Credit Risk and Credit Risk Receivables Sample Clauses

Credit Risk and Credit Risk Receivables. 3.1 The term Credit Risk shall mean the risk of nonpayment by a Customer-obligor under a Receivable:
Sample 1
AutoNDA by SimpleDocs
Credit Risk and Credit Risk Receivables. 3.1 The term Credit Risk shall mean the risk of nonpayment by a Customer-obligor under a Receivable: (a) who is financially usable or unwilling without Commercial Dispute, to pay at maturity any invoice rendered to it, or (b) by or against whom a petition for relief is filed in bankruptcy or a suspension of payments is requested or occurs with respect to such Customer; or (c) who calls a general meeting of creditors to compromise, compose, or adjust its debts; or (d) by or against whom a proceeding is instituted for debtor relief under any insolvency law or (e) who makes a general assignment for the benefit of creditors. 4. Credit Approval Process. Purchased Receivables which were originated under a TCFC Credit Line: (as defined below) shall be called "Credit Risk Receivables". TCFC shall only accept Credit Risk for Receivables according to the following: 4.1 TDFM shall perform a credit assessment process on behalf of the Companies for each Vitro Customer 4.2 In order for TDFM to properly perform the credit assessment process, the Companies agree that all Customers will be submitted to TDFM for credit assessment. 4.3 Following the credit assessment process, TDFM will within two (2) Business Days notify the Companies and TCFC of its recommendation of the proposed maximum credit line that TDFM <PAGE> recommends for each Customer. The amount TCFC accepts as its TCFC Credit Line for each such Customer shall be the ("TCFC Credit Line"). TCFC will notify the Companies and TDFM of the TCFC Credit Line that TCFC is willing to take under this Agreement; 4.4. The Companies may either accept the TCFC Credit Line or propose a higher credit line. If a Company proposes a higher credit line, a meeting of a joint credit advisory committee ("Credit Committee") composed of two TDFM representatives and two of the Companies' representatives will meet to discuss the proposal. If after discussion, the Companies continues to prefer a credit line higher than the TCFC Credit Line then the credit line to such Customer will be set at the Companies' proposed level (the "Vitro Credit Line"); 4.5 If the Vitro Credit Line, rather than the TCFC Credit Line, is established for a Customer, TCFC may determine, in its sole discretion, to reduce, modify or eliminate the TCFC Credit Line for such Customer and TCFC will so notify the Companies and TDFM: 4.6 If a Vitro Credit Line has been established, the Vitro Credit Line will be used to determine whether or not an Order from a Customer for th...
Sample 1

Related to Credit Risk and Credit Risk Receivables

  • Credit Risk (1) Within ninety (90) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written program to reduce the high level of credit risk in the Bank. The program shall include, but not be limited to:

  • Credit Risk Retention The Seller shall retain, either directly or through a “majority-owned affiliate” (as such term is defined in 17 CFR Part 246.2) of the Seller, an economic interest in the Receivables in accordance with 17 CFR Part 246.4, and shall not, and shall cause any such majority-owned affiliate to not, sell, pledge or hedge such interest except as is permissible under 17 CFR Part 246.12.

  • Limitation Upon Liability of the Credit Risk Manager Neither the Credit Risk Manager, nor any of the directors, officers, employees or agents of the Credit Risk Manager, shall be under any liability to the Trustee, the Securities Administrator, the Certificateholders or the Depositor for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement, in reliance upon information provided by Servicers under the Credit Risk Management Agreements or for errors in judgment; provided, however, that this provision shall not protect the Credit Risk Manager or any such person against liability that would otherwise be imposed by reason of willful malfeasance, bad faith or gross negligence in its performance of its duties or by reason of reckless disregard for its obligations and duties under this Agreement or the Credit Risk Management Agreements. The Credit Risk Manager and any director, officer, employee or agent of the Credit Risk Manager may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder, and may rely in good faith upon the accuracy of information furnished by the Servicers pursuant to the Credit Risk Management Agreements in the performance of its duties thereunder and hereunder.

  • Letter-of-Credit Rights If the Grantors (or any of them) are or become the beneficiary of letters of credit having a face amount or value of $100,000 or more in the aggregate, then the applicable Grantor or Grantors shall promptly (and in any event within five (5) Business Days after becoming a beneficiary), notify Agent thereof and, promptly (and in any event within five (5) Business Days) after request by Agent, enter into a tri-party agreement with Agent and the issuer or confirming bank with respect to letter-of-credit rights assigning such letter-of-credit rights to Agent and directing all payments thereunder to Agent’s Account, all in form and substance reasonably satisfactory to Agent;

  • Deposit Accounts; Credit Card Processors Open new DDAs (other than Excluded DDAs and Retail DDAs) unless the Loan Parties shall have delivered to the Agent appropriate Blocked Account Agreements consistent with the provisions of Section 6.12 and otherwise satisfactory to the Agent. No Loan Party shall maintain any bank accounts or enter into any agreements with Credit Card Issuers or Credit Card Processors other than the ones expressly contemplated herein or in Section 6.12 hereof.

  • Financial Assets It will promptly credit each item of property (whether cash, investment property, security, instrument or other financial asset) delivered to the Financial Institution under the Indenture to the Collateral Account and treat each item of property as a “financial asset” (within the meaning of Section 8-102(a)(9) of the UCC); and

Time is Money Join Law Insider Premium to draft better contracts faster.