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 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.

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.
Upon discovery by the Company, SPV, TFC or any direct or indirect assignee of the rights of TFC hereunder, that a Receivable included in the Conveyed Asset meets the criteria for being a Defective Receivable (other than the passage of the cure periods specified therein) the party discovering such breach shall give prompt written notice thereof to the other aforementioned parties (such notice, a "Defect Notice").
The Company shall not be required to repurchase a Defective Receivable until the cure periods described in the definitions thereof have lapsed.
Any payment in respect of a Defective Receivable shall be remitted directly to TFC for application as provided in the SPV Loan Agreement.

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

Defective Receivable means a Receivable that is subject to repurchase pursuant to Section 3.2 of this 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.