The amount will be higher if the receivables are factored without recourse. After all, in that case the factor bears the risk if customers do not pay. If receivables are factored with recourse They are not removed from the sellers books until there is notification that they have actually been paid. However, if the customer fails to pay, the original account still exists. Then we'll send Bruno the Bone-Breaker after the bum.
Notes are formal credit agreements.
They become payable according to the terms of the agreement. Notes may be payable fairly quickly or may be payable in several years. It just depends on the terms. They may or may not carry a stated interest rate. Example Notes without a stated interest rate present a bit more of a problem.