Purchased Receivable Clause Samples

The Purchased Receivable clause defines the specific receivables that a buyer acquires from a seller under a purchase agreement. In practice, this clause outlines the criteria or conditions that a receivable must meet to be considered 'purchased,' such as being valid, undisputed, and not subject to set-off or counterclaims. By clearly identifying which receivables are included in the transaction, the clause ensures both parties understand the scope of the assets being transferred and helps prevent disputes over ownership or eligibility of receivables.
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Purchased Receivable. Section 1.1
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Purchased Receivable. 15 Receivable.................................... 16
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Purchased Receivable. If such Item related to a Purchased Receivable, then the amount of such dishonored or returned item shall be for the account of ▇▇▇▇▇▇ and ▇▇▇▇▇▇ shall reimburse Grantor, (but only to the extent that ▇▇▇▇▇▇ actually received the proceeds of such Item) the amount of such returned Item and any costs and expenses incurred and paid by Grantor to the Lock Box Bank in connection with such returned Item. All returned or dishonored Items relating to Accounts that are not Purchased Receivables shall be for the account of Grantor, and ▇▇▇▇▇▇ shall have no reimbursement obligation in respect thereof. Notwithstanding anything to the contrary contained herein, if an Item pertaining to a Purchased Receivable was dishonored or returned in any circumstance that would have caused such Purchased Receivable to be a Nonperforming Receivable, ▇▇▇▇▇▇ shall have no obligation to reimburse Grantor in respect thereof. If ▇▇▇▇▇▇ is required to reimburse Grantor as to any Item the corresponding payment on the underlying Purchased Receivable shall be deemed not to be a collection received by ▇▇▇▇▇▇. In the event that Grantor fails to make any reimbursement to the applicable Lock Box Bank in the first instance, and in accordance with the Blocked Account Agreements the applicable Lock Box Bank exercises setoff rights against the Blocked Account or its rights to cause ▇▇▇▇▇▇ to reimburse the Lock Box Bank as provided in the Blocked Account Agreements, Grantor shall be obligated to reimburse ▇▇▇▇▇▇ on demand for its share of amounts reimbursed to the Lock Box Bank as determined by ▇▇▇▇▇▇.
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Purchased Receivable. Section 1.1 Receivable......................................................................
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Purchased Receivable. Any Eligible Receivable sold and assigned to Purchaser by the Provider pursuant to the terms of this Agreement.
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Related to Purchased Receivable

  • Reassignment of Purchased Receivables Upon deposit in the Collection Account of the Purchase Amount of any Receivable repurchased by Seller under Section 5.1 hereof, Purchaser and the Issuer shall take such steps as may be reasonably requested by Seller in order to assign to Seller all of Purchaser’s and the Issuer’s right, title and interest in and to such Receivable and all security and documents and all Other Conveyed Property conveyed to Purchaser and the Issuer directly relating thereto, without recourse, representation or warranty, except as to the absence of Liens created by or arising as a result of actions of Purchaser or the Issuer. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Purchased Receivable, in any enforcement suit or legal proceeding, it is held that Seller may not enforce any such Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce the Receivable, Purchaser and the Issuer shall, at the expense of Seller, take such steps as Seller deems reasonably necessary to enforce the Receivable, including bringing suit in Purchaser’s or in the Issuer’s name.

  • Receivables (a) No amount payable to such Grantor under or in connection with any Receivable is evidenced by any Instrument or Chattel Paper which has not been delivered to the Administrative Agent. (b) None of the obligors on any Receivables is a Governmental Authority. (c) The amounts represented by such Grantor to the Lenders from time to time as owing to such Grantor in respect of the Receivables will at such times be accurate.

  • Previously Reviewed Receivable If any Asset Review Receivable was included in a prior Asset Review, the Asset Representations Reviewer will not perform any Tests on it, but will include the results of the previous Tests in the Asset Review Report for the current Asset Review.

  • No Delinquent Receivables As of the Cutoff Date, no payment due under any Receivable was more than 30 days past due.

  • Eligible Receivables Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance as of any date is an Eligible Receivable as of such date.