Purchased Debts definition
Examples of Purchased Debts in a sentence
The Seller Agent or the applicable Seller shall, as soon as practicable upon demand of the Purchaser, deliver or make available to the Purchaser all Accounting Records in its possession which evidence or relate to any Purchased Debts.
Each such sale shall be absolute and irrevocable, providing the Purchaser with the full risks and benefits of ownership of the related Purchased Debts (such that the related Purchased Debts would not be property of a Seller’s estate in the event of its bankruptcy).
Such purchase, if made by the Purchaser, shall be upon the terms and conditions contained in this Agreement, notwithstanding the prior termination of the Facility as described in this paragraph, and all Eligible Debts so purchased shall be Purchased Debts for all purposes under this Agreement.
As used herein, the following terms shall have the following meanings: Accounting Records: in respect of (i) any Seller, all books, ledgers and records of any kind and in any medium relating to its business or financial position and to the Purchased Debts sold by it pursuant to this Agreement and (ii) the Seller Agent, all books, ledgers and records of any kind and in any medium relating to its business or financial position and to all sales made by the Sellers pursuant to this Agreement.
In the event that a Repurchase Event occurs with respect to any Purchased Debt, the Bank may, by written notice, require the Seller to pay to the Bank the Repurchase Price for the relevant Purchased Debts, together with such charges in relation to such Purchased Debt(s) as the Bank shall reasonably determine as appropriate, within 2 Banking Days from the date the Seller receives the written notice.
The Seller Agent hereby appoints each Seller to act as a sub-servicer for the Seller Agent in respect of the administration and collection of the Purchased Debts sold by such Seller and each such Seller hereby accepts such appointment; provided, however, that notwithstanding any appointment of any Seller as a sub-servicer, the Seller Agent shall remain primarily responsible and liable for all of its duties and obligations as collection agent hereunder.
The Purchaser, the Seller Agent and each Seller have bargained for the sale of the Purchased Debts at a Purchase Price on the basis of collection services being the responsibility of the Seller Agent and the parties agree that the imbedded portion of the servicing fee in the Purchase Price represents an amount, in addition to the value of the related Purchased Debt that is a market fee and is expected to be more than adequate to cover the anticipated costs to such Seller of collection services.
You authorise us to file all financing statements, financing change statements and other documents and to do all things which we consider appropriate to perfect and maintain our Security Interest, to protect and preserve the Collateral, the Accounts and/or the Purchased Debts and to realise our Security Interests.
Beginning thirty (30) calendar days after the Closing Date, the Buyer shall be obligated to purchase $200,000 of additional Purchased Debts from Third Parties every thirty (30) calendar days, up to a total of $1,000,000 in indebtedness and/or outstanding promissory notes of the Company held by third parties in additional purchases, assuming all of the Purchase Conditions (as defined below), shall have met, together with the conditions set forth in Section 7 hereof.
On the initial Closing Date, Purchased Debts in the aggregate amount of $500,000.00 as set forth on Schedule 2.1 attached hereto shall be exchanged for Debentures.