SOT Receivable definition
SOT Receivable means a Dealer Receivable for which the proceeds received upon the sale, loss, damage, destruction or other disposition of the Equipment securing such Dealer Receivable are not applied to the payment of such Dealer Receivable.
Examples of SOT Receivable in a sentence
No Receivable included in the Sold Receivables (i) was, as of the date of the most recent field audit of the Obligor on such Sold Receivable conducted by AGCO prior to the relevant Purchase Date, a SOT Receivable or (ii) was, to the knowledge of the Seller or AGCO, a SOT Receivable on the relevant Purchase Date of such Sold Receivable.
No Receivable included in the Sold Receivables (i) was, as of the date of the most recent field audit of the Obligor on such Sold Receivable conducted by AGCO prior to the relevant Purchase Date, a SOT Receivable or (ii) was, to the knowledge of AGCO, a SOT Receivable on the relevant Purchase Date of such Sold Receivable.