Single Accounts. (a) Transferred Receivables and liabilities of each French Seller towards the Factor (and vice-versa) which are reciprocal, connected and indivisible, shall be reflected as respective credit and debit items under the Current Accounts and shall therefore be subject to set-off when due for payment. The same rule shall apply in the event of the opening of Sub-Accounts in order to enhance the monitoring of the transactions made under the Agreement. (b) There shall be one Current Account between each of the French Sellers and the Factor for each currency in which Transferred Receivables are denominated in accordance with the Agreement. (c) Each of the Current Accounts and the Sub-Accounts shall form an indivisible whole and single account between each of the French Sellers and the Factor and the overall balance thereof after set-off of credits and debits shall be considered at all times - and in particular after the termination of the factoring transactions arising hereunder - as the balance of each of the Current Accounts. (d) At the request of either a French Seller or the Factor, if such Parties agree to do so, the Factor may set-off the credit and debit balances of Current Accounts denominated in different currencies.
Appears in 3 contracts
Sources: Factoring Agreement, Factoring Agreement (Constellium Holdco B.V.), Factoring Agreement (Constellium Holdco B.V.)