Recourse Receivable definition

Recourse Receivable means any Account Receivable which was purchased by Purchaser under the Program which (a) becomes subject to any dispute between its Account Debtor and Seller (or Purchaser by virtue of Purchaser’s having purchased such Account Receivable) regarding Seller’s performance of its obligations under the Underlying Contract, unless (i) the amount in dispute is less than twenty percent of the Face Value of such Account Receivable, or (ii) if the aggregate amount in dispute with respect to all Purchased Receivables exceeds $5,000,000, the amount in dispute is less than five percent of the Face Value of such Account Receivable and, in either case (i) or (ii), Purchaser and Lender are notified of such dispute in writing and any disputed amount is excluded from the calculation of the Borrowing Base until such dispute is settled, (b) was sold to Purchaser in violation of any representation, warranty, or covenant contained in any Program Document, or (c) was sold to Purchaser fraudulently or unlawfully.

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Recourse Receivable means any Receivable which was purchased by IBM UK under the Program which (a) becomes subject to any Non-Credit Dispute, (b) was sold to IBM UK (i) on the basis of any false or materially misleading representation or warranty contained in this Agreement, any other Program Document or any Master Purchase Agreement or (ii) in violation of any covenant or other obligation of Supplier contained in this Agreement or any other Program Document, or (c) was sold to IBM UK on the basis of fraudulent or unlawful conduct on the part of Supplier.

Recourse Receivable means any Receivable which was purchased by IBM GF under the Program which (a) becomes subject to any Non-Credit Dispute, (b) was sold to IBM GF (i) on the basis of any false or materially misleading representation or warranty contained in this Agreement, any other Program Document or any Master Purchase Agreement or (ii) in violation of any covenant or other obligation of Supplier contained in this Agreement or any other Program Document, or (c) was sold to IBM GF on the basis of fraudulent or unlawful conduct on the part of Supplier.

Examples of Recourse Receivable in a sentence

Each With Recourse Receivable will be assigned by way of security to the Factoring Agent (acting on behalf of the Tranche C Lenders) under a Security Over Receivables entered into by the relevant Borrower and the Factoring Agent on behalf of the Tranche C Lenders.
Except as provided in Section 8.1 with respect to any Recourse Receivable, IBM GF shall provide written notice to the Supplier (each, a “Return Notice”) within 15 days after IBM GF repossesses or otherwise acquires any Returned Goods.
The Supplier’s obligation to pay the Repurchase Price shall be absolute and not conditional on the existence of the Recourse Receivable or any Associated Right (except to the extent the non-existence or impairment of such Recourse Receivable or Associated Rights is caused, directly or indirectly, by the action or inaction of IBM GF or its affiliates, including any Service Provider).
Any sums of money received by IBM GF from a Buyer and applied to a Recourse Receivable which has been repurchased by the Supplier shall be held in trust for the benefit of the Supplier and promptly transferred to the Supplier by IBM GF either in cash or, at IBM GF’s option, added to the Settlement Amount payable to IBM GF on the next Supplier Settlement Date.
Any sums of money received by IBM UK from a Buyer and applied to a Recourse Receivable which has been repurchased by the Supplier shall be held in trust for the benefit of the Supplier and promptly transferred to the Supplier by IBM UK either in cash or, at IBM UK’s option, added to the Settlement Amount payable to IBM UK on the next Supplier Settlement Date.
Except as provided in Section 8.1 with respect to any Recourse Receivable, IBM UK shall provide written notice to the Supplier (each, a “Return Notice”) within 15 days after IBM UK repossesses or otherwise acquires any Returned Goods.
The Supplier’s obligation to pay the Repurchase Price shall be absolute and not conditional on the existence of the Recourse Receivable or any Associated Right (except to the extent the non-existence or impairment of such Recourse Receivable or Associated Rights is caused, directly or indirectly, by the action or inaction of IBM UK or its affiliates, including any Service Provider).
UK The sale of each Receivable will constitute a “true sale” of all of the Supplier’s right, title and interest in and to such Receivable and its Associated Rights, and IBM UK shall take title to such Purchased Receivable and its Associated Rights without recourse to the Supplier, except in the event that such Purchased Receivable becomes a Recourse Receivable.
The sale of each Account Receivable will constitute a “true sale” of all of Seller’s right, title and interest in and to such Account Receivable and its Related Rights and Property, and Purchaser shall take title to such Account Receivable and its Related Rights and Property without recourse to Seller except in the event such Account Receivable becomes a Recourse Receivable.
GF The sale of each Receivable will constitute a “true sale” of all of the Supplier’s right, title and interest in and to such Receivable and its Associated Rights, and IBM GF shall take title to such Purchased Receivable and its Associated Rights without recourse to the Supplier, except in the event that such Purchased Receivable becomes a Recourse Receivable.

More Definitions of Recourse Receivable

Recourse Receivable means any Receivable which was purchased by IBM GF under the Program which (a) becomes subject to any Non-Credit Dispute, (b) was sold to IBM GF