Terminated Receivable definition

Terminated Receivable means any Purchased Receivable where:

Terminated Receivable means the Receivable that is refinanced in connection with a Renewal.

Terminated Receivable means a Receivable which is terminated in accordance with its terms. Amendments to ReceivablesThe Servicer will covenant in the Servicing Agreement that it shall not agree to an amendment, variation or waiver of any term under a Receivable, other than a Permitted Amendment or a variation made while enforcement proceedings are being taken in respect of the relevant Receivable.To the extent that the Servicer agrees to a Material Amendment to a Receivable which is not a Permitted Amendment, the Seller will be required to repurchase such Receivable or require the Issuer to accept in consideration for the repurchase payment, the purchase and assignment of Substitute Receivables (in the manner described above and the section titled Overview of the Transaction – The Portfolio, Portfolio Purchase and Servicing"). Servicing FeeThe Servicer will, on each Interest Payment Date, receive a servicing fee quarterly in arrears from the Issuer. The servicing fee may be subject to value added tax. If any value added tax is payable in respect of the servicing fee, the Servicing Agreement provides that any such value added tax will not form an additional cost to the Issuer.Representations and WarrantiesThe Servicer will make certain representations and warranties to the Issuer in accordance with the terms of the Servicing Agreement relating to itself and its entering into the relevant Transaction Documents to which it is a party.Covenants of the ServicerThe Servicer will be required to make positive and negative covenants in favour of the Issuer in accordance with the terms of the Servicing Agreement relating to itself and its entering into the relevant Transaction Documents to which it is a party.Servicer TerminationThe following events will each be a "Servicer Termination Event" under the Servicing Agreement, the occurrence of which will entitle the Issuer or (following delivery of an Enforcement Notice) the Trustee to serve a notice on the Servicer (a "Servicer Notice") immediately or at any time after the occurrence of such a Servicer Termination Event:

Examples of Terminated Receivable in a sentence

• In connection with any Renewal (other than a Renewal Receivable Replacement), on the day on which an Originator pays the Terminated Receivable Price, the Servicer shall deposit such amounts in immediately available funds into the Collection Account on such date.

• If in connection with any Renewal Receivable Replacement an Originator receives any payments from or on behalf of the applicable Obligor that are applied to reduce the Principal Balance of the related Terminated Receivable such that the Principal Balance of the Renewal Receivable is less than the Principal Balance of the Terminated Receivable, the full amount of such payments shall be remitted to the Servicer to be applied as Collections in respect of such Terminated Receivable.

• The Borrower will not permit any Originator to effect a Renewal (other than a Renewal Receivable Replacement) with respect to any Receivable unless on or before the date the applicable Renewal Receivable is originated, such Originator shall have acquired the related Terminated Receivable from the Borrower and the Borrower Loan Trustee for the benefit of the Borrower pursuant to Section 2.05 of the Purchase Agreement.

More Definitions of Terminated Receivable

Terminated Receivable means any Receivable which, in accordance with the --------------------- Contract related thereto, has been terminated, whether upon its maturity date, as a result of becoming an Under Collateralized Receivable, or otherwise.

Terminated Receivable means the Receivable that is refinanced in connection with a Renewal. “Terminated Receivable Price” shall mean, with respect to any Receivable that becomes a Terminated Receivable, the excess of (a) all amounts owing on such Receivable (including all amounts of principal, interest and fees on the day that such Receivable becomes a Terminated Receivable), minus (b) all amounts received from the proceeds of the Renewal Receivable that are applied by the Servicer in accordance with the Collection Policy to satisfy any amounts of interest and fees owing on such Receivable, minus (c) all amounts of insurance refunds applied by the Servicer in accordance with the Collection Policy to satisfy any portion of principal owing on the Receivable, in each case (with respect to clauses (b) and (c)) that are also applied in connection with such Terminated Receivable as Collections by the Servicer under the Basic Documents on the day such Receivable becomes a Terminated Receivable. “Test Data File” means a test data file, which shall include the loan master file, the transaction history file and all other files necessary to carry out the servicing obligations hereunder.