LOC Receivable definition

LOC Receivable means a Receivable acquired by the Company representing an advance under an OnDeck LOC offered to the related Receivables Obligor, it being understood and agreed that Payments thereunder are subject to Automatic LOC Payment Modifications in accordance with the terms of the applicable Receivable Agreement upon the occurrence of a Subsequent LOC Advance under such OnDeck LOC.
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LOC Receivable means a Receivable acquired by the Company representing an advance under a Headway LOC offered to the related Receivables Obligor, it being understood and agreed that Payments thereunder are subject to Automatic LOC Payment Modifications in accordance with the terms of the applicable Receivable Agreement upon the occurrence of a Subsequent LOC Advance under such Headway LOC.
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LOC Receivable means a Receivable representing an advance under an OnDeck LOC offered to the related Receivables Obligor, it being understood that Payments thereunder are subject to Automatic LOC Payment Modifications in accordance with the terms of the applicable Receivables Agreement upon the occurrence of a Subsequent LOC Advance under such OnDeck LOC. For the avoidance of doubt, a LOC Receivable will be considered one of (a) a Daily Pay Receivable or (b) a Weekly Pay Receivable, based on the payment frequency of such LOC Receivable.
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Examples of LOC Receivable in a sentence

  • Any increase in the credit limit of any LOC Receivable will require the consent of ColorTyme.

  • In connection with such annual review, STI shall consult with ColorTyme regarding the Receivable and the franchisee named therein and the terms for renewal or modification of such LOC Receivable if appropriate.

  • Each LOC Receivable will be repayable as follows: (I) accrued and unpaid interest shall be payable monthly, and (ii) principal shall be payable in monthly installments to equal to the sum of (A) 1/21st of the initial principal amount of each advance made by STI under each such LOC Receivable after the Closing Date, and (B) the payment specified for each such LOC Recievable in the amortization schedule included in Schedule D.

  • In addition, STI may, at its option suspend or limit advances under any LOC Receivable where (i) payments (principal and interest) under such LOC Receivable are more than fifteen (15) days past due; or (ii) such LOC Receivable is otherwise in default.

  • Notwithstanding anything in this Section 2.5 to the contrary, STI reserves the right to make such modifications, adjustments and/or revisions to any LOC Receivables, including the credit limits, payment terms and advances thereunder, as it deems necessary or appropriate under the circumstances, provided it may not increase the credit limits available under any LOC Receivable above the amount specified in subparagraph (c) hereof.

  • In addition, STI shall review LOC Receivables from time to time upon the request of ColorTyme of the ColorTyme franchisee named in such LOC Receivable.

  • For purposes of this Agreement, the "Average Monthly Revenue" for a ColorTyme franchisee will mean the average monthly revenue of the ColorTyme franchisee, calculated in accordance with generally accepted accounting principles applied on a consistent basis, for the three (3) calendar months preceding the review of that franchisee's LOC Receivable.

  • The interest rate on the LOC Receivable shall be adjusted in accordance with the following schedule: (i) for LOC Receivables with a total credit limit of $2,000,000 or less, the rate will be Prime plus 4.75%; (ii) for LOC Receivables with a total credit limit of $3,000,000 or less, but more than $2,000,000, the rate will be Prime plus 4.25%; and (iii) for LOC Receivables with a total credit limit of more than $3,000,000, the rate will be Prime plus 3.75%.

  • The amount of the credit limit will generally be set for each LOC Receivable at an amount which does not exceed the product of the Average Monthly Revenue multiplied by five (5).

  • The Congressional Budget Office (CBO) estimates that non-group premiums would rise significantly after the ACA takes effect: “Average premiums would be 27 percent to 30 percent higher because a greater amount of coverage would be obtained.

Related to LOC Receivable

  • Purchased Receivable means a Receivable purchased as of the close of business on the last day of a Collection Period by the Servicer pursuant to Sections 4.2, 4.4(c) or 4.7 or repurchased by the Seller or the Servicer pursuant to Section 3.2 or Section 10.1(a).

  • Unbilled Receivable means, at any time, any Receivable as to which the invoice or xxxx with respect thereto has not yet been sent to the Obligor thereof.

  • Current Receivable means each Receivable that is not a Defaulted Receivable or a Liquidated Receivable.

  • Excluded Receivable means all indebtedness and other obligations owed to Originator or in which Originator has a security interest or other interest (including, without limitation, any indebtedness, obligation or interest constituting an account, chattel paper, instrument or general intangible) arising in connection with the sale of merchandise or the rendering of services by Originator and further includes, without limitation, the obligation to pay any Finance Charges with respect thereto:

  • Repurchased Receivable means a Receivable purchased by Santander Consumer pursuant to Section 3.4 of the Purchase Agreement or by the Servicer pursuant to Section 3.6 of the Sale and Servicing Agreement.

  • Liquidated Receivable means any Receivable liquidated by the Servicer through the sale or other disposition of the related Financed Equipment or that the Servicer has, after using all reasonable efforts to realize upon the Financed Equipment, determined to charge off without realizing upon the Financed Equipment.

  • Receivable any right to payment for goods sold or leased or for services rendered, whether or not such right is evidenced by an Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account).

  • Eligible Receivable means, at any time, a Receivable:

  • Delinquent Receivable means any Receivable that is not a Liquidated Receivable and which the related Obligor fails to make at least 90% of the related Scheduled Receivables Payment by the date on which it is due and remains unpaid for more than sixty (60) days from the original payment due date.

  • Mortgage Receivable means a promissory note secured by a Mortgage of which the Borrower or a Subsidiary is the holder and retains the rights of collection of all payments thereunder.

  • Review Receivable has the meaning designated in Section 1.02 of the Asset Representations Review Agreement.

  • Warranty Receivable means a Receivable which the Seller is required to repurchase pursuant to Section 3.02.