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

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

Examples of Purchased Contract in a sentence

The rights, privileges, protections, immunities and benefits afforded to the Purchase Contract Agent and each Indemnitee under this Agreement, including, without limitation, its and their rights to be indemnified, shall also extend to and cover the Purchase Contract Agent and each Indemnitee with respect to the role of the Purchase Contract Agent as Purchase Contract Agent under, including action taken, omitted to be taken or suffered by the Purchased Contract Agent pursuant to, the Remarketing Agreement.
To the extent any payment is made following the Closing by the Buyer under a Purchased Contract in respect of any pre-closing period, such payment or portion thereof which relates to the pre-closing period shall be promptly reimbursed by the Company to the Buyer.
To the extent payment is received following the Closing by the Buyer under a Purchased Contract in respect of any pre-closing period, such payment or portion thereof which relates to the pre-closing period shall be promptly paid by the Buyer to the Company.
To the extent that any such agreement is not an Executory Contract, such agreement shall be deemed to be a Purchased Contract.
To the extent payment is received following the Closing by the Company under a Purchased Contract in respect of any Post-Closing Period, such payment or portion thereof which relates to the Post-Closing Period shall be promptly paid by the Company to the Buyer.

More Definitions of Purchased Contract

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.

Purchased Contract. As of any Deposit Date, any Contract which TCC has purchased as of the related Accounting Date, as required by Section 2.6, 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.