Receivables Interest definition

Receivables Interest means, with respect to any property or interests in property, now owned or hereafter acquired or created, of the Originators (regardless of whether sold or contributed by the Originators to the Receivables Seller), any lien, claim, encumbrance, security interest or other interest of the Receivables Seller and/or the Receivables Agent, the Purchaser Agents or any Receivables Purchaser in such property or interests in property.

Receivables Interest means, with respect to any property or interests in property, now owned or hereafter acquired or created, of any Originator (regardless of whether sold or contributed by such Originator to the Transferor), any lien, claim, encumbrance, security interest or other interest of the Transferor and/or the Receivables Collateral Agent, the Funding Agents or any Receivables Purchaser in such property or interests in property.

Receivables Interest means, at any time, an undivided Percentage interest (computed as set forth below) associated with a designated amount of Invested Amount, selected pursuant to the terms and conditions hereof in (i) each Receivable arising prior to the time of the most recent computation or recomputation of such undivided interest, (ii) all Related Security with respect to each such Receivable, and (iii) all Collections with respect to, and other proceeds of, each such Receivable. Each such undivided Percentage interest shall equal: IA = the Invested Amount of such Receivables Interest. RR = the Required Reserves. NPB = the Net Pool Balance. Such undivided Percentage interest shall be initially computed on its date of purchase. Thereafter, until the Amortization Date, each Receivables Interest shall be automatically recomputed (or deemed to be recomputed) on each day prior to the Amortization Date. The variable Percentage represented by any Receivables Interest as computed (or deemed recomputed) as of the close of the Business Day immediately preceding the Amortization Date shall remain constant at all times thereafter.

Examples of Receivables Interest in a sentence

• Under the Intended Tax Characterization, (i) each purchase of a Receivables Interest shall be treated as a loan; (ii) Collections transferred to the Purchasers in reduction of their Capital in respect of a Receivables Interest shall be treated as repayment of loan principal; and (iii) Yield in respect of a Receivables Interest shall be treated as interest.

• The Receivables Seller and the Receivables Agent (for itself and on behalf of each Receivables Purchaser) agrees that none of the Receivables Seller, the Receivables Agent or the Receivables Purchasers have, nor shall they have, any Receivables Interest in such remaining proceeds.

• With respect to any Receivables Interest or interest therein owned by a Purchaser Agent, such Purchaser Agent shall have the same rights and powers under this Agreement as would any Bank and may exercise the same as though it were not a Purchaser Agent.

• The initial Incremental Purchase of a Receivables Interest under this Agreement is subject to the conditions precedent that (a) the Administrative Agent shall have received on or before the date of such purchase those documents listed on Schedule B, and (b) each Agent and each of the Purchasers shall have received all fees and expenses required to be paid on such date pursuant to the terms of this Agreement, the applicable Fee Letter or otherwise.

• Nothing in this Agreement shall be deemed to be or construed as a commitment by any Conduit Purchaser to purchase or reinvest in the Pool Assets or the Receivables Interest.

More Definitions of Receivables Interest

Receivables Interest means, at any time, the undivided percentage ownership interest in (i) each and every Pool Receivable now existing or hereafter arising, other than any Pool Receivable that arises on or after the Final Payout Date, (ii) all Related Security with respect to such Pool Receivables, and (iii) all Collections with respect to, and other proceeds of, such Pool Receivables and Related Security. Such undivided percentage interest shall be computed as where: AC = the Aggregate Capital at the time of computation. RR = the Required Reserve at the time of computation. NRB = the Net Receivables Balance at the time of computation. The Receivables Interest shall be determined from time to time pursuant to the provisions of Section 1.3.

Receivables Interest. At any time, an undivided percentage ownership interest at such time in (i) all then outstanding Pool Receivables;

Receivables Interest means the undivided percentage ownership interest of a Purchaser in the Receivables Assets, including the Receivables and the Related Security and Collections related thereto. The Receivables Interest of any Purchaser is expressed as a fraction of the total Receivables Assets, and shall at any time be equal to such Purchaser's ratable share (in accordance with each Purchaser's Capital) of an amount computed as follows:

Receivables Interest means, at any time, the undivided percentage ownership interest in (i) each and every Pool Receivable now existing

Receivables Interest means, at any time, the undivided percentage ownership interest in (i) each and every Pool Receivable now existing or hereafter arising, other than any Pool Receivable that arises on or after the Final Payout Date, (ii) all Related Security with respect to such Pool Receivables, and (iii) all Collections with respect to, and other proceeds of, such Pool Receivables and Related Security. Such undivided percentage interest shall be computed as AC = the Aggregate Capital at the time of computation. DR = the Dilution Reserve at the time of computation. LR = the Loss Reserve at the time of computation. NRB = the Net Receivables Balance at the time of computation. RBR = the Ratings-Based Reserve at the time of computation. YFR = the Yield and Fee Reserve at the time of computation. The Receivables Interest shall be determined from time to time pursuant to the provisions of Section 1.3.

Receivables Interest means, with respect to any of the Receivables Assets or any property or interest in property, any lien, claim, encumbrance, security interest or other interest of any or all of the SPE, the Purchaser and/or the Receivables Agent in or to any of such property.

Receivables Interest means, at any time, the undivided percentage ownership interest in (i) each and every Pool Receivable now existing or hereafter arising, other than any Pool Receivable that arises on or after the Final Payout Date, (ii) all Related Security with respect to such Pool Receivables, and (iii) all Collections with respect to, and other proceeds of, such Pool Receivables and Related Security. Such undivided percentage interest shall be computed as