Purchase and Substitution Limit definition
Purchase and Substitution Limit. The meaning specified in Section 12.3(c).
Purchase and Substitution Limit. 13% of the aggregate Collateral Value of all Receivables pledged by the Issuer to the Trustee as of the Prefunding Period Termination Date measured as of their related Cut-Off Dates.
Purchase and Substitution Limit. With respect to the Lease Contracts, 15% of the Aggregate Implicit Principal Balance.
Examples of Purchase and Substitution Limit in a sentence
All such purchases shall be subject to the Purchase and Substitution Limit at a cash purchase price at least equal to the Fair Market Value of such Collateral Obligation (or applicable portion thereof) as of the date of such purchase, which the Collateral Trustee shall deposit into the Collection Account upon receipt.
The Collateral Manager may direct the Collateral Trustee to sell any Collateral Obligation to OTF II at any time in connection with an optional purchase or substitution of such Collateral Obligation pursuant to Section 12.3, it being understood that such sales will be subject to the Purchase and Substitution Limit.
More Definitions of Purchase and Substitution Limit
Purchase and Substitution Limit. With respect to the Contracts supporting any Series of Notes, 10% of the Initial Aggregate Collateral Value of such Series.
Purchase and Substitution Limit. With respect to the Contracts, 10% of the Initial Aggregate Collateral Value.