Subsequent Receivable definition

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.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Subsequent Receivable means a Receivable transferred to the Issuer on a Funding Date.

Subsequent Receivable means each motor vehicle retail installment sale contract described in a Schedule of Subsequent Receivables attached as Schedule A to a First-Tier Subsequent Assignment (an identical copy of which is attached as Schedule A to a related Second-Tier Subsequent Assignment), and all rights and obligations thereunder and any amendments, modifications or supplements to such motor vehicle retail installment sale contract.

Examples of Subsequent Receivable in a sentence

• The Seller covenants that in the event any of the foregoing conditions precedent are not satisfied with respect to any Subsequent Receivable on the date required as specified above, the Seller will immediately repurchase such Subsequent Receivable from the Trust, at a price equal to the Purchase Amount thereof, in the manner specified in Section 4.7.

• As of the applicable Subsequent Cutoff Date, if any, each Subsequent Receivable being purchased during the Funding Period had or will have a first scheduled due date on or prior to the end of the third month immediately following the applicable Subsequent Cutoff Date.

• The full Amount Financed of each Subsequent Receivable has been advanced to or on behalf of each Obligor, and there are no requirements for future advances thereunder.

• The Obligor with respect to the Subsequent Receivable does not have any option under the Subsequent Receivable to borrow from any person additional funds secured by the Financed Vehicle.

• No Subsequent Receivable has been included in a "fleet" sale (i.e., a sale to any single Obligor of more than five Financed Vehicles).

More Definitions of Subsequent Receivable

Subsequent Receivable means any receivable listed on Schedule A hereto.

Subsequent Receivable means, with respect to each Funding Date, each Receivable listed on Schedule I to the related Contributor Assignment, each of which was contributed to the Depositor by the Contributor and then transferred from the Depositor to the Issuer on such Funding Date.

Subsequent Receivable means any Receivable described in a Schedule of Subsequent Receivables.

Subsequent Receivable has the meaning specified in the Sale and Servicing Agreement.

Subsequent Receivable means a Receivable acquired by the Issuer on any given Funding Date.

Subsequent Receivable means Receivables described in a Schedule of Subsequent Receivables (an identical copy of which is attached as Schedule A to the related Second-Tier Subsequent Assignment) and transferred by the Depositor to the Issuer on a Subsequent Transfer Date.

Subsequent Receivable has a Contract Value as of the Subsequent Cutoff Date that (when combined with the Contract Value of any other Receivables with the same or an affiliated Obligor) does not exceed 1% of the aggregate Contract Value of all Receivables.