Receivables Trust Certificate definition
Examples of Receivables Trust Certificate in a sentence
This Agreement and all related documents constitute a valid sale, transfer and assignment to the Purchaser of all right, title and interest in the Receivables Trust Certificate and the proceeds thereof.
The Seller will execute and deliver financing statements relating to or covering the Receivables Trust Certificate sold to the Purchaser (reasonably satisfactory in form and substance to the Purchaser).
Upon the receipt of the Receivables Trust Certificate, the Purchaser shall have a first priority perfected security interest in all of the property described in Section 2.1(a) (except to the extent such first priority perfected security interest was assigned to the Trustee pursuant to the Indenture).
The Seller will treat the purchase of the Receivables Trust Certificate as a sale or secured financing for tax and financial accounting purposes (as required by GAAP) and as a sale for all other purposes (including, without limitation, legal and bankruptcy purposes), on all relevant books, records, tax returns, financial statements and other applicable documents.
It is the express intent of the parties hereto that the sale to the Purchaser pursuant to Section 2.1 hereof of all of the Seller’s right, title and interest, in, to and under the Receivables Trust Certificate.
The Seller hereby acknowledges and consents to the assignment by the Purchaser of the Receivables Trust Certificate and the rights of the Purchaser under this Agreement to the Trustee pursuant to the Indenture.
This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time that the Purchaser shall not have any interest in the Receivables Trust Certificate and all obligations of the Seller hereunder shall have been paid in full; provided, however, that the indemnification provisions of Article VI shall be continuing and shall survive any termination of this Agreement.
The Seller is, as of the time of the transfer to the Purchaser of each of the Receivables Trust Certificate being sold to the Purchaser by it hereunder on the Closing Date, the sole owner of such Receivables Trust Certificate free from any Lien other than those released at or prior to such transfer.
Use the proceeds of the Notes solely in connection with the acquisition of the Receivables Trust Certificate and the funding of the Reserve Account.
Upon satisfaction of the conditions and the requirements of Section 2.03 or 2.04 of the Servicing Agreement, as applicable, the Issuer shall execute and deliver to the Trustee and the Trustee shall acknowledge upon its receipt from the Issuer an instrument acknowledging that such Removed Receivable has been released by the Receivables Trust and that such Removed Receivable no longer constitutes a Receivable underlying the Receivables Trust Certificate.