Noncomplying Receivables Adjustment definition

Noncomplying Receivables Adjustment means, with respect to any Collection Period, an amount equal to the aggregate of, with respect to each Receivable which the Collection Agent or the Company (or its assigns) has identified to the Authorized Representative as a Noncomplying Receivable during such Collection Period, either (i) as of any date prior to the Termination Date that no Termination or Event of Termination is outstanding, the Noncomplying Receivable Portion of each such Receivable, and (ii) in all other circumstances, the Outstanding Balance of each such Receivable.
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Noncomplying Receivables Adjustment means, with respect to any Collection Period, an amount equal to (i) the aggregate Outstanding Balance for all Receivables which the Buyer identified to the applicable Originator as Noncomplying Receivables during such Collection Period minus (ii) all Collections received during such Collection Period on account of Receivables originated by such Originator with respect to which Noncomplying Receivables Adjustments were previously paid.
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Noncomplying Receivables Adjustment means, as of any Settlement Date, and with respect to any Seller's Receivables, as the case may be, an amount equal to (i) the aggregate Unpaid Balances on the most recent Cut-Off Date of all such Seller's Receivables which were first reported to be Noncomplying Receivables during such Collection Period MINUS (ii) the aggregate amount of Collections received by the Issuer during such Calculation Period with respect to any such Seller's Receivables which were reported to be Noncomplying Receivables in any prior Settlement Statement MINUS (iii) the "Allocated Loss and Dilution Amount" (as such term is hereinafter defined). As used herein, the "ALLOCATED LOSS AND DILUTION AMOUNT" shall be determined as follows: XXXX = UB x (LD + DD) where: XXXX = the Allocated Loss and Dilution Amount. UB = the aggregate Unpaid Balances as of the most recent Cut-Off Date of the applicable Noncomplying Receivables reported during the Calculation Period ended as of such Cut-Off Date. LD = the Loss Discount applicable to such Receivables as of the most recent Cut-Off Date. DD = the Dilution Discount Ratio applicable to such Receivables as of the most recent Cut-Off Date.
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Examples of Noncomplying Receivables Adjustment in a sentence

  • Notwithstanding such payment obligation, on any Settlement Date prior to the occurrence of a Termination or Event of Termination, the Buyer in its sole discretion may elect to setoff or subtract all or a portion of such Noncomplying Receivables Adjustment for the related Collection Period from the Aggregate Purchase Price which would otherwise be paid to the Originators on such day, which setoff will reduce such payment obligation on a dollar for dollar basis.

  • If instead the Noncomplying Receivables Adjustment for any Seller is negative for any Calendar Cycle, Buyer shall increase the Purchase Price payable to such Seller pursuant to subsection (a) above on such day by the amount of the Noncomplying Receivables Adjustment.

  • Alternatively, if the Noncomplying Receivables Adjustment is a negative number, such number shall be shown on the Asset Report as an amount due to such Originator, and the Buyer shall pay to such Originator the amount, if any, shown on the Asset Report as the net amount due from Buyer to such Originator.

  • If the Noncomplying Receivables Adjustment for any Seller is positive for any Calendar Cycle, Buyer shall reduce the Purchase Price payable to such Seller on such day pursuant to subsection (a) above by the amount of the Noncomplying Receivables Adjustment.

  • Any remaining unutilized positive amount of the Noncomplying Receivables Adjustment shall be credited by the Buyer against all future Purchases from the applicable Originator; provided, however, that if such credits are not fully utilized within five (5) Business Days, such Originator shall pay the remaining amount of such adjustment in cash on the next succeeding Business Day.

  • Until the Originators or the Buyer shall notify the Servicer of any exceptions to the calculations contained therein, the calculations of the Dilution Adjustment Credit and Noncomplying Receivables Adjustment in each Weekly Settlement Report and each Asset Report shall be deemed to be correct as originally delivered.

  • On or prior to each Asset Report Date, the Servicer shall prepare and deliver to the Buyer, as part of the Asset Report delivered under the Receivables Purchase Agreement, a statement of the Noncomplying Receivables Adjustment due to the Buyer from any Originator or from the Buyer to any Originator, as the case may be.

  • The principal balance of each Buyer Note shall be increased in accordance with the provisions of Section 3.1 hereof and shall be decreased in (i) the amount of funds received by each Seller pursuant to Section 3.3 hereof and (ii) by the Seller Noncomplying Receivables Adjustment of such Seller in accordance with the provisions of Section 3.1 hereof.

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  • Alternatively, if the Noncomplying Receivables Adjustment is a negative number, such number shall be shown on the Asset Report as an amount due to the Originator, and the Buyer shall pay to the Originator the amount, if any, shown on the Asset Report as the net amount due from Buyer to the Originator.


More Definitions of Noncomplying Receivables Adjustment

Noncomplying Receivables Adjustment means, with respect to any calendar month, an amount equal to (i) the aggregate Outstanding Balance for all Receivables which the Buyer identified to the Originator as Noncomplying Receivables during such calendar month minus (ii) all Collections received during such calendar month on account of Receivables originated by the Originator with respect to which Noncomplying Receivables Adjustments were previously paid.
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Noncomplying Receivables Adjustment means:
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Related to Noncomplying Receivables Adjustment

  • Receivables Purchase Price means $1,375,000,017.71.

  • Transferred Receivable means a Purchased Receivable or a Contributed Receivable.

  • Receivables Pool means, at any time, all of the then outstanding Receivables purchased by the Seller pursuant to the Sale Agreement prior to the Facility Termination Date.

  • Subsequent Receivables means the Receivables transferred to the Issuer pursuant to Section 2.2, which shall be listed on Schedule A to the related Subsequent Transfer Agreement.

  • Net Receivables Pool Balance means, at any time: (a) the Outstanding Balance of Eligible Receivables then in the Receivables Pool minus (b) the Excess Concentration.

  • Spread Adjustment means 100 basis points.

  • Net Receivables Balance means, at any time, the aggregate Outstanding Balance of all Eligible Receivables at such time reduced by the aggregate amount by which the Outstanding Balance of all Eligible Receivables of each Obligor and its Affiliates exceeds the Concentration Limit for such Obligor.

  • Receivables Assets means accounts receivable (including any bills of exchange) and related assets and property from time to time originated, acquired or otherwise owned by the Borrower or any Subsidiary.

  • Defaulted Receivables means any Receivable (a) on which any installment is unpaid more than sixty (60) days past its original due date or (b) where the Servicer’s records show that the Obligor has suffered an Insolvency Event.

  • Receivables Transaction Attributed Indebtedness means the amount of obligations outstanding under the legal documents entered into as part of any Qualified Receivables Transaction on any date of determination that would be characterized as principal if such Qualified Receivables Transaction were structured as a secured lending transaction rather than as a purchase.

  • Permitted Receivables Related Assets means any other assets that are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving receivables similar to Receivables and any collections or proceeds of any of the foregoing.

  • 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.

  • Receivables Related Assets means accounts receivable, instruments, chattel paper, obligations, general intangibles and other similar assets, in each case relating to receivables subject to the Permitted Receivables Facility, including interests in merchandise or goods, the sale or lease of which gave rise to such receivables, related contractual rights, guaranties, insurance proceeds, collections and proceeds of all of the foregoing.

  • Receivables Program means, with respect to any Person, an agreement or other arrangement or program providing for the advance of funds to such Person against the pledge, contribution, sale or other transfer of encumbrances of Receivables Program Assets of such Person or such Person and/or one or more of its Subsidiaries.

  • Transferred Receivables means any Receivables that have been sold, contributed or otherwise transferred to an Eligible Transferee in connection with a Permitted Supply Chain Financing that is permitted under the Credit Agreement.

  • Principal Receivables means all Receivables other than Finance Charge Receivables.

  • Receivables Advance Rate shall have the meaning set forth in Section 2.1(a)(y)(i) hereof.

  • Sold Receivable means a Receivable that was more than 60 days delinquent and was sold to an unaffiliated third party by the Issuer, at the Servicer’s direction, as of the close of business on the last day of a Collection Period and in accordance with the provisions of Section 4.3(c) hereof.

  • Delinquency Collection Policies and Procedures The delinquency collection policies and procedures of the Interim Servicer, a copy of which is attached to the Interim Servicing Agreement as Exhibit 11.

  • Precomputed Receivable means any Receivable under which the portion of a payment allocable to earned interest (which may be referred to in the related contract as an add-on finance charge) and the portion allocable to the Amount Financed is determined according to the sum of periodic balances, the sum of monthly balances, the rule of 78's or any equivalent method.

  • Related Adjustment means, in determining any LIBOR Successor Rate, the first relevant available alternative set forth in the order below that can be determined by the Administrative Agent applicable to such LIBOR Successor Rate:

  • 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).

  • Liquidated Receivable means a Defaulted Receivable as to which the related Financed Vehicle has been liquidated by the Servicer.

  • Receivables Net Investment means the aggregate cash amount paid by the lenders or purchasers under any Permitted Receivables Financing in connection with their purchase of, or the making of loans secured by, Receivables Assets or interests therein, as the same may be reduced from time to time by collections with respect to such Receivables Assets or otherwise in accordance with the terms of the Permitted Receivables Documents (but excluding any such collections used to make payments of items included in clause (c) of the definition of Interest Expense); provided, however, that if all or any part of such Receivables Net Investment shall have been reduced by application of any distribution and thereafter such distribution is rescinded or must otherwise be returned for any reason, such Receivables Net Investment shall be increased by the amount of such distribution, all as though such distribution had not been made.

  • Review Receivables means those Delinquent Receivables that have been Delinquent Receivables for 60 days or more as of the last day of the preceding Collection Period identified by the Servicer as requiring an Asset Representations Review by the Asset Representations Reviewer following receipt of an Asset Representations Review Notice according to Section 3.01.

  • Initial Receivable means each Contract related to a Financed Vehicle transferred to the Issuer pursuant to Section 2.1, which, as of the Closing Date, is listed on Schedule A (which Schedule A may be in the form of an electronic file), and all rights and obligations thereunder, except for Initial Receivables that shall have become Purchased Receivables or Sold Receivables.