Non-compliant Credit Notes Clause Samples

Non-compliant Credit Notes. Credit notes that are not in accordance with usual business practices or issued in fraud of the Factor’s rights shall be deemed unenforceable against the Factor even where they have been credited to the Asset Account. Without prejudice to any and all recourse existing against the French Sellers, this rule shall apply in particular to all unsubstantiated or non-compliant Credit Notes, Credit Notes for which a written justification has not yet been provided by the relevant French Seller to the Factor five (5) Business Days following a request to that effect.
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Non-compliant Credit Notes. Credit notes not complying with the usual practices (the issue of credit notes significantly affecting the transferred debts does not for example constitute complying with the usual practice) or issued in fraud of the rights of the Factor, will be acknowledged as non-invocable to it even in the case where they would have been the subject of a credit with the factoring account recording the outstanding of the transferred debts. Without prejudice of any recourse against the Company, it will in particular be for non-motivated credit notes, while waiting for written justification and for those followed by rebilling issued with no mention of the subrogation for the Factor.
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Non-compliant Credit Notes. Credit notes that are not issued by the Company in accordance with usual business practices (for example the issuance of credit notes significantly affecting the Transferred Receivables is not a usual business practice) or issued in fraud of the Factor's rights shall be deemed unenforceable against the Factor even where they have been credited to the Asset Account. Without prejudice to any and all recourses existing against the Company, this rule shall apply in particular to all unsubstantiated credit notes, credit notes for which a written justification has not yet been received and all credit notes which are followed by later invoices issued without any reference to the Subrogation in favour of the Factor.
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Non-compliant Credit Notes. Credit notes not fitting into the normal business practices of the Client and in the ordinary course of business, or issued fraudulently in regard to Crédit Agricole Leasing & Factoring, will be deemed unenforceable. Without prejudice to any future action against the Client, this will be especially the case for credit notes issued without written justification, pending a written justification to be requested by Crédit Agricole Leasing & Factoring, as well as for those followed by ▇▇▇▇▇▇▇ invoices issued without mention of the subrogation in favour of Crédit Agricole Leasing & Factoring, where the Recovery Mandate has been revoked, and/or those followed by ▇▇▇▇▇▇▇ invoices and not assigned to Crédit Agricole Leasing 8 i Factoring, despite the absence of any termination of this Agreement
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Related to Non-compliant Credit Notes

  • Revolving Credit Notes The Obligation of the Borrower to repay the aggregate unpaid principal amount of the Revolving Credit Loans made to it by each Bank, together with interest thereon, shall be evidenced by a Revolving Credit Note dated the Closing Date payable to the order of such Bank in a face amount equal to the Revolving Credit Commitment of such Bank.

  • Revolving Credit Note The obligation of the Borrowers to pay the Revolving Loan, with interest, shall be evidenced by a promissory note (as from time to time extended, amended, restated, supplemented or otherwise modified, the “Revolving Credit Note”) substantially in the form of EXHIBIT A-1 attached hereto and made a part hereof, with appropriate insertions. The Revolving Credit Note shall be dated as of the Closing Date, shall be payable to the order of the Lender at the times provided in the Revolving Credit Note, and shall be in the principal amount of the Revolving Credit Committed Amount. Each of the Borrowers acknowledges and agrees that, if the outstanding principal balance of the Revolving Loan outstanding from time to time exceeds the face amount of the Revolving Credit Note, the excess shall bear interest at the rates provided from time to time for advances under the Revolving Loan evidenced by the Revolving Credit Note and shall be payable, with accrued interest, ON DEMAND. The Revolving Credit Note shall not operate as a novation of any of the Obligations or nullify, discharge, or release any such Obligations or the continuing contractual relationship of the parties hereto in accordance with the provisions of this Agreement.

  • Revolving Notes The Revolving Loans made by each Lender shall be evidenced by a duly executed promissory note of the Borrower to such Lender in an original principal amount equal to such Lender's Revolving Commitment Percentage of the Revolving Committed Amount and in substantially the form of Exhibit 2.1(e).

  • The Revolving Credit Notes The Revolving Credit Loans shall be evidenced by separate promissory notes of the Borrower in substantially the form of Exhibit A hereto (each a "Revolving Credit Note"), dated as of the Closing Date and completed with appropriate insertions. One Revolving Credit Note shall be payable to the order of each Bank in a principal amount equal to such Bank's Commitment or, if less, the outstanding amount of all Revolving Credit Loans made by such Bank, plus interest accrued thereon, as set forth below. The Borrower irrevocably authorizes each Bank to make or cause to be made, at or about the time of the Drawdown Date of any Revolving Credit Loan or at the time of receipt of any payment of principal on such Bank's Revolving Credit Note, an appropriate notation on such Bank's Record reflecting the making of such Revolving Credit Loan or (as the case may be) the receipt of such payment. The outstanding amount of the Revolving Credit Loans set forth on such Bank's Record shall be prima facie evidence of the principal amount thereof owing and unpaid to such Bank, but the failure to record, or any error in so recording, any such amount on such Bank's Record shall not limit or otherwise affect the obligations of the Borrower hereunder or under any Revolving Credit Note to make payments of principal of or interest on any Revolving Credit Note when due.

  • Term Loan Notes The Borrower agrees that, upon the request to the Administrative Agent by any Term Loan Lender made on or prior to the Restatement Effective Date with respect to its Term Loan made on such date, or in connection with any subsequent assignment pursuant to subsection 10.6(b), in order to evidence such Term Loan, the Borrower will execute and deliver to such Term Loan Lender a promissory note substantially in the form of Exhibit A (each, as amended, supplemented, replaced or otherwise modified from time to time, a “Term Loan Note”), with appropriate insertions therein as to payee, date and principal amount, payable to such Term Loan Lender and in a principal amount equal to the unpaid principal amount of the applicable Term Loans made (or acquired by assignment pursuant to subsection 10.6(b)) by such Term Loan Lender to the Borrower. Each Term Loan Note shall be dated the Restatement Effective Date and shall be payable as provided in subsection 2.2(b) and provide for the payment of interest in accordance with subsection 3.1.