Examples of Existing receivable in a sentence
The Borrower acquired the Existing Receivable Pool from ADT as the Originator pursuant to the Receivables Sale and Contribution Agreement dated as of April 17, 2020 (the “Existing Sale Agreement”) between the Borrower and the Originator.
The term “Consumer Loan Documents” shall mean all promissory notes, chattel paper, retail installment contracts, security agreements or other similar documents, agreements, instruments and writings evidencing or securing an Existing Receivable which have been executed by an Account Debtor or any guarantor of the related Existing Receivable and are payable to, or in favor of, a Borrower.
Each Borrower hereby collaterally assigns to Lender, all of such Borrower’s right and title to and interest in, to and under (but not any obligations under) the Consumer Loan Documents, Consumer Lease Documents and each Auto Title related to each Existing Receivable, each RTO Receivable and all other agreements, documents and instruments related to any of the foregoing (collectively, the “Assigned Documents”).
Failure to deliver physical possession of any instruments, documents or writings in respect of any Existing Receivable to Lender (including the Custodian, as Custodian and bailee for the Lender) shall not invalidate Lender’s security interest therein.
The term “Conversion Documents” shall mean the bxxx of sale, title application and power of attorney executed by the debtor of an Existing Receivable transferring the motor vehicle subject to an Existing Receivable to a Borrower and the lease for that motor vehicle executed by the debtor, forms of which have been provided to Lender.