HAFI definition
Examples of HAFI in a sentence
Each Receivable requires the Obligor to obtain such physical loss and damage insurance, naming HAFI or any Affiliate of HAFI that is the seller under a Master Receivables Purchase Agreement, as applicable, and its successors and assigns as loss payee, and with respect to liability coverage, additional insureds, and permits the holder of such Receivable to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to maintain such insurance.
Indication of the Trust’s and the Indenture Trustee’s interest in a Receivable shall be deleted from or modified on such computer systems when, and only when, the related Receivable shall have been paid in full, repurchased by HAFI, any Affiliate of HAFI that is the seller under a Master Receivables Purchase Agreement, HSBC Finance Corporation or the Seller or otherwise disposed of by the Issuer in accordance with the terms of this Agreement.
The Seller hereby represents and warrants to the Trust that such assignment is valid, enforceable and effective to permit the Trust to enforce such obligations of HAFI or an Affiliate of HAFI that is the seller under a Master Receivables Purchase Agreement and HSBC Finance Corporation under the Master Receivables Purchase Agreements.
Solely for the purposes of any action to be taken, or consented to, by Noteholders, any Note registered in the name of HAFI or any Affiliate thereof shall be deemed not to be outstanding; provided, however, that, solely for the purpose of determining whether the Indenture Trustee is entitled to rely upon any such action or consent, only Notes which a Trust Officer of the Indenture Trustee actually knows to be so owned shall be so disregarded.
From time to time after the Closing Date, the Servicer may enter into a subservicing agreement with any Person other than HAFI which is an Eligible Subservicer and is in compliance with the laws of each state necessary to enable it to perform the obligations of the Servicer pursuant to this Agreement.
The Servicer or HAFI, as applicable, shall deposit the Substitution Adjustment Amount in the Collection Account no later than the Business Day immediately preceding the Distribution Date in the month following the end of the Collection Period in which such substitution occurs.
The Servicer initially appoints HAFI to subservice the Receivables.
In consideration of and simultaneously with the repurchase of the Receivables, the Seller shall remit, or cause HAFI or an Affiliate of HAFI that is the seller under a Master Receivables Purchase Agreement or HSBC Finance Corporation, as applicable, to remit, to the Collection Account the Repurchase Amount in the manner specified in Section 5.4 and the Issuer shall execute such assignments and other documents reasonably requested by such person in order to effect such repurchase.
The Servicer shall amend the Schedule of Receivables to reflect the removal of any Receivable for which the Servicer or HAFI has made a substitution election pursuant to Section 5.02(a) from the terms of this Agreement and the substitution of the Eligible Substitute Receivable or Receivables.
The procedures applied by the Servicer or HAFI in selecting each Eligible Substitute Receivable shall not be adverse to the interests of the Noteholders and shall be comparable to the selection procedures applicable to the Receivables originally conveyed hereunder.