Snap-on Credit definition
Examples of Snap-on Credit in a sentence
Any Contracts in which the Vendor is Snap-on Tools were purchased pursuant to the Funding Agreement (Regarding Lease and Dealer Loan Agreements) between New Creditcorp SPC, LLC and CIT Financial USA, Inc., dated January 4, 1999 and the Pooling and Servicing Agreement (Regarding Lease and Dealer Loan Agreements) between New Creditcorp SPC, LLC and Snap-on Credit LLC dated January 4, 1999 and neither such Funding Agreement or such Pooling and Servicing Agreement have been amended since the date thereof.
Upon the resignation or replacement of Snap-on Credit as the Servicer, Snap-on Credit shall no longer be entitled to the Servicer Fee accruing from and after the effective date of such resignation or replacement.
Until the Program Agent, with the consent or at the direction of the Required Lenders, gives notice to the Borrower and the Servicer of the designation of a new Servicer as provided in Section 6.01(b) below, Snap-on Credit is hereby designated as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof.
Snap-on Credit owns, directly or indirectly, 100% of the issued and outstanding membership interest of the Borrower.
After such termination, if Snap-on Credit or an Affiliate thereof was not the Servicer on the date of such termination, the Servicer shall promptly deliver to the Borrower, all books, copies of records and related materials that the Borrower previously provided to the Servicer, or that otherwise have been obtained by the Servicer, in connection with this Agreement.
If Snap-on Credit or a successor Servicer resigns or is replaced, it shall be entitled to reimbursement for all outstanding Servicer Advances at the time and in the order of priority set forth in Section 2.08(b) or 2.08(c), as applicable, notwithstanding its resignation or termination hereunder.
Snap-on Credit owns, directly or indirectly, 100% of the issued and outstanding membership interest of the Borrower, free and clear of any Adverse Claim.
I also understand that to the extent I would be released under this Settlement, if I opt out, Snap-on Tools and/or Snap-on Credit have the right to file a claim against me for such matters as debts that may be alleged by them to be due and owing by me to either or both of them.
In its capacity as Servicer, Snap-on Credit will make representations, warranties, covenants and indemnities under the Loan Agreement for the benefit of the Secured Parties.
The Servicer is obligated to cause any Add-on Refinance Amount or Re-write Refinance Amount to be deposited into the Collection Account and, to secure its obligation to so deposit Snap-on Credit and Servicer hereby grant to the Program Agent for the benefit of the Lenders a security interest in all of its rights in any contract or contracts resulting from an add-on or refinancing of the type described in Section 5.01(o) or Section 5.01(r).