Examples of Factoring Credit Balances in a sentence
No effective financing statements or other instrument similar in effect covering all or any part of the Collateral is on file or recorded in any filing or recording office save for the financing statements filed in connection with the above-mentioned Factoring Agreement and Assignment of Factoring Credit Balances Agreement.
Unless this Financing Agreement expressly provides otherwise, so long as no Event of Default shall have occurred and remain outstanding, CIT agrees to apply (i) all Proceeds of Trade Accounts Receivable, Wal-Mart Letters of Credit, Inventory and the Factoring Credit Balances to the Revolving Loan Account and (ii) any other payment received by CIT with respect to the Obligations, in such order and manner as CIT shall elect in the exercise of its reasonable business judgment.
A Borrower shall notify Agent promptly of any event or circumstance which to such Borrower's knowledge would cause Agent to consider any then existing Factoring Credit Balance or Inventory as no longer constituting Eligible Factoring Credit Balances or Eligible Inventory, as the case may be.
For so long as Availability equals or exceeds $5,000,000 and no Default or Event of Default exists, Borrower shall be permitted to receive from the Lockbox Banks all payments or other remittances of Accounts and other proceeds of the Collateral received in the Lockboxes, and to receive from each Factor the Factoring Credit Balances.
Within 60 days of the Closing Date, the Borrower shall use commercially reasonable efforts to obtain a duly executed Assignment of Factoring Credit Balances Agreement, in form and substance satisfactory to the Agent, from the credit insurance company under the Factor Guaranties.
Subject to the provisions of Section 3.5 below, CIT will credit the Revolving Loan Account with all amounts received by CIT from each Depository Account or from others for the Companies' account, including, as set forth above, all amounts received by CIT in payment of Trade Accounts Receivable and the Factoring Credit Balances, and such amounts will be applied to payment of the Obligations in the order and manner set forth herein.
If Accounts in an aggregate face amount of $250,000 or more cease to be Eligible Accounts or Eligible Factoring Credit Balances, as applicable, Borrowers shall notify Lender of such occurrence promptly (and in any event within two Business Days) after any Borrower has knowledge thereof.
Contemporaneously with the execution of any future Factor Guaranties, Borrowers shall obtain duly executed Assignment of Factoring Credit Balances Agreements, in form and substance satisfactory to the Agent.
Contemporaneously with the execution of any future Factor Guaranties, Borrower shall obtain duly executed Assignment of Factoring Credit Balances Agreements, in form and substance satisfactory to the Agent.
Toymax shall have executed and delivered to the Agent the Toymax Assignment of Factoring Credit Balances Agreement and Funnoodle shall have executed and delivered to the Agent the Funnoodle Assignment of Factory Credit Balances Agreement.