Assignment of Factoring Proceeds definition

Assignment of Factoring Proceeds means any Assignment of Factoring Credit Balance and Proceeds Agreement among a Borrower, the Factor and Agent, in each case, in form and substance reasonably satisfactory to Agent, pursuant to which, among other things, the Factor (a) agrees not to make any loans or advances to such Borrower or any other Loan Party, or to guaranty on behalf of such Borrower or any other Loan Party any Indebtedness or other obligations, (b) agrees to waive the right of setoff against any Accounts (or proceeds thereof) of amounts owed by such Borrower or any other Loan Party to the Factor (or Factor’s other clients) arising out of claims or accounts receivable owed by such Borrower or any other Loan Party to such other clients of Factor or other third parties, and (c) agrees that, except with respect to Factored Accounts with respect to which the Factor pays the purchase price therefor in accordance with the terms of the Factoring Agreement and such Assignment of Factoring Credit Balance and Proceeds Agreement, the Factor has no ownership of or security interest in any Accounts of such Borrower.

Assignment of Factoring Proceeds means, collectively, the Assignment of Factoring Proceeds between each Factor, the Borrower and the Agent pursuant to which the Borrower assigns the Factoring Credit Balances to the Agent for the benefit of itself, the Lenders and the Disbursing Agent.

Assignment of Factoring Proceeds means, the Assignment of Factoring Proceeds among Agent, Factor, and Borrower dated as of December 19, 2008, as such agreement may be supplemented, modified, amended, amended and restated, or replaced from time to time with the consent of Agent.

Examples of Assignment of Factoring Proceeds in a sentence

• G-III, CIT as Factor and Agent shall have entered into the Assignment of Factoring Proceeds Agreement, in form and substance satisfactory to Agent.

• The Borrowers, Factor, Collateral Agent and Revolving Loan Agent shall have executed and delivered the Assignment of Factoring Proceeds Agreement.

• The Factoring Agreement with CIT shall remain in full force and effect, provided, however, that CIT and the Company shall have entered into (i) an amendment thereto which shall provide that no further advances or purchases of Accounts shall be made thereunder and (ii) the Assignment of Factoring Proceeds Agreement which shall provide, inter alia, that all monies payable to the Company pursuant to the Factoring Agreement shall be paid directly to CIT in its capacity as the lender hereunder.

• Subsidiary shall mean a Subsidiary that is organized under the laws of the United States of America or any State thereof Due from Factor Receivables shall mean amounts due from Factor with respect to Trade Accounts Receivable generated in the ordinary course of business of the Companies which are purchased in each case by Factor under the Factoring Agreement and are and continue to be subject to the Assignment of Factoring Proceeds Agreement and which are and continue to be credit approved by Factor.

• Each Lender hereby authorizes and directs the Agents to enter into the Intercreditor Agreement, the Shareholder Subordination Agreement and the Assignment of Factoring Proceeds Agreement, agrees to be bound by the terms thereof and consents to any and all actions taken by the Agents in accordance with the terms thereof.

More Definitions of Assignment of Factoring Proceeds

Assignment of Factoring Proceeds means the Assignment of Factoring --------------------------------- Proceeds dated the Closing Date between Borrower and Factor.

Assignment of Factoring Proceeds means, with respect to any Factoring Agreement, an assignment of factoring proceeds consented to in writing by the applicable Factor and otherwise in form and substance satisfactory to the Agent.

Assignment of Factoring Proceeds means the Assignment and Intercreditor Agreement, dated as of January 28, 2016, by and among Factor, Xxxxxx Xxxxxx Designs, LLC, Xxxxxx Clothing, LLC, Term Loan Agent and Lender.

Assignment of Factoring Proceeds means, (a) the Assignment of Factoring Proceeds among Agent, Initial Factor and Borrower dated as of the Closing Date and (b) on and after the date Borrower enters into a Factoring Agreement with a Factor other than Initial Factor, the Assignment of Factoring Proceeds and Intercreditor Agreement among Agent, such Factor and Borrower dated as of such date, which shall be in form and substance satisfactory to Agent in all respects.

Assignment of Factoring Proceeds. AGREEMENT shall mean the Assignment of Factoring Proceeds dated as of the Closing Date, among Factor, CIT and the Company, pursuant to which, inter alia, the Company assigns and transfers to CIT all of its rights to the proceeds or monies due it under the Factoring Agreement.

Assignment of Factoring Proceeds means the document by that name, [dated the Agreement Date], as amended, among the Borrower, the Factor, and the Agent.

Assignment of Factoring Proceeds means the Assignment of Factoring Proceeds among Agent, Factor and Borrower dated as of the Closing Date.