Permitted Factoring Transaction definition

Permitted Factoring Transaction means any sale or other transfer by the Company or any of its Subsidiaries of Factorable Receivables, which sale or transfer does not involve the creation of any recourse obligation in respect thereof on the part of the Company or any of its Subsidiaries (other than with respect to matters of title to, and the character of (other than the collectability) of, the Factorable Receivables so sold or transferred), other than recourse obligations in an outstanding amount not exceeding $15,000,000 at any time.

Permitted Factoring Transaction means any factoring transaction entered into by the Company or any Subsidiary with respect to Receivables originated by the Company or such Subsidiary in the ordinary course of business.

Permitted Factoring Transaction means any factoring transaction entered into by the Company or any Subsidiary with respect to Receivables originated by the Company or such Subsidiary in the ordinary course of business, which factoring transaction gives rise to obligations that are non-recourse to the Company and its Subsidiaries other than limited recourse customary for factoring transactions of the same kind.

Examples of Permitted Factoring Transaction in a sentence

• In the case of any sale, transfer or disposal of any property constituting Collateral in a Permitted Factoring Transaction, the Liens created by any of the Collateral Documents on such property shall be automatically released without need for further action by any person and each Lender hereby authorizes Agent to enter into such Lien releases and intercreditor arrangements in connection with any Permitted Factoring Transaction as it deems reasonably necessary or appropriate.

• The Borrower or any of the held companies shall not perform a Factoring Transaction that is not a Permitted Factoring Transaction or any other transaction in the framework of which any of the rights to receive accounts receivables belonging to any of them, shall be sold, endorsed, assigned or otherwise transferred.

• The Borrower and/or any of the held companies will not perform any factoring transaction that is not a Permitted Factoring Transaction or any other transaction that in its framework any right for accounts receivables will be sold assigned or transferred in any way.

• Own or create directly or indirectly any Material Domestic Subsidiaries other than (i) any Subsidiary which has joined this Agreement as Guarantor on the Closing Date (ii) any SPV created in connection with a Permitted Factoring Transaction and (iii) any Subsidiary formed after the Closing Date which joins this Agreement as a Guarantor by delivering to the Administrative Agent items required by Section 8.8 [Additional Subsidiaries; Further Assurances].

• Borrower of a Company’s (other than a Foreign Subsidiary) obligations under a Permitted Factoring Transaction.

More Definitions of Permitted Factoring Transaction

Permitted Factoring Transaction means a sale on a non-recourse basis by the Company of accounts receivable owed to the Company by Siemens Industry, Inc., a customer of the Company, to Orbian Corp. and Orbian Financial Services II, LLC; provided, that the aggregate face amount of accounts receivable and notes receivable subject to all such sales does not exceed $2,000,000 during any fiscal year.

Permitted Factoring Transaction means any Factoring Transaction that may be entered into by the Company or any of its Restricted Subsidiaries on a non-recourse basis (except for Standard Factoring Undertakings), which is not entered into in connection with or as part of a Qualified Receivables Transaction and does not constitute Integrated Service Contract Debt.

Permitted Factoring Transaction means any sale of Permitted Factoring Property by the Borrower or any Subsidiary pursuant to a factoring arrangement that is non-recourse to the Borrower or any Subsidiary, subject to the limitations set forth in the definition of “Disposition”.

Permitted Factoring Transaction means (a) a sale by the Company or any Subsidiary of accounts receivable pursuant to an accelerated payment program established by a customer of the Company or such Subsidiary or (b) any other sale by any Foreign Subsidiary to any Person of accounts receivable or notes receivable; provided, that the aggregate face amount of accounts receivable and notes receivable subject to all such sales does not exceed $50,000,000 during any fiscal year.

Permitted Factoring Transaction means any sale of Permitted Factoring Property by any Borrower or any Subsidiary pursuant to a factoring arrangement that is non-recourse (except for representations, warranties, covenants, repurchase obligations and indemnities, in each case, that are reasonably customary in connection with such an arrangement) to any Borrower or any Subsidiary, subject to the limitations set forth in this Agreement.

Permitted Factoring Transaction means receivables purchase facilities and factoring transactions entered into by the Company or any Restricted Subsidiary with respect to Receivables originated in the ordinary course of business by the Company or such Restricted Subsidiary, which receivables purchase facilities and factoring transactions give rise to Attributable Receivables Amounts that are non-recourse to the Company and its Restricted Subsidiaries other than limited recourse customary for receivables purchase facilities and factoring transactions of the same kind; provided that the aggregate face amount of all receivables sold or transferred pursuant to Permitted Factoring Transactions that have not yet reached their stated maturity date shall not exceed at any one time the greater of $350.0 million and 5.0% of Total Assets.

Permitted Factoring Transaction means (a) a sale by the Company or any Subsidiary of accounts receivable pursuant to an accelerated payment program established by a customer of the Company or such Subsidiary or (b) any other sale by any Foreign Subsidiary to any Person of accounts receivable or notes receivable; provided, that the aggregate face amount of accounts receivable and notes receivable subject to all such sales does not exceed during any fiscal year the greater of (x) 2.5% of Consolidated Assets of the Company and its Subsidiaries (measured as of the end of the most recent fiscal year) and (y) $60,000,000.