Receivable Repurchase Event definition

Receivable Repurchase Event means (a) with respect to any Receivable, the failure of such Receivable to satisfy the Eligibility Criteria as of the Credit Date on which such Receivable was first reflected in a Borrowing Base Certificate, or (b) any required repurchase of a Receivable pursuant to Section 3.2 of the Purchase Agreement or Section 3.2 of a Bank Partner Sale Agreement, as applicable.

Receivable Repurchase Event means the failure of any Receivable to be an Eligible Receivable at the time the seller transfers it to the trust, if that failure has a material adverse effect on the investors' interest in the Receivables as a whole and the seller does not cure that failure within 60 days of:

Receivable Repurchase Event means the failure of any Receivable to be an Eligible Receivable at the time the seller transfers it to the trust, if that failure has a material adverse effect on the investors’ interest in the Receivables as a whole and the seller does not cure that failure within 60 days of: • the relevant seller’s actual knowledge of the breach, or • the relevant seller’s receipt of written notice of the event from the trustee. A Receivables Repurchase Event will also occur automatically if: • the amount of Principal Receivables in the trust at the end of the calendar month in which the relevant seller obtained • actual knowledge of the transfer of a Receivable that is not an Eligible Receivable, or • written notice of such a transfer from the trustee, would be less than the Minimum Principal Receivables Balance if such Receivables were excluded from the amount of Principal Receivables used in such determination, and • the relevant seller’s short term debt rating from Standard & Poor’s is less than A-1. See “The Certificates—Repurchase of Specified Receivables.”

Examples of Receivable Repurchase Event in a sentence

• If at any time a Receivable Repurchase Event shall have occurred and be continuing, Discover Bank on behalf of the Holder of the Seller Certificate shall purchase all the Receivables in each Account in which there is any Receivable as to which such event relates (an “Ineligible Receivable”), subject to the provisions of Section 2.08, on the terms and conditions set forth below.

• In the event that each Receivable that is transferred to the Trust is not, as of the time of such transfer, an Eligible Receivable and such event has a material adverse effect on the Certificateholders’ interest in the Receivables as a whole and is not cured within 60 days of the earlier of (i) actual knowledge of such event by the relevant Seller or (ii) receipt by such Seller of written notice of any such event given by the Trustee, then a Receivable Repurchase Event shall have occurred.

• In the event that each Receivable that is transferred to the Trust is not, as of the time of such transfer, an Eligible Receivable and such event has a material adverse effect on the Certificateholders’ interest in the Receivables as a whole and is not cured within 60 days of the earlier of (i) actual knowledge of such event by the Transferor or (ii) receipt by the Transferor of written notice of any such event given by the Trustee, then a Receivable Repurchase Event shall have occurred.

• If at any time a Receivable Repurchase Event shall have occurred and be continuing, Discover Funding as the Holder of the Transferor Certificate shall purchase all the Receivables in each Account in which there is any Receivable as to which such event relates (an “Ineligible Receivable”), subject to the provisions of Section 2.08, on the terms and conditions set forth below.

• The obligation of Sears to purchase any Ineligible Receivables shall constitute the sole remedy available to SRFG for a Receivable Repurchase Event.

More Definitions of Receivable Repurchase Event

Receivable Repurchase Event shall have the meaning specified in Section 2.07(a).

Receivable Repurchase Event means any required repurchase of a Receivable pursuant to Section 3.2 of the Receivables Purchase Agreement.

Receivable Repurchase Event shall have the meaning ascribed thereto in the Pooling Agreement.

Receivable Repurchase Event shall have the meaning specified in Section

Receivable Repurchase Event means the occurrence of any of

Receivable Repurchase Event means the occurrence of any of the following:

Receivable Repurchase Event shall have the meaning set forth in Section 6.05(c) hereof.