Factoring Account definition

Factoring Account. The designated account that Party B opens under the Contract with Party A for the purposes of collecting accounts receivable, deducting factoring financing principal and interests and payment of factoring balance; the only eligible account for collecting the accounts receivable under this Contract;
Factoring Account means a special account that is opened by Party A under Party B’s services and used for collecting account receivables, deducting principal and interests of factoring financing, paying factoring balance, which is the solely legitimate account for collecting account receivables under this Contract;
Factoring Account means an account established and maintained by the Bank to record all sums payable or paid to the Seller, all payments received in relation to Debts and all charges, expenses and other sums payable or paid by the Seller to the Bank under this Agreement;

Examples of Factoring Account in a sentence

  • Factoring account receivable gives one immediate access to cash.Presently none of the financial institutions in the country offer such services which we believe when it is up and running, the country’s SMEs can discount their invoices for immediate cash that currently takes up to 30 days to have them settled.

  • Factoring account invoices will be issued timeously on a quarterly basis in accordance with the factoring policy.

  • Factoring account receivable can be also seen as an economic decision whereby a specialized firm assumes the responsibility for the administration and control of a company's debtor portfolio.

  • The companies that had written or wire transferred the funds to into that account.Q. So the ones that wired the funds into the Spectrum Factoring account were the participating companies attributed to Kyle Kimoto?A.


More Definitions of Factoring Account

Factoring Account. Account on which the purchased Receivables are booked in their aggregate amount.
Factoring Account is the account with the Bank on which the credit is booked.
Factoring Account has the meaning ascribed thereto in Clause 11.1;
Factoring Account means any contract or agreement (including any schedule, addendum or amendment thereto or assignment, assumption, renewal or novation thereof) and any ancillary agreements, documents or instruments relating thereto, pursuant to which a Person (i) agrees to acquire (whether initially or as an assignee) or assume a risk of nonpayment for Receivables, whether or not relating to the purchase of Receivables or the advancing of funds in anticipation of payment of Receivables, or (ii) agrees to grant credit in respect of Receivables which the Person has the right or obligation to acquire.
Factoring Account has the meaning attached to it in article 6.6 of these General Terms and Conditions; Factoring Agreement — General Terms and Conditions 1/8 Factoring Fee has the meaning attached to it in the Special Terms and Conditions; Financing Limit has the meaning attached to it in the Special Terms and Conditions; Financing Percentage has the meaning attached to it in the Special Terms and Conditions;

Related to Factoring Account

  • Clearing Account Agreement means that certain agreement relating to clearing account services by and among Mortgage Borrower, Lender and Clearing Account Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to the operation and maintenance of, and application of funds in, the Clearing Account.

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Funding Accounts has the meaning assigned to such term in Section 4.01(h).

  • Collection Account Control Agreement means that certain Collection Account Control Agreement, to be entered into by and among the Borrower, the Lender and Bank, with respect to the Collection Account, in form and substance acceptable to the Lender and the Borrower, as the same may be amended, modified or supplemented from time to time.

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Concentration Account Agreement as defined in subsection 4.16(b).

  • Clearing Account has the meaning set forth in Section 2.7.1 hereof.

  • Collection Account Agreement means an agreement substantially in the form of Exhibit VI among Originator, Seller, the Agent and a Collection Bank.

  • Financing Accounts means, collectively, the Credit Account and the Grant Account (or, where the context so requires, either of the Credit Account or the Grant Account).”

  • Billing Account is the checking account from which all Service fees will be automatically debited.

  • Collection Accounts As defined in Section 3.10(a).

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Control Account means a Securities Account or Commodities Account that is the subject of an effective Securities Account Control Agreement and that is maintained by any Loan Party with an Approved Securities Intermediary. “Control Account” includes all Financial Assets held in a Securities Account or a Commodities Account and all certificates and instruments, if any, representing or evidencing the Financial Assets contained therein.

  • Facility Account means the account of Seller at Bank One, Account ---------------- No. 10-36987.

  • Control Account Agreement means any tri-party agreement by and among a Loan Party, the Administrative Agent and a depositary bank or securities intermediary at which such Loan Party maintains a Controlled Account, in each case in form and substance satisfactory to the Administrative Agent.

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

  • Disbursement Account means any Deposit Account maintained by Borrower with a financial institution for the purpose of receiving and disbursing the proceeds of Loans made pursuant hereto.

  • Designated Accounts as used in any security agreement means both the Designated Accounts hereunder and the “Designated Accounts” in the comparable agreement entered into with respect to any other Pledgor.

  • Cash Management Account has the meaning set forth in Section 2.7(a).

  • Credit Card Account means the Account of the Cardmember opened with Maybank for the purpose of this Agreement;

  • Disbursement Accounts has the meaning ascribed to it in Annex C.

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Custodial Accounts Each Custodial Account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Servicing Agreement with respect to the Mortgage Loans.

  • Financial Account means an account maintained by a Financial Institution, and includes:

  • Management Accounts means unaudited accounts which shall incorporate a profit and loss statement, cash flow statement and balance sheet.