted to have outstanding at any time under Section 5.2.2(p) pursuant to Receivables Financings. Notwithstanding anything in this Section to the contrary, S-CC and its Subsidiaries shall be permitted to dispose of any account receivable to the extent not prohibited by the S-CC Debt Documents.

Sale of Accounts Receivable. Sell Anything in Section 8.3 to the contrary notwithstanding, the Borrower will not, nor will it permit any Subsidiary to, sell, with or without recourse, transfer, assign, encumber or otherwise dispose of any account of its note or accounts receivable, including any sale leases or transfer chattel paper (collectively referred to in this Section as "Accounts Receivable") to any Subsidiary of the BorrowerPerson, except that that: (a) The Borrower or any Subsidiary of the Borrower may sell or transfer otherwise dispose of any of its accounts receivable Accounts Receivable to the Borrower, (b) the Borrower or any Subsidiary on terms and conditions, which are in compliance with Section 8.9. (b) The Borrower or any Subsidiary may enter into any arrangement with another Person pursuant to which such Person collects the Accounts Receivable of the Borrower may sell its accounts receivable in the ordinary course of business consistent with the Borrower's or such Subsidiaries' collection practices Subsidiary on behalf of the Borrower or such Subsidiary, so long as in effect from time such arrangement does not provide for any transfer of title to, or any other interest in, such Accounts Receivable to time and not as part of a financing and such Person. (c) the The Borrower or any Participating Subsidiary may sell or otherwise grant dispose of its Foreign Accounts to any Person for the purposes of collection, provided that the aggregate face amount of all such Foreign Accounts so transferred by the Borrower and its Subsidiaries during any fiscal year of the Borrower shall not exceed an interest in amount equal to 20% of the gross Accounts Receivable of the Borrower and its Receivables Subsidiaries as of the last day of the Borrower's immediately preceding fiscal year and determined from the Borrower's consolidated balance sheet delivered pursuant to StoneSub, and StoneSub Section 9.7(a). (d) The Borrower or any Subsidiary may sell or otherwise grant an dispose of its interest in its notes or accounts receivable on a limited recourse basis, provided that such transfer qualifies as a sale under GAAP and that the amount of such financing does not exceed $50,000,000 at any one time outstanding (the "Receivables to other Persons, in each case pursuant to the Accounts Receivable Financing Program. In addition to the foregoing, the Securitization"). (e) The Borrower or any Subsidiary eligible to be a Participating Subsidiary may directly sell interests in Receivables to a financial institution or other Person (whether on a revolving purchase basis or in a one-time transaction); provided, however, that all such sales shall be on terms (considered as a whole) not materially more onerous to the Borrower and the Lenders than those permitted for sales by StoneSub to the Issuer under the Receivables Financings in existence on the Closing Date; and provided further, that any such sales of receivables shall, for all other purposes of this Agreement, and regardless of the treatment thereof by the Borrower on its financial statements, be deemed to be an incurrence by the Borrower of Indebtedness for Money Borrowed in respect of the financing of the receivables involved and not as a sale of such receivables; and provided further, that the aggregate of the Indebtedness for Money Borrowed deemed to have been incurred and at any time outstanding pursuant to this sentence shall reduce on a dollar-for-dollar basis the aggregate principal amount of Indebtedness for Money Borrowed which StoneSub is permitted to have outstanding at any time under Section 5.2.2(p) pursuant to Receivables Financings. Notwithstanding anything in this Section to the contrary, S-CC and its Subsidiaries shall be permitted to otherwise dispose of any account receivable to the extent not prohibited by the S-CC Debt Documentsa Payment Note.

Sale of Accounts Receivable. Sell or otherwise dispose of any account receivable, including any sale or transfer to any Subsidiary of the Borrower, except that (a) any Subsidiary of the Borrower may sell or transfer any of its accounts receivable to the Borrower, (b) the Borrower or any Subsidiary of the Borrower may sell its accounts receivable in the ordinary course of business consistent with the Borrower's or such Subsidiaries' collection practices as in effect from time to time and not as part of a financing and (c) the Borrower or any Participating Subsidiary may sell or otherwise grant an interest in its Receivables to StoneSub, and StoneSub may sell or otherwise grant an interest in its Receivables to other Persons, in each case pursuant to the Accounts Receivable Financing Program. In addition to the foregoing, the Borrower or any Subsidiary eligible to be a Participating Subsidiary may directly sell interests in Receivables to a financial institution or other Person (whether on a revolving purchase basis or in a one-time transaction); providedPROVIDED, howeverHOWEVER, that all such sales shall be on terms (considered as a whole) not materially more onerous to the Borrower and the Lenders than those permitted for sales by StoneSub to the Issuer under the Receivables Financings in existence on the Closing Date; and provided furtherPROVIDED FURTHER, that any such sales of receivables shall, for all other purposes of this Agreement, and regardless of the treatment thereof by the Borrower on its financial statements, be deemed to be an incurrence by the Borrower of Indebtedness for Money Borrowed in respect of the financing of the receivables involved and not as a sale of such receivables; and provided furtherPROVIDED FURTHER, that the aggregate of the Indebtedness for Money Borrowed deemed to have been incurred and at any time outstanding pursuant to this sentence shall reduce on a dollar-for-dollar basis the aggregate principal amount of Indebtedness for Money Borrowed which StoneSub is permitted to have outstanding at any time under Section SECTION 5.2.2(p) pursuant to Receivables Financings. Notwithstanding anything in this Section to the contrary, S-CC and its Subsidiaries shall be permitted to dispose of any account receivable to the extent not prohibited by the S-CC Debt Documents.