Purchased Contract definition

Purchased Contract means a Contract that (i) has been purchased by the Servicer or the Seller because of certain material defects in documents related to such Contract or certain breaches of representations and warranties regarding such Contract made by the Seller in this Agreement that materially and adversely affect the interests of the Noteholders or the Insurer, (ii) has been purchased by the Servicer because of certain breaches of servicing covenants or (iii) has been purchased by the Servicer in the event of an optional purchase of all of the Contracts pursuant to Section 8.01

Purchased Contract means an Automobile Contract purchased as of the close of business on the last day of a Collection Period by the Servicer.

Purchased Contract means any Contract purchased by Carfinco from Dealer hereunder;

Examples of Purchased Contract in a sentence

• The Modified Assumption and Assignment Procedures are fair, appropriate, and effective and, upon the payment by the Purchaser of all Cure Amounts (as hereinafter defined) and approval of the assumption and assignment for a particular Purchased Contract thereunder, the Debtors shall be forever released from any and all liability under the Purchased Contracts.

• At such time as provided in the Sale Procedures Order and the MPA, in accordance with sections 363 and 365 of the Bankruptcy Code, the Purchaser shall be fully and irrevocably vested in all right, title, and interest of each Purchased Contract.

• Dealer represents, warrants and covenants that, prior to the assignment of any Purchased Contract from Dealer to Avid, Dealer received, pursuant to the terms of the Purchased Contract, all down payment amounts due from the Buyer in full, in the form of check, cash, or certified funds (“Cash Down Payment”).

• Dealer has made no inaccurate, untrue, false or misleading representations, warranties, statements, claims or comments regarding any Purchased Contract or any terms thereof, including without limitation regarding the finance charge or the rate thereof.

• Each Party shall execute and deliver, as promptly as possible but in no event later than ten (10) days from date of any request from Avid, such further instruments, documents and agreements and do such further acts and things as may be reasonably required to carry out the assignment of any Purchased Contract to Avid and the purpose and intent of this Agreement and which are not inconsistent with the provisions hereof.

More Definitions of Purchased Contract

Purchased Contract means a Contract, the Customer of which meets all of the credit and income requirements of MFS at the time it is purchased and which MFS elects, in its sole discretion, to purchase pursuant to the terms hereof.

Purchased Contract is defined in Section 1.1(f) hereof.

Purchased Contract means a Contract that (i) has been purchased by Onyx or the Seller because of certain material defects in documents related to such Contract or certain breaches of representations and warranties regarding such Contract made by the Seller in the Sale and Servicing Agreement that materially and adversely affect the interests of the securityholders or the Insurer, (ii) has been purchased by the Servicer because of certain breaches of servicing covenants or (iii) has been purchased by the Servicer in the event of an Optional Purchase.

Purchased Contract means, as of any Deposit Date, any Contract which TCC has purchased as of the related Accounting Date, as required by Section 2.6 of the Transfer and Servicing Agreement, and as to which, on or before such Deposit Date, (i) that portion of the Purchase Amount relating to the Required Payoff Amount for such Contract has been deposited in the Collection Account, and (ii) that portion, if any, of the Purchase Amount relating to the Book Value of the related Leased Equipment has been distributed to the Depositor.

Purchased Contract. A Contract as to which payment of the Purchase Amount has been made by the Depositor pursuant to Section 2.3 hereof or by the Servicer pursuant to Section 2.02 or 2.28 of the Servicing Agreement.

Purchased Contract. As of any Deposit Date, any Contract which TCC has purchased as of the related Accounting Date, as required by Section 2.6, and as to which, on or before such Deposit Date, (i) that portion of the Purchase Amount relating to the Required Payoff Amount for such Contract has been deposited in the Collection Account, and (ii) that portion, if any, of the Purchase Amount relating to the Book Value of the related Leased Equipment has been distributed to the Depositor.

Purchased Contract means a Contract that (i) has been purchased or repurchased by the Originator the Servicer or the Seller because of certain material defects in documents related to such Contract, (ii) has been repurchased by the Seller or the Originator because of certain breaches of representations and warranties regarding such Contract made by the Seller in this Agreement or by the Originator in the Receivables Purchase Agreement, as applicable, pursuant to the terms thereof, (iii) has been purchased by the Servicer because of certain breaches by the Servicer of representations or servicing covenants pursuant to Section 3.06 or (iv) has been purchased by the Servicer in the event of an optional purchase of all of the Contracts pursuant to Section 8.01.