Factor Client definition
Examples of Factor Client in a sentence
If required by Factor, Client shall submit to Factor credit memos itemized on a separate Schedule of Accounts for all returns and allowances made during the previous week.
Upon demand by Factor, Client shall pay to Factor the full amount of a Client Risk Account, together with all expenses incurred by Factor up to the date of such payment, including reasonable attorney’s fees in attempting to collect or enforce such payment or payment of such Account(s).
In order to secure the payment of all Account Advances and Obligations of Client to Factor, Client hereby grants to Factor a first priority security interest in and lien upon and assigns, mortgages and pledges to Factor all of Client’s right, title and interest in and to all of Client’s presently existing or hereafter arising Collateral wherever located.
For invoices electronically transmitted to Factor, Client shall also (A) retain and furnish Factor at Factor's request legible copies of sales schedules and registers, as well as duplicate originals of the invoices, and (B) reproduce for Factor at Factor's request any and all such electronic transmissions.
For invoices electronically transmitted to Factor, Client shall also (i) retain and furnish Factor at Factor's request legible copies of sales schedules and registers, as well as duplicate originals of the invoices, and (ii) reproduce for Factor at Factor's request any and all such electronic transmissions.
Without prior notice to Factor, Client shall accept no returns greater than $10,000 at any one time and shall grant no allowance or credit to any Customer greater than $10,000 at any one time.
For invoices electronically transmitted to Factor, Client shall also (i) retain and furnish Factor at Factor’s request legible copies of sales schedules and registers, as well as duplicate originals of the invoices, and (ii) reproduce for Factor at Factor’s request any and all such electronic transmissions.
Except as it relates to Factor, Client has not permitted and shall not permit any lien, encumbrance or security interest to be created upon its assets, or any of them, including but not limited to its accounts receivable and inventory, without the prior written consent of Crossroads.
In order to secure the payment of all Account Advances, Inventory Advances and Obligations of Client to Factor, Client hereby grants to Factor a security interest in and lien upon and assigns, mortgages and pledges to Factor all of Client’s right, title and interest in and to all of Client’s presently existing or hereafter arising Collateral wherever located.
In the event that Client receives a payment which is comprised of monies belonging partially to Client and partially to Factor, Client shall immediately turn over said payment, in its original form, duly endorsed over, to Factor, and Factor shall, upon clearance by Factor's bank of the payment instrument, forward a check to Client for Client's portion of the payment.