Securitization Debt definition

Securitization Debt means Indebtedness and other obligations of a Securitization Entity outstanding under one or more Securitizations.

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Securitization Debt means the outstanding principal amount of any Debt recorded on a PCFC Company’s consolidated financial statements in connection with a PCFC Company’s securitization of assets and with respect to which there is no recourse to a PCFC Company or any Subsidiary (except other Non-Recourse Subsidiaries) of a PCFC Company except for breaches of typical seller’s representation and warranties made by a PCFC Company or any of its Subsidiaries in connection with the securitization of assets. Subsidiary: shall mean any corporation, association or other business entity in which more than 50% of the total voting power or shares of stock entitled to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more of the other Subsidiaries of that Person or a combination thereof.

Securitization Debt for the Company and the Restricted Subsidiaries shall mean, in connection with any Permitted Securitization Program, (a) any amount as to which any Securitization Entity or other Person has recourse to the Company or any Restricted Subsidiary with respect to such Permitted Securitization Program by way of a Guaranty and (b) the amount of any reserve account or similar account or asset shown as an asset of the Company or a Restricted Subsidiary under GAAP that has been pledged to any Securitization Entity or any other Person in connection with such Permitted Securitization Program.

Examples of Securitization Debt in a sentence

Notwithstanding anything in the definition of the term Securitization Debt to the contrary, the Domestic Borrower may, for purposes of calculation of and compliance with the foregoing, treat Securitization Debt as having the same meaning as the term "Net Investment" under the Receivables Purchase Agreement.
The Company shall not permit the outstanding principal amount of Debt of the Subsidiaries (other than (i) Debt owed to any Borrower or Subsidiary Guarantor, (ii) $250,000,000 in Securitization Debt and (ii) Debt owed under this Agreement or any other Loan Document) at any time to exceed, in the aggregate, 10% of Consolidated Total Assets.
Prior to Closing, the Company may distribute to Parent or its Affiliates or sell to third parties all or a portion of the remaining balance of existing Residuals—Available for Sale and Held for Trade (collectively, the “Residuals”) and Retained Securitization Debt.
The Company shall not permit the outstanding principal amount of Debt of the Subsidiaries (other than (i) Debt owed by any Borrower or Subsidiary Guarantor, (ii) $250,000,000 in Securitization Debt and (iii) Debt owed under this Agreement or any other Loan Document) at any time to exceed, in the aggregate, 10% of Consolidated Total Assets.
Buyers shall have obtained the Debt Financing on terms and conditions not materially less favorable in the aggregate to Buyers and their Affiliates than the terms of the Existing Securitization Debt, with a yield to maturity not greater than such percentage set forth on Schedule 8.07, in an amount which, together with the Minimum Available Cash Amount, is at least sufficient to pay the Closing Cash Payment.

More Definitions of Securitization Debt

Securitization Debt means all monetary obligations of the SPV arising in connection with the Approved Securitization (other than any such obligation in respect of interest, fees, indemnification or other similar obligations, and "Deferred Purchase Price" as defined in Section 5.06 of the Receivables Purchase Agreement).

Securitization Debt shall have the meaning assigned to such term in the definition of the term “Securitization Transaction”.

Securitization Debt means the aggregate net outstanding paid, directly or indirectly, by any funding source to a Subsidiary in respect of accounts receivable or interests therein sold, conveyed, contributed or transferred or pledged pursuant to the relevant securitization documents (it being the intent of the parties that the amount of Securitization Debt at any time approximate as closely as possible the principal amount of Debt that would be outstanding under the definitive securitization documents as if the same were structured as a secured lending agreement rather than an agreement providing for the sale, conveyance, contribution to capital, transfer or pledge of the receivables or interests therein.)

Securitization Debt means (a) Debt of the Issuer or any of its Subsidiaries incurred pursuant to on-balance sheet securitizations and (b) any Debt consisting of advances made to the Issuer or any of its Subsidiaries based upon securities issued by a Securitization Entity pursuant to a securitization and acquired or retained by the Issuer or such Subsidiary which, in each case, is recourse solely to the assets subject to the related securitization and not to the Issuer or such Subsidiary generally (other than Securitization Repurchase Obligations).

Securitization Debt for the Borrower and its direct and indirect subsidiaries means, in connection with any Permitted Securitization Program, (a) any amount as to which any Securitization Entity or other Person has recourse to the Borrower or any direct or indirect subsidiary with respect to such Permitted Securitization Program by way of any guaranty thereof and (b) the amount of any reserve account or similar account or asset shown as an asset of the Borrower or a direct or indirect subsidiary under generally accepted accounting principles, consistently applied, that has been pledged to any Securitization Entity or any other Person in connection with such Permitted Securitization Program.

Securitization Debt that are to receive payments from, or that represent interests in, the cash flow derived from such accounts receivable, rights to future lease payments or residuals or other financial assets, and related property, or interests therein, or (b) directly to one or more investors or other purchasers, (ii) the issuance of any Indebtedness of such person secured substantially entirely by accounts receivable, rights to future lease payments or residuals or other financial assets, and related property or (iii) any factoring transaction involving substantially entirely accounts receivable, rights to future lease payments or residuals or other financial assets, and related property.