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.

Defective Receivable. Any Receivable subject to repurchase by the Seller pursuant to Section 2.1 or 2.

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.

• The Servicer, promptly following the transfer of a Defective Receivable from the Issuer pursuant to this Section 2.4 shall deliver an Amended and Restated Schedule of Receivables and make appropriate entries in its records to reflect such transfer.

• With respect to any Defective Receivable, on any date of calculation, an amount equal to the Outstanding Balance of such Defective Receivable on such date plus the aggregate amount of accrued and unpaid interest on such Defective Receivable on such date plus any breakage amount under the SPV Loan Agreement or the Securitization Facility Documents resulting from the purchase of such Defective Receivable (as determined by the Master Servicer in good faith).

• The Company shall not be required to repurchase a Defective Receivable until the cure periods described in the definitions thereof have lapsed.

• 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.

More Definitions of Defective Receivable

Defective Receivable has the meaning assigned to it in Section 1.5 of the Receivables Contribution and Sale Agreement.

Defective Receivable has the meaning set forth in Section 1.5.

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.

Defective Receivable has the meaning set forth in Section 7.

Defective Receivable means any Receivable required to be repurchased by the Seller pursuant to Section 7.4.

Defective Receivable means a Receivable that is subject to repurchase pursuant to SECTION 3.2 or SECTION 4.7.

Defective Receivable means a Receivable that is subject to (a) mandatory repurchase by the Seller pursuant to S ections 3.2 or 3 .4(b) of the Sale and Servicing Agreement or (b) mandatory purchase by the Servicer pursuant to S ection 4.7(a) of the Sale and Servicing Agreement.