Receivables Securitizations definition

Receivables Securitizations means a financing pursuant to which (a) Polo Holdings, DRC or any other Subsidiary sells, conveys or transfers to a Receivables Subsidiary, in legal “true sales” transactions, and (b) such Receivables Subsidiary conveys or otherwise transfers to any other person or grants a security interest to any other person in, any Diamond Timeshare Receivables (whether now existing or hereafter acquired) of Polo Holdings, DRC or any other Subsidiary or any undivided interest therein, and any assets related thereto (including all Timeshare Interests and other collateral securing such Diamond Timeshare Receivables), all contracts and all Guarantees or other obligations in respect of such Diamond Timeshare Receivables, proceeds of such Diamond Timeshare Receivables and other assets that are customarily transferred or in respect of which security interests are customarily granted in connection with securitization transactions involving Diamond Timeshare Receivables. Diamond Resorts Owner Trust 2009-1's Timeshare Loan Backed Notes, Diamond Resorts Owner Trust 2011-1's Timeshare Loan Backed Notes, Diamond Resorts Owner Trust 2013-1's Timeshare Loan Backed Notes, Diamond Resorts Tempus Owner Trust 2013's Timeshare Loan Backed Notes and the Quorum Facility shall each be considered a Receivables Securitization.
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Receivables Securitizations means a financing pursuant to which (a) Polo Holdings, Diamond Resorts Corporation or any other Subsidiary sells, conveys or transfers to a Receivables Subsidiary, in legal “true sales” transactions, and (b) such Receivables Subsidiary conveys or otherwise transfers to any other person or grants a security interest to any other person in, any Mortgage Receivables (whether now existing or hereafter acquired) of Polo Holdings, Diamond Resorts Corporation or any other Subsidiary or any undivided interest therein, and any assets related thereto (including all Timeshare Interests and other collateral securing such Mortgage Receivables), all contracts and all Guarantees or other obligations in respect of such Mortgage Receivables, proceeds of such Mortgage Receivables and other assets that are customarily transferred or in respect of which security interests are customarily granted in connection with securitization transactions involving Mortgage Receivables. Diamond Resorts Owner Trust 2009-1’s Timeshare Loan Backed Notes, Diamond Resorts Owner Trust 2011-1’s Timeshare Loan Backed Notes and the Quorum Facility shall each be considered a Receivables Securitization.
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Examples of Receivables Securitizations in a sentence

  • In the event that any Domestic Subsidiary (with assets accounting for more than 5% of Total Assets) which is not a Guarantor shall own any assets or generate any revenues (excluding any Domestic Subsidiary the sole activities of which consist of entering into one or more Permitted Receivables Securitizations), take all actions necessary to cause such Domestic Subsidiary to execute and deliver a Subsidiary Guarantee, within 30 days of the occurrence of such event.

  • In addition, in connection with the Servicer’s duties under (viii), (ix) and (x) of subsection (a) above, the Servicer agrees that it shall remarket and sell the Timeshare Interests related to the Timeshare Loans owned by the Issuer before it remarkets and sells Timeshare Interests of the same type owned by the Servicer or any of the Servicer’s Affiliates (other than Affiliates engaged primarily in Receivables Securitizations).

  • Amounts outstanding under Permitted Receivables Securitizations $__________ iii.

  • None of the Companies nor any of their Subsidiaries shall engage in any business other than (1) the businesses engaged in by them on the date hereof and any business or activities which are substantially similar, related or incidental thereto, (2) the origination or acquisition of Finance Receivables and (3) engaging in Permitted Finance Receivables Securitizations and other sales, assignments and transfers of Finance Receivables.

  • In the event that the total assets of any Domestic Subsidiary which is not a Guarantor and that owns any assets or generates any revenues (excluding any Domestic Subsidiary the sole activities of which consist of entering into one or more Permitted Receivables Securitizations) exceed 5% of Total Assets as of the end of any fiscal quarter, take all actions necessary to cause such Domestic Subsidiary to execute and deliver a Subsidiary Guarantee, within 30 days of the occurrence of such event.

  • In addition, in connection with the Servicer’s duties under (viii), (ix) and (x) of subsection (a) above, the Servicer agrees that it shall remarket and sell the Timeshare Interests related to the Timeshare Loans owned by the Borrower before it remarkets and sells Timeshare Interests of the same type owned by the Servicer or any of the Servicer’s Affiliates (other than Affiliates engaged primarily in Receivables Securitizations).

Related to Receivables Securitizations

  • Receivables Securitization any financing pursuant to which accounts receivable of the Borrower or any of its Subsidiaries are (or are purported to be) sold or pledged, which financing shall be non-recourse (except for customary limited recourse provisions) to the Borrower and its Subsidiaries.

  • Receivables Seller means the Borrower or those Subsidiaries that are from time to time party to the Permitted Receivables Facility Documents (other than any Receivables Entity).

  • Securitization means one or more sales by a Note Holder of all or a portion of such Note to a depositor, who will in turn include such portion of such Note as part of a securitization of one or more mortgage loans.

  • Securitization Assets means the accounts receivable, royalty or other revenue streams and other rights to payment subject to a Qualified Securitization Financing and the proceeds thereof.

  • Receivables Facility means any of one or more receivables financing facilities as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, the Obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Issuer or any of its Restricted Subsidiaries sells its accounts receivable to either (a) a Person that is not a Restricted Subsidiary or (b) a Receivables Subsidiary that in turn sells its accounts receivable to a Person that is not a Restricted Subsidiary.