Examples of Substitute Receivable in a sentence
Each Receivable was, as at the date of execution of the relevant Loan Documentation, and is, as at the Closing Date (and in the case of a Pending Bond Loan, on the Pending Bond Loan Transfer Date), an Eligible Receivable and, in the case of any Substitute Receivable, is compliant with the Substitution Criteria at the relevant Substitution Date.
See section 7.1 (Purchase, Repurchase and Sale).When the Issuer purchases and accepts the assignment of the relevant Substitute Receivable, the Issuer will at the same time create a first right of pledge on such Substitute Receivable in favour of the Security Trustee.
See the description of the limited circumstances when a Substitute Receivable may form part of the Receivables Portfolio in “Overview of Certain Transaction Documents – Receivables Servicing Agreement”.
The Issuer may discharge its liability to pay the consideration for a Substitute Receivable by setting-off amounts due to it in respect of consideration for a Retired Receivable or in respect of any other payment payable to the Issuer by the Seller.
In any event, any Substitute Receivable shall always comply with the Eligibility Criteria as at the relevant substitution date.