Asta Funding definition
Examples of Asta Funding in a sentence
In consideration of the purchase of the Receivable, Asta Funding shall remit the Purchase Amount, in the manner specified in Section 5.4. For the purposes of this Section 3.5, the Purchase Amount of a Receivable that is not consistent with the warranty pursuant to Section 3.4(i)(D) shall include such additional amount as shall be necessary to provide the full amount of interest as contemplated therein.
Each Receivable has been originated in accordance with the applicable Underwriting Guidelines of Asta Funding in effect at the time of origination.
The Seller has caused each certificate of title (or copy of an application for title), or such other document delivered by the State title registration agency evidencing the security interest in each Financed Vehicle, to be delivered to the Custodian pursuant to Section 3.6 hereof, together with a power of attorney, duly executed by Asta Funding in favor of the Trustee, which powers of attorney are sufficient to change the lien holder on the certificate of title with respect to a Financed Vehicle.
With respect to Receivables for which the original retail installment sale contract and, with respect to any Receivables File that does not contain an original certificate of title, a copy of the application for a certificate of title have not been delivered to the Custodian in accordance with this Section 3.6(a), the Seller shall cause Asta Funding to deliver the missing documents within seven (7) Business Days of receipt of such notice or repurchase such Receivables pursuant to Section 3.5 hereof.
The Servicer or Asta Funding, as the case may be, shall deposit or cause to be deposited in the Collection Account the aggregate Purchase Amount with respect to Purchased Receivables and the Servicer shall deposit therein all amounts to be paid under Section 11.2. All such deposits shall be made, in immediately available funds, on the Business Day preceding the Distribution Date.
In the event, however, that notwithstanding the intent of Asta Funding, the Seller and the Trustee, the transfer hereunder is held not to be a sale, this Agreement shall constitute a grant of a security interest in the property described in Section 3.1 to the Trustee on behalf of the Trust for the benefit of the Certificateholders.
The Trustee's Certificate submitted with respect to such Distribution Date shall operate, as of such Distribution Date, as an assignment, without recourse, representation or warranty, to Asta Funding or the Servicer, as the case may be, of all the Trustee's right, title and interest in and to such repurchased Receivable, and all security and documents relating thereto, such assignment being an assignment outright and not for security.
The Seller has operated and will operate its business such that its assets and liabilities will not be substantively consolidated with the assets and liabilities of Asta Funding and its separate existence will not be disregarded in any State or federal court proceeding.
For purposes of computing net loss of Asta Funding and its Subsidiaries, the net income of any Non-Credit Party Affiliate (to the extent such net income is greater than zero) shall be excluded from such computation.
With respect to each Receivable for which the title document has not yet been returned from the Registrar of Titles, Asta Funding has received written evidence from the related Dealer that such title document showing Asta Funding as first lienholder has been applied for.