Receivable Collateral definition

Receivable Collateral means, collectively, the Borrower Receivables, Collections, the Collections Account, the Loan Account, the Originating Documentation, the Related Agreements and, in each case, the proceeds thereof.

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Receivable Collateral as defined in Section 5 hereof.

Receivable Collateral refers to that portion of the Collateral which consists of Borrowers’ Accounts and Accounts Receivable, Chattel Paper, Instruments, Documents of Title, Documents and Securities and their products and proceeds;

Examples of Receivable Collateral in a sentence

• Borrower has full right, power and authority to make this assignment of the Accounts Receivable Collateral and hereafter will not pledge, hypothecate, grant a security interest in, sell, assign, transfer, or otherwise dispose of the Accounts Receivable Collateral, or any interest therein.

• Each item of the Accounts Receivable Collateral arises or will arise under a contract between Borrower and the Account Debtor, or from the bona fide sale or delivery of goods to or performance of services for, the Account Debtor.

• The Borrower shall not make or own any Investment, except Investments in the Receivable Collateral.

• Borrower has good title to the Accounts Receivable Collateral free and clear of all liens, security interests and encumbrances thereon other than any Permitted Encumbrances, and no financing statement covering the Accounts Receivable Collateral is on file in any public office other than any evidencing Permitted Encumbrances.

• The Agent may, additionally, at any time in its sole discretion, enforce Grantor’s rights against the Account Debtors, including, without limitation, direct Account Debtors to make payments on the Accounts Receivable Collateral, or portions thereof, directly to the Agent and the Account Debtors are hereby authorized and directed to do so by a Grantor upon the Agent’s direction, and the funds so received shall be also deposited in the Collateral Reserve Account and applied as aforesaid.

• The Borrower shall not, without the prior written consent of the Administrative Agent, convey, sell, exchange, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any part of the Receivable Collateral or any other of its assets or property of any kind whatsoever, whether now owned or hereafter acquired other than pursuant to the Related Agreements; provided, however, that this Section 6.5 shall not apply to the sale or other disposition of Charged-Off Receivables.

• It has full right, power and authority to grant this security interest in its Accounts Receivable Collateral and hereafter will not pledge, hypothecate, grant a security interest in, sell, assign, transfer, or otherwise dispose of its Accounts Receivable Collateral, or any interest therein.

• Borrower owns the Accounts Receivable Collateral and Inventory Collateral free and clear of any prior security interest, lien or encumbrance, and no financing statements or other evidence of the grant of a security interest respecting the Accounts Receivable Collateral and Inventory Collateral exist on the public records as of the date hereof other than any evidencing the Permitted Encumbrances.

• Notwithstanding the foregoing, Lender and Borrower acknowledge and agree that the Accounts Receivable Collateral is subject to the Subordination Agreement by and among Meditrust, Lender and the Accounts Receivable Borrowers.

• The Borrower has full right, power and authority to make the assignment pursuant to this Agreement of the Accounts Receivable Collateral and to grant a security interest in all of the Collateral.

More Definitions of Receivable Collateral

Receivable Collateral means all rights, interests and claims of Borrower under and in respect of Finance Receivables and Additional Loan/Lease Receivables, whether now existing or hereafter acquired or arising, including (i) all rights of Borrower in, to and under the Operating Agreement, and any other agreement, contract, instrument, collateral document or other document to which Borrower now or hereafter is a party or now or hereafter issued in its favor, relating to or evidencing the Receivable Collateral or the servicing thereof, as each such agreement, contract, instrument, collateral document or other document may be amended, modified, renewed or extended from time to time; (ii) all rights of Borrower to receive moneys and other payments and distributions due or to become due with respect to any Receivable Collateral; (iii) all rights of Borrower to receive proceeds of any insurance, indemnity, warranty, letter of credit or guaranty with respect to any Receivable Collateral; (iv) all claims of Borrower for damages arising out of any breach or default under or in respect of any Receivable Collateral; and (v) the right of Borrower to terminate, amend, supplement or modify any such agreement, contract, insurance policy, indemnity agreement, guaranty, letter of credit, instrument, collateral document or other document, to perform thereunder and to compel performance and otherwise exercise all rights and remedies thereunder; PROVIDED, HOWEVER, that "Receivable Collateral" shall not include Released Collateral or any proceeds of Released Collateral, or the right, title or interest of Borrower in or to the NCB Loan Purchase Agreement, the Guaranty and any other documents, instruments and agreements executed or delivered in connection with the transactions contemplated by the NCB Loan Purchase Agreement.

Receivable Collateral means the Transferred Receivables together with the other Property.