Defective Receivable definition

Defective Receivable means a Receivable that is subject to repurchase pursuant to SECTION 3.2 or SECTION 4.7 of the Sale and Servicing Agreement.
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Defective Receivable means a Receivable that is subject to repurchase pursuant to Section 3.2 or Section 4.7 of the Sale and Servicing Agreement.
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Defective Receivable has the meaning assigned to it in Section 1.5 of the Receivables Contribution and Sale Agreement.
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Examples of Defective Receivable in a sentence

  • Upon receipt of a Purchase Price Credit for a Defective Receivable from the applicable Originator, Buyer shall automatically and without further action convey and assign to such Originator Buyer’s right, title and interest in and to such Defective Receivable without recourse, representation or warranty of any kind, except as to the absence of liens, charges or encumbrances created by or arising solely as a result of actions of Buyer or the Administrator.

  • Pending the final determination of the Fixed Fee, BEC shall pay monthly the Fixed Fee payable for December of the preceding year.

  • In consideration of the repurchase of any Receivable, Originator shall remit the Purchase Amount to the Collection Account on behalf of Buyer in immediately available funds, within five (5) Business Days of Originator’s receipt of notice from Buyer of the Noteholders’ determination that such Receivable is a PSA Defective Receivable.

  • Any payment in respect of a Defective Receivable shall be remitted directly to TFC for application as provided in the SPV Loan Agreement.

  • Upon the later of the lapse thereof or the fifth day after the date on which the Company has actual knowledge of the existence of such Defective Receivable and the related breach, the Company shall repurchase the Defective Receivable for a purchase price equal to the then applicable Defective Receivable Purchase Price.


More Definitions of Defective Receivable

Defective Receivable. Any Receivable subject to repurchase by the Seller pursuant to Section 2.1 or 2.
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Defective Receivable means a Receivable that is subject to (a) mandatory repurchase by the Seller pursuant to Sections 3.2 or 3.4(b) of the Sale and Servicing Agreement or (b) mandatory purchase by the Servicer pursuant to Section 4.7(a) of the Sale and Servicing Agreement.
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Defective Receivable has the meaning set forth in Section 1.5.
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Defective Receivable means a Receivable that is subject to repurchase pursuant to Section 3.2 of this Agreement.
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Defective Receivable has the meaning set forth in Section 7.
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Defective Receivable means any Receivable required to be repurchased by the Seller pursuant to Section 7.04.
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Defective Receivable means (a) any Bank Partner Receivable related to a Participation Interest pledged as Collateral hereunder with an uncured breach of any representation or warranty of (i) Avio to Intermediate SPE pursuant to the Tier I Purchase and Sale Agreement as of the date of the sale of the Participation Interest with respect to such Bank Partner Receivable to Intermediate SPE or (ii) Intermediate SPE to Borrower pursuant to the Tier II Purchase and Sale Agreement as of the date of the sale of the Participation Interest with respect to such Bank Partner Receivable to Borrower, and (b) any Receivable pledged as Collateral hereunder with an uncured breach of any representation or warranty of (i) a Seller to Intermediate SPE pursuant to the Tier I Purchase and Sale Agreement as of the date of the sale of such Receivable to Intermediate SPE or (ii) Intermediate SPE to Borrower pursuant to the Tier II Purchase and Sale Agreement as of the date of the sale of such Receivable to Borrower. CURO - LOAN AND SECURITY AGREEMENT
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