Diversified Payment Rights definition
Examples of Diversified Payment Rights in a sentence
The Bank shall cause all of its properties used in or useful for the conduct of its business or the business of any of its Subsidiaries to be maintained in good repair, and will cause to be made any repairs, replacements and/or improvements thereto as may be necessary for the Bank and its Subsidiaries to conduct their business (including the Diversified Payment Rights business).
The Servicer shall ensure, as a condition precedent to entering into any such subcontracting arrangement, that each such subcontractor shall agree to service the Purchased Diversified Payment Rights in accordance with all Applicable Laws (including, to the extent applicable, the Prohibited Nations Acts) and this Agreement and the other Transaction Documents and has the ability to do so.
The Bank hereby acknowledges receipt by it of the Consideration as the purchase price for the Purchased Diversified Payment Rights and Related Assets, which it agrees is reasonably equivalent value for the Purchased Diversified Payment Rights and Related Assets sold hereby.
For the purpose of clarification, all of the Purchased Diversified Payment Rights and Related Assets (whether then existing or thereafter generated through and including the Sale Termination Date) are sold by the Bank to the SPC on the date hereof and, thereafter until and including the Sale Termination Date, the SPC will own any future-generated Purchased Diversified Payment Rights and Related Assets immediately upon their generation.
Other than with respect to the Purchased Diversified Payment Rights and the Related Assets, and notwithstanding anything else to the contrary in this Agreement or in any other Transaction Document, the SPC shall have no right, title or interest in, Lien on, or preference, privilege or priority whatsoever with respect to any assets or revenues of the Bank generally, and any obligations of the Bank arising under the Transaction Documents shall constitute unsecured obligations of the Bank.
The SPC: Jamaica Diversified Payment Rights Company c/o Maples Finance Limited ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ Street ▇▇▇▇▇▇ Town Grand Cayman Cayman Islands Attention: ▇▇▇ ▇▇▇▇▇ Telephone: (▇▇▇) ▇▇▇-▇▇▇▇ Facsimile: (▇▇▇) ▇▇▇-▇▇▇▇ With copies to the Indenture Trustee.
Further, the Depositary acknowledges that the Sale of Purchased Diversified Payment Rights also includes all of the types and classes of payments owed to NCB (if such payments were to have been made on the Closing Date) would have qualified to be notified via a SWIFT MT102, SWIFT MT102+, SWIFT MT103 or SWIFT MT103+ payment order (it being understood and agreed that the Depositary is not responsible for identifying any such replacement systems).
Immediately upon the Sale to the SPC of the Purchased Diversified Payment Rights (whether existing on the Closing Date or thereafter generated), the SPC will have good title thereto, free and clear of any Liens (other than any Liens created pursuant to the Transaction Documents).
Upon execution and delivery of this Agreement and the Deed of Assignment, no further action (including notice to or filing with any Governmental Authority or agency) will be required to effectuate the Sale of the Purchased Diversified Payment Rights and Related Assets (whether existing on the Closing Date or thereafter generated) to the SPC.
The Bank shall comply at all times in all respects with all Applicable Laws applicable to or in any way affecting the generation and/or servicing of the Purchased Diversified Payment Rights or its commercial banking business; provided that the failure to comply therewith shall not be a Default to the extent that such non-compliance is not reasonably likely to have a Material Adverse Effect.