Factoring Credit Balances definition

Factoring Credit Balances means the monies and credit balances due or to become due to any Borrower from any Factor under its Factoring Agreement with a Borrower arising from the sale by a Borrower of Factored Accounts to such Factor as calculated and determined under the Factoring Agreements.
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Factoring Credit Balances means the aggregate of outstanding Receivables factored by the Borrowers with the Factors at the Factors' credit risk, less customer disputes, reserves and deductions.
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Factoring Credit Balances has the meaning set forth in the Senior Credit Agreement.
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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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.


More Definitions of Factoring Credit Balances

Factoring Credit Balances the aggregate of the outstanding net amount payable by the Factors to Borrowers at any time for Accounts factored under the Factoring Agreements by Borrowers with the Factors so long as such Accounts would satisfy all of the criteria for Eligible Accounts, as determined by Lender, in its Permitted Discretion, except that such Account is a Factored Account. FATCA: Sections 1471 through 1474 of the Code (including any amended or successor version if substantively comparable and not materially more onerous to comply with), and any agreements entered into pursuant to Section 1471(b)(1) of the Code.
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Factoring Credit Balances means amounts due from a Factor to the Borrower which have been assigned to the Agent for the benefit of the Lenders and the Disbursing Agent.
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Factoring Credit Balances means the aggregate of the outstanding Reserve Balance for accounts receivable factored by the Borrower with the Factor at the Factor's credit risk.
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Related to Factoring Credit Balances

  • Credit Balance means the funds remaining and due to a Student after such Student’s loans and other financial aid remittances, including but not limited to Title IV Higher Education Act program funds, have been credited to the Student’s account at School.

  • Outstanding Credits means, on any date of determination, the sum of (i) the aggregate principal amount of all Loans outstanding on such date plus (ii) the LC Outstandings on such date. The Outstanding Credits with respect to any Lender at any time shall be its Commitment Percentage of the total Outstanding Credits at such time.

  • Credit Card Advance Rate means 90%.

  • Advance Rate has the meaning assigned to such term in Section 5.13.

  • Aggregate Loan Group Balance As to any Loan Group and as of any date of determination, will be equal to the aggregate of the Stated Principal Balances of the Mortgage Loans in that Loan Group, except as otherwise provided, as of the last day of the related Collection Period.

  • Asset Balance means, for any Payment Date, the Pool Balance as of the beginning of the current Collection Period.

  • Inventory Advance Rate shall have the meaning set forth in Section 2.1(a)(y)(ii) hereof.

  • Revolving Credit Availability means, at any particular time, the amount by which the Aggregate Revolving Loan Commitment at such time exceeds the Revolving Credit Obligations outstanding at such time.

  • Loan Group Balance As to each Loan Group, the aggregate of the Stated Principal Balances of the Mortgage Loans in such Loan Group that were Outstanding Mortgage Loans at the time of determination.

  • Advance Rates shall have the meaning set forth in Section 2.1(a) hereof.

  • Aggregate Revolving Credit Exposure means the aggregate amount of the Lenders’ Revolving Credit Exposures.

  • Committed Revolving Line means a credit extension of up to Two Million Dollars ($2,000,000).

  • Debit Balance means, as of any date, the dollar amount, if any, representing each of: (1) the aggregate Annual Charge, accrued in accordance with Section 3.4(g)(i); and (2) any Leveraged Principal Amount (together with any pro rata Interest Amounts determined in accordance with Section 3.4(g)(ii), if applicable), as reduced by any distributions recorded from ML Ventures Units recorded in a Participant’s Account in accordance with Section 3.4(e).

  • Revolving Credit means the credit facility for making Revolving Loans and issuing Letters of Credit described in Sections 1.1 and 1.2 hereof.

  • Revolving Interest Rate means an interest rate per annum equal to (a) the sum of the Alternate Base Rate plus the Applicable Margin with respect to Domestic Rate Loans and (b) the sum of the Eurodollar Rate plus the Applicable Margin with respect to Eurodollar Rate Loans.

  • Customer Credit Liabilities means at any time, the aggregate remaining value at such time of (a) outstanding gift certificates and gift cards of the Borrowers entitling the holder thereof to use all or a portion of the certificate or gift card to pay all or a portion of the purchase price for any Inventory, and (b) outstanding merchandise credits of the Borrowers.

  • Group I Loans The Mortgage Loans designated on the Mortgage Loan Schedule as Group I Loans.

  • Aggregate Borrowing Base means the aggregate amount of the U.S. Borrowing Base and the Canadian Borrowing Base; provided that the maximum amount of the Canadian Borrowing Base which may be included in the Aggregate Borrowing Base is the Canadian Sublimit.

  • Revolving Credit Limit has the meaning set forth in the Schedule.

  • Total Revolving Credit Exposure means, as to any Revolving Lender at any time, the unused Commitments and Revolving Exposure of such Revolving Lender at such time.

  • Revolving Credit Obligations means, at any particular time, the sum of (i) the outstanding principal amount of the Revolving Loans at such time, plus (ii) the outstanding principal amount of the Swing Line Loans at such time, plus (iii) the outstanding L/C Obligations at such time.

  • Loan Group IV The group of Mortgage Loans comprised of the Group IV Loans.

  • FTR Credit Limit means the amount of credit established with PJMSettlement that an FTR Participant has specifically designated to be used for FTR activity in a specific customer account. Any such credit so set aside shall not be considered available to satisfy any other credit requirement the FTR Participant may have with PJMSettlement.

  • Aggregate Revolving Credit Outstandings shall have the meaning provided in Section 5.2(b).

  • Eligible Credit Card Receivables means at the time of any determination thereof, each Credit Card Receivable that satisfies the following criteria at the time of creation and continues to meet the same at the time of such determination: such Credit Card Receivable (i) has been earned by performance and represents the bona fide amounts due to a Borrower from a credit card payment processor and/or credit card issuer, and in each case originated in the ordinary course of business of such Borrower, and (ii) is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (k) below. Without limiting the foregoing, to qualify as an Eligible Credit Card Receivable, an Account shall indicate no Person other than a Borrower as payee or remittance party. In determining the amount to be so included, the face amount of an Account shall be reduced by, without duplication, to the extent not reflected in such face amount, (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges or other allowances (including any amount that a Borrower may be obligated to rebate to a customer, a credit card payment processor, or credit card issuer pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in respect of such Account but not yet applied by the Loan Parties to reduce the amount of such Credit Card Receivable. Any Credit Card Receivables meeting the foregoing criteria shall be deemed Eligible Credit Card Receivables but only as long as such Credit Card Receivable is not included within any of the following categories, in which case such Credit Card Receivable shall not constitute an Eligible Credit Card Receivable:

  • Existing Revolving Credit Class shall have the meaning provided in Section 2.14(g)(ii).