Defaulted Receivables. (a) Each of the parties hereto hereby consents to the sale, transfer and assignment, from time to time, of Defaulted Receivables from the Seller to ABDC pursuant to an Assignment Agreement in form and substance substantially similar to Exhibit XVII (each, a “Defaulted Receivables Assignment Agreement”), provided that each of the following conditions precedent have been satisfied with respect to such Defaulted Receivables prior to effectiveness of such Defaulted Receivables Assignment Agreement (such conditions, the “Defaulted Receivables Assignment Conditions”):
(i) the Seller (or the Servicer on its behalf) has delivered to the Administrator an executed officer’s certificate, in form and substance substantially similar to Exhibit XVIII (each, a “Defaulted Receivables Certificate”), that (A) specifically identifies in reasonable detail each of the Defaulted Receivables that are contemplated to be sold, transferred and assigned by the Seller to ABDC pursuant to a Defaulted Receivables Assignment Agreement (such Receivables, “Subject Defaulted Receivables”), (B) specifies the proposed date of effectiveness of such Defaulted Receivables Assignment Agreement, that shall be no earlier than ten (10) Business Days following the delivery date of such Defaulted Receivables Certificate and (C) attaches a copy of the proposed Defaulted Receivables Assignment Agreement;
(ii) as of both the delivery date of such Defaulted Receivables Certificate and the proposed effective date of such Defaulted Receivables Assignment Agreement, no event has occurred and is continuing, or would result from the execution and performance of such Defaulted Receivables Assignment Agreement, that would constitute an Amortization Event or an Unmatured Amortization Event;
(iii) the execution and performance of such Defaulted Receivables Assignment Agreement would not violate any assumption made in the most recently delivered true sale or non-consolidation opinion delivered by counsel to the Seller in connection with this Agreement and the other Transaction Documents;
(iv) after giving effect to such Defaulted Receivables Assignment Agreement, the aggregate Outstanding Balance of all Defaulted Receivables sold, transferred or assigned by the Seller to ABDC or any Affiliate thereof during the immediately preceding twelve (12) calendar months does not exceed $5,000,000;
(v) the Seller is not retaining ownership of any Defaulted Receivables owing from an Obligor of any Subject Defaulted Receivable...
Defaulted Receivables. On the date when any Receivable in an Account becomes a Defaulted Receivable, the Agent shall automatically and without further action or consideration transfer, set over and otherwise convey to the Transferor with respect to such Account, without recourse, representation or warranty, all right, title and interest of the Agent in and to the Defaulted Receivables in such Account, all monies due or to become due with respect thereto, all Proceeds thereof and any Insurance Proceeds relating thereto; provided, that Recoveries of such Account shall remain property of the Agent and be applied as provided herein.
Defaulted Receivables. On the date when any Receivable in an Account becomes a Defaulted Receivable, the Issuer shall automatically and without further action or consideration be deemed to transfer, set over and otherwise convey to the Transferor with respect to such Account, without recourse, representation or warranty, all right, title and interest of the Issuer in and to the Defaulted Receivables (including any related Finance Charge Receivables) in such Account, all monies due or to become due with respect thereto, all proceeds thereof and any Insurance Proceeds relating thereto provided that Recoveries of such Account shall remain property of the Issuer and be applied as provided herein.
Defaulted Receivables. No selection procedure was utilized by the Transferor with the intent to include a disproportionately higher level of Defaulted Receivables in the Removed Accounts than exist in the Accounts or to remove Accounts for the intended purpose of mitigating losses to the Trust.
Defaulted Receivables. The total amount of Defaulted Receivables which have not been repurchased or replaced by Seller exceeds fifteen percent (15%) of the total balance of Receivables at any time.
Defaulted Receivables. Upon receipt of notice from the Borrower, the Deal Agent or any other Person, or if the Servicer otherwise learns, that the Obligor under any Franchise Receivable is in material default thereunder, the Servicer will take such action as is appropriate, consistent with the Servicer's administration of leases and loans serviced for its Affiliates and consistent with the customary practices of servicers in the same segment of the industry, including such action as may be necessary to cause, or attempt to cause, the Obligor thereunder to cure such default (if the same may be cured) or to terminate or attempt to terminate such Franchise Receivable and to recover, or attempt to recover, all damages resulting from such default to the extent permitted under such Franchise Receivable and under applicable law.
Defaulted Receivables. (a) On each day specified in the Supplement related to any Series, the Servicer shall calculate the Investor Default Amount and Investor Charge-Offs with respect to the related Series, and the Invested Amount of such Series shall be reduced by the applicable Investor Charge-Offs.
(b) On each day specified in the Variable Funding Supplement, the Servicer shall calculate the Issuer Default Amount, Issuer Charge-Offs, Defaulted Amount and Issuer Default Deficiency Amount, and the Issuer Amount shall be reduced by the Issuer Charge-Offs.
Defaulted Receivables. Principal Ratio x Defaulted Receivables as of the previous since the last Statement Date Principal Transaction Date relating to a Principal Transaction Date R > 9,2% Subordinated Deposit as of the previous Principal Transaction Date
Defaulted Receivables. Before the occurrence of an Accelerated Amortisation Event, the Seller shall be entitled to request the Management Company to transfer back to it (without penalty) any Purchased Receivable which is a Defaulted Receivable, together with their related Ancillary Rights. The transfer back to the Seller of the Defaulted Receivables identified in the relevant request, together with their related Ancillary Rights, shall take place on the Payment Date following the delivery of such request. The purchase price of the Defaulted Receivables repurchased by the Seller shall be the value of such Defaulted Receivables, as registered in the balance sheet of the Compartment, provided that the Management Company and the Seller can also negotiate and agree any other purchase price.
Defaulted Receivables. On the date on which a Receivable becomes a Defaulted Receivable, the Trust shall automatically and without further action or consideration be deemed to transfer, set over, and otherwise convey to the Transferor, without recourse, representation or warranty, all the right, title and interest of the Trust in and to such Defaulted Receivable, all monies due or to become due with respect thereto and all proceeds of such Defaulted Receivable allocable to the Trust with respect to such Defaulted Receivable, excluding Recoveries relating thereto, which shall remain a part of the Trust Property. On each Determination Date, the Servicer shall calculate the aggregate Investor Default Amount for the preceding Monthly Period with respect to each Series.
