Permitted Whole Loan Sale definition
Permitted Whole Loan Sale means the sale of Customer Loans by the Borrower to any Person who is not an Affiliate from time to time pursuant to the terms of any whole loan sale program entered into between the Borrower and such Person providing for the sale of specific assets by the Borrower to such Person in the ordinary course of the Borrower’s business; provided, in each case, that 100% of the Purchase Price for such Customer Loans shall be paid contemporaneously with such sale in cash by depositing the same in the Operating Account.
Permitted Whole Loan Sale means the sale of Receivables by the Company to any Person who is not an Affiliate from time to time pursuant to the terms of any whole loan sale program entered into between the Company and such Person providing for the sale of specific assets by the Company to such Person in the ordinary course of the Company’s business; provided, in each case, that an amount equal to the purchase price for such Receivable shall be paid contemporaneously with such sale in Cash by depositing the same in the Operating Account, which purchase price shall not be less than (i) if the Payout Period Start Date has not occurred, the applicable advance rate times the Outstanding Principal Balance of the Receivable at the date of the sale and
Permitted Whole Loan Sale means, subject to Borrower’s compliance with Section 6.17(c) hereof, one or more sales by Borrower of Receivables to a third-party on an arms-length basis with a minimum aggregate Purchase Price of at least $25,000,000; provided, however, said Purchase Price must be at or above par or, if not, then the difference between par and a lower Purchase Price must be contributed to the Borrower by the Originator and all outstanding Obligations shall be paid in full in connection with such Permitted Whole Loan Sale unless otherwise agreed to by Agent in its sole discretion; provided, further, that (i) Borrower must provide Agent, Managing Agent and Lenders with not less than three (3) Business Days prior written notice, (ii) Borrower must deposit the cash proceeds and the Permitted Whole Loan Sale Partial Prepayment Fee with Agent prior to or simultaneously with each such disposition, (iii) any Receivables selected to be sold in connection with each such transaction must be selected from all similar Receivables of Borrower with no intention to select Receivables that would be more adverse to Agent or Lenders than other Receivables of Borrower and (iv) both prior to and after giving effect to such transaction on a pro forma basis, the aggregate outstanding principal amount of the Revolving Advances shall not exceed the lesser of (x) the Maximum Loan Amount and (y) the Borrowing Base.