non-recourse factoring

Non-recourse factoring protects you against customers who fail to pay.

Non-recourse factoring is not a loan.

Non-recourse Factoring - If your customer fails to pay the invoice, the factor will pay you.

If an invoice is not paid, responsibility for paying the debt will depend on the type of agreement - either recourse factoring or non-recourse factoring.

When factoring is without recourse (non-recourse factoring) and where an account is within a set credit limit, we will pick up the bill should your customer become insolvent.

We also had (i) a foreign exchange credit facility of $63.9 million and (ii) a non-recourse factoring arrangement with a bank for up to $123.4 million based on receivables from commodities operations.