Ineligible Receivables. The Seller agrees to repurchase on each Settlement Date, and the Purchasers agree to sell to the Seller on such date and in accordance with the terms hereof, any Purchased Receivable if such Receivable is (i) an Ineligible Receivable, (ii) an Existing Certified Receivable in respect of which the Old Administrative Agent shall not have received on or prior to the Certified Opinion Delivery Date (x) an opinion of foreign counsel satisfying the requirements of subsection 2.27(c) or (y) evidence of the filings, if any, referred to in subsection 6.1(n)(i) or (iii) an Existing Receivable in respect of which the Old Administrative Agent shall not have received on or prior to the FAA Filing Date evidence of the filings, if any, referred to in subsection 6.1(n)(ii) provided that, during the Amortization Period, the Purchasers, by unanimous consent, in their sole discretion may choose not to sell any Receivable referred to in clauses (i), (ii) or (iii) to the Seller. The Seller shall make such repurchase on the Settlement Date first succeeding the earlier of (x) the date on which the Seller becomes aware of facts and circumstances giving rise to such event of ineligibility or (y) the date on which the Managing Facility Agent notifies the Seller that such event of ineligibility has occurred and is continuing. Subject to subsections 2.13 and 2.15(b), the Seller shall make such repurchase by depositing in the Concentration Account cash in an amount equal to the Repurchase Price for such Ineligible Receivable at the date such deposit is made, except to the extent (without duplication) of any payment made pursuant to subsection 2.18, for the Settlement Period during which such interest accrued and was not paid by the Obligor under such Contract. The amount of any such deposit shall be applied and distributed in accordance with subsections 2.15 and 2.
Ineligible Receivables. Without the prior written approval of the Company, take any action relating to such Contributed Receivable which to its knowledge would cause, or would permit such Contributed Receivable to cease to be an Eligible Receivable.
Ineligible Receivables. Without the prior written approval of the Purchaser, take any action which to its knowledge would cause, or would permit, a Receivable that was designated as an Eligible Receivable on the Purchase Date relating to such Receivable to cease to be an Eligible Receivable, except as otherwise expressly provided by this Agreement.
Ineligible Receivables. If from time to time Ineligible Receivables are assigned to the Receivables Trustee as a result of a breach of representation by the Transferor or any Additional Transferor pursuant to Clause 17.2 or 17.3 of the RSA, payments to the Transferor or such Additional Transferor in respect thereof were incorrectly funded by the Beneficiaries on the basis that such Receivables were Principal Receivables which are Eligible Receivables. Notwithstanding the remedies available to the Receivables Trustee pursuant to the RSA, in such circumstances the Receivables Trustee shall ensure that such error is corrected by:
(i) reducing the Transferor Interest by the amount of such Ineligible Receivables until such time as it reaches zero PROVIDED, HOWEVER, that if the amount of such Ineligible Receivables exceeds the amount of the Transferor Interest on such date of determination then the Receivables Trustee shall also require the Transferor or such Additional Transferor to make a payment of cash to the Receivables Trustee equal to the amount of such excess in order to comply with the provisions of Clause 11.1 of the RSA; and
(ii) amending its books of account to record that (A) the Eligible Receivables Pool has been decreased by the amount of Ineligible Receivables previously incorrectly added to the Eligible Receivables Pool and, subject to Clause 11.3 of the RSA, the Ineligible Receivables Pool has been increased by the same amount, and (B) the Transferor Ineligible Interest has been increased by the same amount so added to the Ineligible Receivables Pool; and the entitlement of the Beneficiaries to Trust Property shall be adjusted accordingly.
Ineligible Receivables. For each Receivable that did not constitute an Eligible Receivable on the Closing Date in violation of the representation of the Seller in Section 4.2(b) hereof, the Seller shall, within ten (10) Business Days of the earlier of Durham, Xxxxxxx or a Responsible Officer of the Seller obtaining actual knowledge of such circumstance or receipt by Durham, Xxxxxxx or the Seller from the Buyer of written notice thereof, make a deposit to the Collection Account in immediately available funds in an amount equal to the sum of (a) the Outstanding Receivable Balance with respect to such Receivable and any interest accrued thereon through the applicable Retransfer Date, and (b) any costs and damages incurred by the Buyer in connection with any violation in connection with the servicing or collection of such Receivable of any predatory or abusive lending law (collectively, the “Retransfer Price”). In the foregoing instance, the Seller shall accept retransfer of each such Receivable and any Related Security.
Ineligible Receivables. 29 6.10 Business of the Contributor............................................... 30 6.11 Limitation on Fundamental Changes......................................... 30 6.12 Offices................................................................... 30
Ineligible Receivables. 24 6.10 Business of the Originator...................................... 24 6.11 Limitation on Fundamental Changes............................... 24 6.12 Offices......................................................... 25 6.13 Constitutive Documents.......................................... 25 6.14 Amendment of Transaction Documents or Other Material Documents....................................................... 25
Ineligible Receivables. Take any action to cause, or which would ---------------------- permit, an Eligible Receivable to cease to be an Eligible Receivable, except as otherwise expressly provided by this Agreement; provided, that in no event shall -------- an Eligible Receivable becoming a Defaulted Receivable constitute a breach of this subsection 6.3.
Ineligible Receivables. Without the prior written approval of ---------------------- the Required Participants, such Person shall not take any action to cause, or which would permit, an Eligible Receivable to cease to be an Eligible Receivable, except as expressly permitted in this Agreement.
Ineligible Receivables. Obtain the Aged Trial Balance for five selected operating units and randomly select a total of ten customers that have balances over 120 days past original invoice -3- 126 date and calculate the customer balances over 120 days past original invoice date as a percentage of the customer's total balance. If this calculated percentage is more than 25%, determine if any Receivables of the customer are classified as part of the Eligible Receivables;
