Replacement Receivables definition
Examples of Replacement Receivables in a sentence
Notwithstanding the conditions for the sale and transfer of Additional Receivables on an Addition Date, there shall be no conditions for the transfer and sale of Replacement Receivables from the Transferor to the Administrative Agent (for the benefit of the Owners) relating to and following the exercise of Jump Contract Features.
For the avoidance of doubt, notwithstanding the conditions specified in this Section 4.3, there shall be no conditions for the transfer and sale of Replacement Receivables from the Transferor to the Administrative Agent (for the benefit of the Owners) relating to and following the exercise of Jump Contract Features.
For purposes of maintaining the perfection of the Bank’s interest in any Purchased Receivables and the proceeds thereof, the Bank hereby appoints the Company as its agent in respect of any Collections prior to such Collections being used to purchase Replacement Receivables, provided that the Company’s sole duty as such agent shall be to hold such Collections in trust for the benefit of the Bank or to purchase Replacement Receivables as aforesaid.
For purposes of maintaining the perfection of the Banks’ interest in any Purchased Receivables and the proceeds thereof, each Bank hereby appoints the Company as its agent in respect of any Collections prior to such Collections being used to purchase Replacement Receivables, provided that the Company’s sole duty as such agent shall be to hold such Collections in trust for the benefit of such Bank or to purchase Replacement Receivables as aforesaid.
Section 18.2. Upon the occurrence of any Termination Event, the Bank may immediately terminate its agreement to purchase additional Receivables and the authority of the Company to purchase Replacement Receivables.
Section 18.6. Notwithstanding anything contained in this Agreement to the contrary, upon the occurrence of a Termination Event under 18.1(i) or (j) with respect to a particular Approved Debtor, the Bank’s agreement hereunder to purchase additional Receivables and the authority of the Company to purchase Replacement Receivables hereunder shall not terminate pursuant to the terms of Section 18.2 with respect to the other Approved Debtors.
If Purchaser does not accept after the additional offer of Replacement Receivables, or accepts such proposal in part, the Seller shall repurchase for cash all such Receivables not so replaced pursuant to Section 3.06(a) 3.07, 2.04 or 2.05, as the case may be.
The Custodian's appointment as Custodian shall become effective as of the Closing Date with respect to purchased Receivables (or the date of receipt with respect to Replacement Receivables) and shall continue in full force and effect until terminated pursuant to the Custodial Agreement.
At the time of origination, each Receivable was originated by the Originator or a Dealer located in the State of _________; provided, however, that no more than ___% of the Principal Balance of the Receivable included in the Trust Fund on the Closing Date or any Funding Date shall be Replacement Receivables.
For purposes of determining the amount of the payment, if any, to be made in respect of the repurchase of Receivables, Seller shall receive a credit against the Repurchase Amount for Replacement Receivables so assigned in an amount equal to the Principal Balance of the Replacement Receivable as of such Record Date.