Ineligible Receivables definition

Ineligible Receivables shall have the meaning specified in subsection 2.05(a).

Ineligible Receivables means Receivables that are not Eligible Receivables (as such term is defined in the First Tier Agreement).

Ineligible Receivables has the meaning assigned to that term in Section 2.4(a).

Examples of Ineligible Receivables in a sentence

• The Trustee shall execute such documents and instruments of transfer or assignment and take such other actions as shall reasonably be requested by the Sellers to effect the conveyance of such Ineligible Receivables pursuant to this Section.

• The obligation of the Sellers to accept reassignment of any Ineligible Receivables, and to make the deposits, if any, required to be made to the Collection Account as provided in this Section, shall constitute the sole remedy respecting the event giving rise to such obligation available to Certificateholders (or the Trustee on behalf of the Certificateholders) or any Series Enhancer, except as provided in Section 7.04.

• Upon reassignment of Ineligible Receivables, the Trustee, on behalf of the Trust, shall automatically and without further action be deemed to sell, transfer, assign, set over and otherwise convey to the Sellers or their designee, without recourse, representation or warranty, all the right, title and interest of the Trust in and to such Ineligible Receivables, all monies due or to become due and all amounts received with respect thereto and all proceeds thereof.

• The Servicer shall deduct the portion of the Ineligible Receivables reassigned to the Sellers which are Principal Receivables from the aggregate amount of Principal Receivables used to calculate the Sellers’ Participation Amount, the Sellers’ Interest and the Floating Allocation Percentage and the Principal Allocation Percentage applicable to any Series.

• The obligation of Discover Bank on behalf of the Holder of the Seller Certificate to purchase any Ineligible Receivables, and to make the deposits, if any, required to be made to the Collections Account as provided in this Section 2.07(b), shall constitute the sole remedy respecting the event giving rise to such obligation available to the Certificateholders (or the Trustee on behalf of the Certificateholders).

More Definitions of Ineligible Receivables

Ineligible Receivables means the following described Receivables and any other Receivables which are not reasonably satisfactory to Secured Party for credit or any other reason:

Ineligible Receivables has the meaning specified in the Transfer and Servicing Agreement.

Ineligible Receivables means all Qualified Receivables described in at least one of the following clauses:

Ineligible Receivables is defined in Section 2.04(d) of the Transfer and Servicing Agreement.

Ineligible Receivables means Receivables which are (i) evidenced by a promissory note or similar instrument; (ii) owed or payable by an Account Debtor pursuant to a Commercial Contract, if such Account Debtor is more than ninety (90) days past due from the date of original invoice in the payment of fifty percent (50%) or more of the aggregate balance due from such Account Debtor to the Borrower or any Guarantor, as applicable; (iii) owed or payable by an Account Debtor pursuant to a Government Contract, if such Account Debtor is more than one hundred twenty (120) days past due from the date of original invoice in the payment of fifty percent (50%) or more of the aggregate balance due under such Government Contract; (iv) owing from any person that is the subject of any (a) suit, lien, levy or judgment which could reasonably be expected to affect the collectibility of said account(s), or (b) bankruptcy, insolvency or a similar process or proceeding; (v) owing from foreign Account Debtors; (vi) unbilled as a result of rate variances or retainage provisions; (vii) bonded Receivables; (viii) final invoices more than ninety (90) days past due; (ix) not subject to a valid and enforceable first-priority, perfected security interest in favor of the Administrative Agent; (x) subject to any other lien or other encumbrance; (xi) consigned or otherwise assigned to any other Person for collection or otherwise; (xii) arising under a Government Contract that expressly prohibits assignment of claims under the Assignment of Claims Act of 1940, as amended.

Ineligible Receivables means the following described Receivables of the Borrower and any other Receivables of the Borrower which are not reasonably satisfactory to the Agent in its Reasonable Credit Judgment:

Ineligible Receivables has the meaning assigned to that term in Section 2.03(a) of the Servicing Agreement.