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.
Borrower of a Company’s (other than a Foreign Subsidiary) obligations under a Permitted Factoring Transaction.
The Borrowers shall not enter into, or be a party to, any transaction with any Affiliate (other than other Borrowers), except (i) upon fair and reasonable terms which are no more favorable to such Person than would be obtained in a comparable arm’s length transaction with a person not an Affiliate or (ii) transactions between a Borrower, on the one hand, and any Subsidiary or other special-purpose entity created to engage solely in a Permitted Factoring Transaction.
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].
More Definitions of Permitted Factoring Transaction
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 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 an accounts receivable factoring or other similar arrangement for the sale of accounts receivable that is structured as a “true-sale”, limited-recourse to the Companies and provides for payment to such Company prior to the date that such accounts receivable would otherwise be due; provided that the aggregate book value of all accounts receivable that have been sold (or otherwise subjected to such arrangement) by the Companies and that remain outstanding shall not at any time exceed the greater of (i) $100,000,000 and (ii) twenty-five percent (25%) of the average book value of all accounts receivable of the Companies determined over the most recent ended twelve month period for which Consolidated financial statements are available pursuant to Sections 5.3(a) or (b).
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.
Permitted Factoring Transaction means a receivables sale transaction in which the Borrower or any Subsidiary agrees to sell certain accounts receivable of the Borrower or such Subsidiary to a counterparty pursuant to an accelerated payment program established by a customer of the Borrower or such Subsidiary in order to secure early payment and to improve working capital; provided, that (i) the counterparty to which the receivable is sold is vetted through the Borrower’s internal process validating the creditworthiness of such counterparty and all of the terms and conditions of such transaction and any amendments, modifications, supplements, refinancing or replacements thereof at any time, including without limitation the amount and type of any recourse to the Borrower or any Subsidiary with respect to the assets transferred, is approved by the chief financial officer of the Borrower and the Administrative Agent, (ii) any discount provided on any such receivables sale transactions is not greater than the 3-month LIBOR rate plus three percent (3%) of the gross amount of the invoice, (iii) a true sale opinion has been obtained (if required by applicable accounting rules or by the Borrower) and the Borrower or its Subsidiary is accounting for such as a true sale without recourse and (iv) the aggregate face amount of all receivables sold does not exceed during any twelve-month period 35% of all sales during such period.
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 factoring transactions entered into by any Borrower with Banesto and Grupo Santander with respect to North American Stainless Receivables only originated by such Borrower in the ordinary course of business, which factoring transactions give rise to obligations that are non-recourse to any such Borrower other than limited recourse customary for factoring transactions of the same kind.