Receivables Program Sample Clauses
The Receivables Program clause establishes the terms under which a company may sell or assign its accounts receivable to a third party, often to improve cash flow or manage credit risk. Typically, this clause outlines the eligibility criteria for receivables, the process for transferring them, and any limitations or conditions on such transactions, such as requiring the receivables to be free of encumbrances or subject to certain credit standards. Its core practical function is to provide a structured mechanism for monetizing outstanding invoices, thereby offering the company greater financial flexibility and liquidity.
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Receivables Program. Any default shall have occurred and be continuing under any Receivable Program Document and as a result of such default, the Receivables Program or any successor program may be terminated or be suspended prior to the Final Maturity Date.
Receivables Program. The Lenders hereby acknowledge and agree that the transfer of Program Receivables by SNC to the Borrower, and the transfer of Program Receivables by the Borrower to JSF pursuant to the Receivables Program, constitute true and valid sales for consideration (or, in the case of Program Receivables contributed by the Borrower to JSF, contributions for consideration), and not a borrowing by the Borrower or SNC from JSF secured by such Program Receivables.
Receivables Program. The Borrower shall not take any action to diminish the equity value of the Receivables Subsidiary other than to pay dividends in the ordinary course of business consistent with past practice and will continue to operate the Receivables Subsidiary in the ordinary course of business consistent with past practice.
Receivables Program. The Borrower will not permit or suffer any commercial paper to be issued under the Receivables Program on or after the Effective Date.
Receivables Program. Enter into, or permit its Subsidiaries to enter into, any transaction (such transaction being referred to herein as a "Receivables Program") involving (i) the sale or other financing by the Borrower or any of its Subsidiaries of installment notes receivable or other evidences of indebtedness arising in the ordinary course of business of the Borrower or any of its Subsidiaries or (ii) the incurrence by the Borrower or any of its Subsidiaries of Non-Recourse Indebtedness secured by Liens on installment notes receivable or other evidences of indebtedness arising in the ordinary course of business of the Borrower or any of its Subsidiaries (in each case, whether or not such installment notes receivable or evidences of
Receivables Program. The Borrower shall have committed funding in an aggregate amount equal to or greater than $100,000,000 under its Receivables Program and on terms and conditions satisfactory to the Lenders.
Receivables Program. Enter into, or permit its Subsidiaries to enter into, any transaction (such transaction being referred to herein as a "Receivables Program") involving (i) the sale or other financing by the Borrower or any of its Subsidiaries of installment notes receivable or other evidences of indebtedness arising in the ordinary course of business of the Borrower or any of its Subsidiaries or (ii) the incurrence by the Borrower or any of its Subsidiaries of Non-Recourse Indebtedness secured by Liens on installment notes receivable or other evidences of indebtedness arising in the ordinary course of business of the Borrower or any of its Subsidiaries (in each case, whether or not such installment notes receivable or evidences of indebtedness is required to be included on the balance sheet of the Borrower or such Subsidiary in accordance with GAAP); provided that in any twelve month period, the Borrower and its Subsidiaries may enter into Receivables Programs if the aggregate of net book value of all installment notes receivable and other evidences of indebtedness to be sold or financed in connection with all Receivables Programs in such twelve month period does not exceed 10% of Consolidated Total Capitalization as of the last day of the Borrower's most recently ended fiscal year. "Non-Recourse Indebtedness" means, as applied to any Receivables Program, Indebtedness under the terms of which no personal recourse may be had against the Borrower or any of its Subsidiaries for the payment of the principal of or interest or premium of such Indebtedness solely as a result of a default by one or more account debtors in the payment of any accounts receivable included in such Receivables Program.
Receivables Program. Borrower may, and may permit its Subsidiaries to sell, without recourse, or with recourse not exceeding 5% of the Outstanding Receivables Advances (as defined below), accounts receivable arising in the ordinary course of business pursuant to an accounts receivable purchase facility (such facility being referred to herein as the "Receivables Program"); provided that the aggregate outstanding amount of cash advanced to Borrower and its Subsidiaries under the Receivables Program (the "Outstanding Receivables Advances") shall not at any time exceed $100,000,000.
Receivables Program. Section 6.21 is amended in its entirety to read as follows: