Purchased Contract definition

Purchased Contract means a Contract that (i) has been purchased by the Servicer or the Seller because of certain material defects in documents related to such Contract or certain breaches of representations and warranties regarding such Contract made by the Seller in this Agreement that materially and adversely affect the interests of the Noteholders or the Insurer, (ii) has been purchased by the Servicer because of certain breaches of servicing covenants or (iii) has been purchased by the Servicer in the event of an optional purchase of all of the Contracts pursuant to Section 8.01

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Purchased Contract means any Contract that is purchased by the Purchaser under the terms of this Agreement; provided, that, upon any repurchase of a Purchased Contract by the Seller pursuant to the terms of this Agreement, such Contract ceases to be a Purchased Contract.

Purchased Contract means an Automobile Contract purchased as of the close of business on the last day of a Collection Period by the Servicer.

Examples of Purchased Contract in a sentence

Without otherwise limiting the scope of the examination the Purchaser or the Program Manager may, using generally accepted audit procedures, verify the status of each Purchased Contract and review the records relating thereto for conformity to Portfolio and Settlement Reports prepared pursuant to Article IX and compliance with the standards represented to exist as to each Contract in this Agreement.
The Servicer will be entitled to recover all Servicing Expenses incurred by it in liquidating a Purchased Contract and disposing of the related Motorcycle.
The Servicer shall, during the period it is servicer hereunder, maintain such books of account and other records as will enable the Purchaser to determine the status of each Purchased Contract.
The Servicer will act in a commercially reasonable manner with respect to the repossession and disposition of a Motorcycle following a default under the related Purchased Contract with a view to realizing proceeds at least equal to the Motorcycle’s fair market value.
Upon payment in full on any Purchased Contract, the Servicer is authorized to execute an instrument in satisfaction of such Purchased Contract and to do such other acts and execute such other documents as the Servicer deems necessary to discharge the Obligor thereunder and eliminate the security interest in the Motorcycle related thereto.

More Definitions of Purchased Contract

Purchased Contract means any Contract purchased by Carfinco from Dealer hereunder;

Purchased Contract means a Contract, the Customer of which meets all of the credit and income requirements of MFS at the time it is purchased and which MFS elects, in its sole discretion, to purchase pursuant to the terms hereof.

Purchased Contract is defined in Section 1.1(f) hereof.

Purchased Contract means a Contract that (i) has been purchased by Onyx or the Seller because of certain material defects in documents related to such Contract or certain breaches of representations and warranties regarding such Contract made by the Seller in the Sale and Servicing Agreement that materially and adversely affect the interests of the securityholders or the Insurer, (ii) has been purchased by the Servicer because of certain breaches of servicing covenants or (iii) has been purchased by the Servicer in the event of an Optional Purchase.

Purchased Contract. A Contract as to which payment of the Purchase Amount has been made by the Depositor pursuant to Section 2.3 hereof or by the Servicer pursuant to Section 2.02 or 2.28 of the Servicing Agreement.

Purchased Contract means, as of any Deposit Date, any Contract which TCC has purchased as of the related Accounting Date, as required by Section 2.6 of the Transfer and Servicing Agreement, and as to which, on or before such Deposit Date, (i) that portion of the Purchase Amount relating to the Required Payoff Amount for such Contract has been deposited in the Collection Account, and (ii) that portion, if any, of the Purchase Amount relating to the Book Value of the related Leased Equipment has been distributed to the Depositor.

Purchased Contract means a Contract that (i) has been purchased or repurchased by the Originator the Servicer or the Seller because of certain material defects in documents related to such Contract, (ii) has been repurchased by the Seller or the Originator because of certain breaches of representations and warranties regarding such Contract made by the Seller in this Agreement or by the Originator in the Receivables Purchase Agreement, as applicable, pursuant to the terms thereof, (iii) has been purchased by the Servicer because of certain breaches by the Servicer of representations or servicing covenants pursuant to Section 3.06 or (iv) has been purchased by the Servicer in the event of an optional purchase of all of the Contracts pursuant to Section 8.01.