Permitted Factoring Arrangement. Any transaction or series of transactions that may be entered into by any Borrower or any of its Subsidiaries pursuant to which such Borrower or any such Subsidiary may sell, convey or otherwise transfer to an Acceptable Purchaser, and in connection therewith may grant a security interest in, any Receivables Assets of such Borrower or any of its Subsidiaries, in each case, on a non-recourse basis (except for Permitted Receivables Repurchase/Indemnity Obligations) on terms reasonably acceptable to the Agent.
Permitted Factoring Arrangement means any transaction or series of transactions entered into by any Borrower or any Subsidiary pursuant to which any Borrower or such Subsidiary sells, conveys, assigns or otherwise transfers Factoring Assets to a Qualified Factoring Agent in return for the simultaneous payment of a purchase price in immediately available funds; provided that such transaction is on customary market terms as determined in good faith by the board of directors of the Borrower Representative.
Permitted Factoring Arrangement means the sale by the Borrower or any of its Subsidiaries of accounts receivable owed by General Electric Company and/or any of its Subsidiaries or Affiliates pursuant to (a) that certain Receivables Purchase Agreement dated February 5, 2020 by and between the Borrower and MUFG Union Bank, N.A. so long as such sale is in the ordinary course of business consistent with past practice of the Borrower and (b) any material modification or any other receivables purchase agreement in form and substance (and with respect to which the amount of factoring pursuant thereto is) reasonably acceptable to the Administrative Agent; provided, that in each case, (i) such arrangement is on market and customary terms and (ii) such factoring program is non-recourse to the Borrower and to any of its Subsidiaries.
Examples of Permitted Factoring Arrangement in a sentence
Upon the actual sale of accounts pursuant to such Permitted Factoring Arrangement (such sold accounts being "FACTORED ACCOUNTS"), the Lien of the Collateral Agent shall be automatically released pursuant to the Security Agreement.
Agree to any amendment, restatement, supplement or other modification to, or waiver of, any of its material rights under any Permitted Factoring Arrangement if such amendment, restatement, supplement or other modification to, or waiver of material rights, would be adverse in any material respect to the interests of the Lenders, without obtaining the prior written consent of the Required Lenders to such amendment, restatement, supplement or other modification or waiver.
The cooled air is then distributed via ductwork to the conditioned space, while a compressor is used to further raise the refrigerant temperature before the refrigerant transfers heat to the atmosphere through another heat exchanger (i.e. condenser coil).
More Definitions of Permitted Factoring Arrangement
Permitted Factoring Arrangement means any factoring arrangement entered into by the Issuer, Parent Guarantor or any Subsidiary Guarantor, whereby the Issuer, Parent Guarantor or any Subsidiary Guarantor, as applicable, agrees to assign and sell from time to time to a financial institution or third- party factor its right, title and interest in certain of its Receivables Assets (which, for the avoidance of doubt, shall include any draft or invoice sold under a draft purchase agreement or similar supply chain finance arrangement), provided, that in connection therewith, all of the following conditions are satisfied as determined by the administrative agent in its discretion: (i) the Issuer, Parent Guarantor or any Subsidiary Guarantor, as applicable, does not grant any Liens on any Collateral other than a Lien on those Receivables Assets sold pursuant to the terms of a Permitted Factoring Arrangement; (ii) any borrowing base calculation under the definition of ABL Debt Cap shall exclude all sold Receivables Assets; and (iii) the purchase price with respect to any sold Receivables Assets is paid in cash in accordance with the terms of the Permitted Factoring Arrangement.
Permitted Factoring Arrangement means any factoring arrangement entered into by the Issuer, Parent Guarantor or any Subsidiary Guarantor, whereby the Issuer, Parent Guarantor or any Subsidiary Guarantor, as applicable, agrees to assign and sell from time to time to a financial institution or third-party factor its right, title and interest in certain of its Receivables Assets (which, for the avoidance of doubt, shall include any draft or invoice sold under a draft purchase agreement or similar supply chain finance arrangement), provided that in connection therewith, all of the following conditions are satisfied as determined by the administrative agent in its discretion: (i) the Issuer, Parent Guarantor or any Subsidiary Guarantor, as applicable, does not grant any Liens on any Collateral other than a Lien on those Receivables Assets sold pursuant to the terms of a Permitted Factoring Arrangement; (ii) any borrowing base calculation under the definition of ABL Debt Cap shall exclude all sold Receivables Assets; and (iii) the purchase price with respect to any sold Receivables Assets is paid in cash in accordance with the terms of the Permitted Factoring Arrangement.
Permitted Factoring Arrangement. Any transaction or series of transactions that may be entered into by any Borrower or any of its Subsidiaries pursuant to which such Borrower or any such Subsidiary may sell, convey or otherwise transfer to an Acceptable Purchaser, and in connection therewith may grant a security interest in, any Receivables Assets of such Borrower
Permitted Factoring Arrangement means an arrangement under which a Loan Party or a Subsidiary sells (and creates a security interest therein as a sale of accounts pursuant to Article 9 of the Uniform Commercial Code) specified Qualified Receivables Assets of, as applicable, such Loan Party or Subsidiary to any Person in a factoring transaction that qualifies for sale accounting treatment under GAAP and in connection with which:
Permitted Factoring Arrangement means an arrangement under which the Foreign Borrower or a Foreign Subsidiary organized under the laws of an EEA Member Country sells (and creates a security interest therein as a sale of accounts pursuant to Article 9 of the Uniform Commercial Code) specified Qualified Receivables Assets of, as applicable, such Foreign Borrower or Foreign Subsidiary to any Person in a factoring transaction that qualifies for sale accounting treatment under GAAP and in connection with which:
Permitted Factoring Arrangement means an arrangement whereby the Borrower or any of its Subsidiaries sells its accounts receivable (and other assets constituting Receivables and Related Assets with respect to such accounts receivable) pursuant to a factoring arrangement, including a factoring arrangement constituting a supply chain financing; provided that any obligations arising therefrom do not permit or provide recourse to the Borrower or any Subsidiary or any property or asset of the Borrower or any Subsidiary, other than with respect to purchase or repurchase obligations for breaches of representations and warranties, deemed collections, performance guaranties, indemnity obligations and other similar undertakings, in each case, that are customary for standard market “true sale” factoring arrangements.
Permitted Factoring Arrangement means any transaction or series of transactions entered into by any Borrower or any Subsidiary pursuant to which any Borrower or such Subsidiary sells, conveys, assigns or otherwise transfers Factoring Assets to a Qualified Factoring Agent; provided that such transaction is on customary market terms as determined in good faith by the board of directors or board of managers, as applicable, of the applicable Loan Party, including but not limited to (i) a non-recourse factoring arrangement between Klöckner Pentaplast Europe GmbH & Co KG and GE Capital Factoring GmbH as it may be extended, amended, restated from time to time in the form of a Permitted Factoring Arrangement; (ii) a non-recourse factoring arrangement between GE Capital Bank AG and Klöckner Pentaplast Schweiz AG as it may be extended, amended, restated from time to time in the form of a Permitted Factoring Arrangement and (iii) the U.S. Receivables Purchase Facility as it may be extended, amended, restated from time to time in the form of a Permitted Factoring Arrangement.