Subprime Receivable definition

Subprime Receivable means a Receivable for which, at the time of underwriting, the related FICO Score was (i) less than 620 (including a FICO Score of zero) or (ii) there was no FICO Score. "Subsequent Loan" means each Loan made following the Initial Loan. "Subsequent Receivable" means each Receivable that becomes a part of the Collateral on a Funding Date other than the Funding Date relating to the Initial Loan. "Subsidiary" means, with respect to a Person, any entity with respect to which more than 50% of the outstanding voting securities shall at any time be owned or controlled, directly or indirectly, by such Person and/or one or more of its Subsidiaries, or any similar business organization which is so owned or controlled. "Successor Servicer" has the meaning given to such term in Section 7.14(b). "Supplemental Loan Amount" means, as of any Funding Date, the amount by which the portion of the Loans Outstanding funded by a Lender Group, after giving effect to the requested Loan on such Funding Date, exceeds the greater of (i) its Mandatory Commitment and (ii) the highest amount of the Loans Outstanding funded by such Lender Group on any prior date. "Supplemental Structuring Fee" means the fee payable by the Borrower on the related Funding Date in an amount equal to the product of (i) the Supplemental Structuring Fee Rate and (ii) the Supplemental Loan Amount. "Supplemental Structuring Fee Rate" has the meaning given to such term in the Fee Letter. "Take-out" means any transaction pursuant to which all or a portion of the Receivables are released from the Lien granted to the Administrative Agent hereunder, a corresponding portion of the Loans Outstanding are repaid, and such Receivables are transferred by the Borrower to the Seller or another Person. "Take-out Date" means the date upon which a Take-out is consummated. "Take-out Date Certificate" means a certificate delivered by a Responsible Officer of the Servicer on the Take-out Date indicating that the requirements set forth in this Agreement for a Take-out has been satisfied. "Take-out Release" means a release executed pursuant to Section 2.12, substantially in the form of Exhibit E. "Tangible Net Worth" means at any time with respect to DFC, the difference of DFC's (i) assets minus (ii) liabilities minus (iii) without duplication, intangible assets, including goodwill,
Sample 1
Subprime Receivable means a Receivable for which, at the time of underwriting, the related FICO Score was (i) less than 620 (including a FICO Score of zero) or (ii) there was no FICO Score. "Subsequent Loan" means each Loan made following the Initial Loan. "Subsequent Receivable" means each Receivable that becomes a part of the Collateral on a Funding Date other than the Funding Date relating to the Initial Loan. "Subsidiary" means, with respect to a Person, any entity with respect to which more than 50% of the outstanding voting securities shall at any time be owned or controlled, directly or indirectly, by such Person and/or one or more of its Subsidiaries, or any similar business organization which is so owned or controlled. "Successor Servicer" has the meaning given to such term in Section 7.14(b). "Take-out" means any transaction pursuant to which all or a portion of the Receivables are released from the Lien granted to the Administrative Agent hereunder, a corresponding portion of the Loans Outstanding are repaid, and such Receivables are transferred by the Borrower to the Seller or another Person. "Take-out Date" means the date upon which a Take-out is consummated. "Take-out Date Certificate" means a certificate delivered by a Responsible Officer of the Servicer on the Take-out Date indicating that the requirements set forth in this Agreement for a Take-out has been satisfied. "Take-out Release" means a release executed pursuant to Section 2.12, substantially in the form of Exhibit E. "Tangible Contract" means a Contract that constitutes "tangible chattel paper" (under and as defined in the UCC as then in effect in the relevant State) evidencing any Receivable. "Tangible Net Worth" means at any time with respect to DFC, the difference of DFC's (i) assets minus (ii) liabilities minus (iii) without duplication, intangible assets, including goodwill, franchises, licenses, deferred tax assets, patents, trademarks, trade names, copyrights and service marks, in all cases calculated on a consolidated basis and in accordance with GAAP. "Target Rate" means (i) with respect to any Prime Receivable, 2.25%, (ii) with respect to any Near Prime Receivable, 3.75%, and (iii) with respect to any Subprime Receivable, 6.25%. "Tax" or "Taxes" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax, additional amount...
Sample 1
Subprime Receivable means a Receivable (including an Online Originated Receivable) for which, at the time of underwriting, the related FICO Score was (i) less than 620 (including a FICO Score of zero) or (ii) there was no FICO Score. "Subsequent Loan" means each Loan made following the Initial Loan. "Subsequent Receivable" means each Receivable that becomes a part of the Collateral on a Funding Date other than the Funding Date relating to the Initial Loan. "Subsidiary" means, with respect to a Person, any entity with respect to which more than 50% of the outstanding voting securities shall at any time be owned or controlled, directly or indirectly, by such Person and/or one or more of its Subsidiaries, or any similar business organization which is so owned or controlled. "Successor Servicer" has the meaning given to such term in Section 7.14(b). "Supplemental Loan Amount" means, as of any Funding Date, the amount by which the portion of the Loans Outstanding funded by a Lender Group, after giving effect to the requested Loan on such Funding Date, exceeds the greater of (i) its Mandatory Commitment and (ii) the highest amount of the Loans Outstanding funded by such Lender Group on any prior date. "Supplemental Upfront Fee" means the fee payable by the Borrower on the related Funding Date in an amount equal to the product of (i) the Supplemental Upfront Fee Rate and (ii) the Supplemental Loan Amount. "Supplemental Upfront Fee Rate" has the meaning given to such term in the Fee Letter. 46
Sample 1

More Definitions of Subprime Receivable

Subprime Receivable means a Receivable for which, at the time of underwriting, the related FICO Score was (i) less than 620 (including a FICO Score of zero) or (ii) there was no FICO Score.
Sample 1

Related to Subprime Receivable

  • Ineligible Receivable shall have the meaning specified in subsection 2.04(d)(iii).

  • Sold Receivable means a Receivable that was more than 60 days delinquent and was sold to an unaffiliated third party by the Issuer, at the Servicer’s direction, as of the close of business on the last day of a Collection Period and in accordance with the provisions of Section 4.3(c) hereof.

  • Eligible Receivable means, at any time, a Receivable:

  • Purchased Receivable means a Receivable purchased as of the close of business on the last day of a Collection Period by the Servicer pursuant to Sections 4.2, 4.4(c) or 4.7 or repurchased by the Seller or the Servicer pursuant to Section 3.2 or Section 10.1(a).

  • Repurchased Receivable means a Receivable purchased by Santander Consumer pursuant to Section 3.4 of the Purchase Agreement or by the Servicer pursuant to Section 3.6 of the Sale and Servicing Agreement.

  • Qualified Originator means an originator of Mortgage Loans which is acceptable under the Underwriting Guidelines.

  • Administrative Receivable means a Receivable which the Servicer is required to purchase pursuant to Section 3.08 or which the Servicer has elected to purchase pursuant to Section 8.01.

  • Eligible Unbilled Receivable means, at any time, any Unbilled Receivable if (a) the related Originator has recognized the related revenue on its financial books and records under GAAP, and (b) not more than thirty (30) days have expired since the date such Unbilled Receivable arose.

  • Current Receivable means each Receivable that is not a Defaulted Receivable or a Liquidated Receivable.

  • Delinquent Receivable means any Receivable that is not a Liquidated Receivable and which the related Obligor fails to make at least 90% of the related Scheduled Receivables Payment by the date on which it is due and remains unpaid for more than sixty (60) days from the original payment due date.

  • Unbilled Receivable means, at any time, any Receivable as to which the invoice or xxxx with respect thereto has not yet been sent to the Obligor thereof.

  • Warranty Receivable means a Receivable which the Seller is required to repurchase pursuant to Section 3.02.

  • Receivables means the Accounts, Chattel Paper, Documents, Investment Property, Instruments and any other rights or claims to receive money which are General Intangibles or which are otherwise included as Collateral.

  • Receivable any right to payment for goods sold or leased or for services rendered, whether or not such right is evidenced by an Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account).

  • Settlement Receivable means any general intangible, payment intangible, or instrument representing or reflecting an obligation to make payments to or for the benefit of a Person in consideration for a Settlement made or arranged, or to be made or arranged, by such Person.