Factoring Arrangement definition

Factoring Arrangement means with respect to receivables owing from (x) either Home Depot, Inc. or ▇▇▇▇’▇ Companies, Inc. or any of their respective subsidiaries or (y) any other Person identified by the Company, a sale of such receivables by the Company or a Restricted Subsidiary to a third Person who is not an Affiliate of the Company on a non-recourse basis (except for customary representations, warranties, covenants and indemnities made in connection with such arrangements).

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Factoring Arrangement means an arrangement between a creditor and a financier in terms of which the creditor, in exchange for funding, either sells or offers as security, claims against his or her debtors: Provided that such claims are not bad or doubtful at the time they are so sold or offered as security: Provided further that no overdue debt or a claim for which a demand has been made, is part of such a factoring arrangement;

Factoring Arrangement means an arrangement whereby the Company or any of its Subsidiaries sells, on a non-recourse basis except to the extent customary in a “true sale” arrangement, its accounts receivable in connection with the collection of such accounts receivable in the ordinary course of business and to effect an acceleration of payment thereof (and not as part of a financing by the Company or any Subsidiary).

Examples of Factoring Arrangement in a sentence

Borrower is the lawful owner of all Collateral now purportedly owned or hereafter purportedly acquired by Borrower, free from all liens, claims, security interests and encumbrances whatsoever, whether voluntarily or involuntarily created and whether or not perfected, other than the Permitted Liens and liens or other encumbrances on Accounts (and property rights and interests related to such Accounts) that are sold pursuant to any Factoring Arrangement.
The Loan Parties further consent to the Administrative Agent corresponding with the counterparty to the Permitted ADM Factoring Arrangement (orally or in writing), regardless of whether any Loan Party representatives are present during any such discussions.
The Loan Parties shall, upon written request from the Administrative Agent, take such further actions, and provide such other information reports as the Administrative Agent may request regarding the Permitted ADM Factoring Arrangement, and facilitate discussion between the Administrative Agent and counterparties to the Permitted ADM Factoring Arrangement.
Not, without the prior, written consent of the Administrative Agent, amend or modify the terms of the Permitted ADM Factoring Arrangement, including, without limitation, any instructions within the Permitted ADM Factoring Arrangement for remitting payment for ADM Receivables purchased under the Permitted ADM Factoring Arrangement.
Borrower shall not, and shall not permit any of its Subsidiaries to, grant or permit to exist (voluntarily or involuntarily) any lien, claim, security interest or other encumbrance whatsoever on any of its assets, other than Permitted Liens and liens or other encumbrances on Accounts (and property rights and interests related to such Accounts) that are sold pursuant to a Factoring Arrangement.

More Definitions of Factoring Arrangement

Factoring Arrangement means an arrangement between Borrower and SunTrust Bank or another Person pursuant to which Borrower sells Accounts to such Person and the purchase price for such Accounts is paid directly to the Lock Box Account. To constitute a Factoring Arrangement hereunder, such arrangement must be made pursuant to documents, instruments and agreements reasonably satisfactory to Agent, an agreement among Agent, Borrower and the factor must be executed directing payment for such factored Accounts to the Lock Box Account and Accounts which are sold pursuant to a Factoring Arrangement shall no longer be Eligible Accounts.

Factoring Arrangement means an arrangement between Borrower and another Person pursuant to which Borrower sells Accounts to such Person and the purchase price for such Accounts is paid directly to the Lock Box Account. To constitute a Factoring Arrangement hereunder, such arrangement must be made pursuant to documents, instruments and agreements reasonably satisfactory to Administrative Agent and an agreement among Administrative Agent, Borrower and the factor must be executed within ten days following the Closing Date directing payment for such factored Accounts to the Lock Box Account and Accounts which are sold pursuant to a Factoring Arrangement shall no longer be Eligible Accounts.

Factoring Arrangement means a Non-Recourse Factoring Arrangement or a Recourse Factoring Arrangement. The “amount” or “principal amount” of any Factoring Arrangement shall be deemed at any time to be (1) the aggregate principal or stated amount of the Indebtedness, fractional undivided interests (which stated amount may be described as a “net investment” or similar term reflecting the amount invested in such undivided interest) or other securities incurred or issued pursuant to such Factoring Arrangment, in each case outstanding at such time, or (2) in the case of any Factoring Arrangement in respect of which no such Indebtedness, fractional undivided interests or securities are incurred or issued, the cash purchase price paid by the buyer in connection with its purchase of the applicable Securitization Receivables less the amount of collections received in respect of such Securitizations Receivables and paid to such buyer, excluding any amounts applied to purchase fees or discount or in the nature of interest.

Factoring Arrangement means (a) the arrangement between the Borrower and JPMorgan Chase Bank, N.A. evidenced by that certain Stand-By Claims Purchase Agreement dated as of March 1, 2010 between the Borrower and JPMorgan Chase Bank, N.A., which is subject to that certain Assignment Agreement for Proceeds of Stand-By Agreement dated as of July 16, 2010 among the Borrower, JPMorgan Chase Bank, N.A. and the Administrative Agent and (b) any arrangement between the Borrower and another Person pursuant to which the Borrower sells Receivables to such Person and the purchase price for such Receivables is paid directly to a Concentration Account. To constitute a Factoring Arrangement hereunder, (i) such arrangement must be made pursuant to documents, instruments and agreements reasonably satisfactory to the Administrative Agent (it being understood and agreed that the Administrative Agent has deemed the arrangement described in clause (a) of this definition as satisfactory), (ii) an agreement among Administrative Agent, the Borrower and the factor must be executed directing payment for such factored Receivables to a Concentration Account and (iii) Receivables which are sold pursuant to a Factoring Arrangement shall no longer be deemed to be Eligible Receivables.

Factoring Arrangement means the Factoring Agreement and the Receivables Servicing Agreement, each dated February 5, 1998, between AVEX Electronics Limited and J.M. Huber Finance Corporation

Factoring Arrangement means an Arrangement entered into pursuant to a Factoring

Factoring Arrangement means the entire contractual relationship pursuant to which a Client’s Accounts are factored and shall include, without limitation, the Purchase and Sale Agreement or Confirmation of Transaction (as applicable), the Client Obligations, the Collateral, and all other sources of repayment.