Factored Receivable definition

Factored Receivable means, with respect to any Originator, any right to payment for goods sold or services performed by such Originator existing on or after the Initial Cutoff Date which is sold or pledged to any factor and designated on such Originator's accounting system with code "C", "D", "S", "I" or any other code identified as such in writing by the Originator to the Buyer (and, as long as the Credit and Security Agreement remains in effect, the Agent as the Buyer's assignee), or which directs that payment be made to a factor other than the Buyer.

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Factored Receivable means the indebtedness of any Obligor resulting from the provision or sale of goods or services by an Originator under a Contract, and includes the right to payment of any interest or finance charges and other obligations of such Obligor with respect thereto that has been acquired by the Purchaser, either by purchase or by capital contribution pursuant to this Agreement, and that:

Factored Receivable means a Receivable created by or owing to a Borrowing Base Entity that has been factored pursuant to a Permitted Factoring Arrangement.

Examples of Factored Receivable in a sentence

If we fail for any reason to provide you with copies of invoices (or other necessary documentation requested) for a Factored Receivable or proof of shipment or delivery within a reasonable period of time after request by you , which will mean within thirty (30) days or less, for any Factored Receivable for which you have granted Credit Approval (as hereinafter defined), such Credit Approval shall automatically be withdrawn and you shall have no liability with respect to such Factored Receivable .
If we fail for any reason to provide you with copies of invoices (or other necessary documentation requested) for a Factored Receivable or proof of shipment or delivery within a reasonable period of time after request by you, which will mean within thirty (30) days or less, for any Factored Receivable for which you have granted Credit Approval (as hereinafter defined), such Credit Approval shall automatically be withdrawn and you shall have no liability with respect to such Factored Receivable.
On the last day of each month, Factor shall ------------- credit Borrower's account with interest at the Matured Funds Rate in effect during such month on the average daily balance during such month of any amounts payable by Factor to Borrower hereunder (as confirmed by Factor by appropriate credit to Borrower's account with Factor) which are not drawn by Borrower on the Factored Receivable Payment Date, while held by Factor after the Factored Receivable Payment Date.
The Fixed Discount shall be payable on the Accrual Termination Date, unless the Factored Receivable is declared by GCBC to be an Ineligible Receivable.
Such amount is non-refundable, fully earned upon the purchase of a Factored Receivable, and is not subject to reimbursement, regardless of any retransfer or repurchase of the Receivable following its original sale to GCBC.
GCBC shall be entitled to withhold payment to the Company of the Residual Payment for a Factored Receivable if an Event of Default exists, if it is determined that it is an Ineligible Receivable or if GCBC in its sole and absolute discretion believes that such balance should be held in the Reserve Account to provide adequate available balances for existing or potential charges against the Reserve Account.
Factor is hereby authorized to notify each Customer of a Factored Receivable to make payments directly to Factor.
The purchase price will be payable on the Factored Receivable Payment Date.
SPX will deposit, or cause to be deposited, all Collections of Receivables other than Factored Receivable Collections into Lock-Box Accounts.
The sale of each Factored Receivable shall be deemed perfected and absolute upon the payment by GCBC of the Initial Payment therefor.

More Definitions of Factored Receivable

Factored Receivable means any Receivable that has been the subject of a Factoring Agreement between the Originator thereof as vendor and the Seller thereof as factor.

Factored Receivable a Receivable which has been purchased by GCBC from Company hereunder.

Factored Receivable means any Account Receivable of a Client in which the Company or any of its Subsidiaries took a security interest or other interest or purchased pursuant to a Factoring Transaction.