Receivables SPC definition

Receivables SPC means a special purpose, bankruptcy-remote Person formed for the sole and exclusive purpose of engaging in activities in connection with the purchase, sale and financing of accounts receivable, payment intangibles, accounts or notes receivable and related rights in connection with and pursuant to a Permitted Securitization.
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Receivables SPC means CNC Finance LLC, a North Carolina limited liability company, which is a special purpose Wholly-Owned Subsidiary of the Company, directly owned by the Intangibles Subsidiary and CNC Member Inc, which was created for the sole purpose of acquiring accounts receivable from the Intangibles Subsidiary and selling such accounts receivable or interest therein to one or more third parties pursuant to a Permitted Receivables Transaction and which shall engage in no other business or activities except as reasonable related thereto, it being understood that the Receivables SPC shall not be required to be a party to any Guaranty or Security Document as otherwise provided in this Agreement."
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Receivables SPC means a special purpose, bankruptcy-remote Person formed for the sole and exclusive purpose of engaging in activities in connection with the purchase, sale and
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Examples of Receivables SPC in a sentence

  • Notwithstanding anything to the contrary contained in the Credit Agreement or the Security Agreements, the Banks hereby consent to the release of the receivables sold to Receivables SPC at any time pursuant to the Proposed Receivables Transaction from any and all security interests created by the Security Agreements, and, on and after the First Amendment Effective Date, such receivables are hereby released.

  • On or after the Second Effective Date, the Collateral Agent is authorized to release the Receivables Assets transferred to the New Receivables SPC in connection with the New Receivables Documents, and in connection therewith the Collateral Agent shall execute and file UCC releases and take such other actions as are necessary to effect the release of such Liens in the Receivables Assets.

Related to Receivables SPC

  • Receivables Subsidiary means any Subsidiary formed solely for the purpose of engaging, and that engages only, in one or more Receivables Facilities.

  • 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.

  • Receivables Fees means distributions or payments made directly or by means of discounts with respect to any participation interests issued or sold in connection with, and all other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Financing.

  • Qualified Receivables Transaction means any transaction or series of transactions that may be entered into by the Company or any of its Subsidiaries pursuant to which the Company or any of its Subsidiaries may sell, convey or otherwise transfer to: