Tooling Setoffs definition

Tooling Setoffs means Setoffs for any payment made by a Customer to a tooling vendor or tooling repairman for all or part of the purchase price or repair price of Tooling (defined below) used by Supplier in connection with the manufacture, assembly or transportation for a Customer’s Component Parts (existing and future) for which the Customer determines such payment is necessary to secure the release of, or prevent assertion of, any valid lien against Tooling or is required to obtain possession of Tooling from the tooling vendor or tooling repairman.
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Tooling Setoffs means Setoffs for any payment to a tooling vendor or tooling repairman for all or part of the purchase price or repair price of Tooling (defined below) that is used by Supplier in connection with the manufacture, assembly or transportation for a Customer’s Component Parts (existing and future) for which the Customer reasonably determines such payment is necessary to secure the release of, or prevent assertion of, any valid and perfected lien against Tooling or is required to obtain possession of Tooling from the Tooling vendor or tooling repairman. Tooling Setoffs with respect to particular Tooling may be taken only against specific accounts payable due to Supplier with respect to such particular Tooling.
Sample 1
Tooling Setoffs means setoffs, recoupments, or deductions on account of payments made by a Consenting OEM to any third party for all or part of the purchase price or the repair price of Tooling used by Supplier in connection with the manufacture, assembly, or transportation of Component Parts for such Consenting OEM, if the Consenting OEM determines that such payments are necessary or helpful to secure release of, or prevent the assertion of, a valid lien on the Tooling or is required to obtain possession of the Tooling.
Sample 1

Examples of Tooling Setoffs in a sentence

  • Allowed Setoffs, Material Setoffs, Tooling Setoffs, Ordinary Course Setoffs and Setoffs for Billing Errors are collectively called “Permitted Setoffs”.

  • To the extent the terms of any of the Purchase Orders do not expressly provide for the Consenting OEMs to exercise rights of setoff, recoupment and deduction in respect of Allowed Setoffs, Professional Fee Setoffs, Tooling Setoffs, and Materials Setoffs, Supplier agrees to each Consenting OEM exercising such rights on the terms set forth herein as consideration for the Customer Accommodations provided pursuant to this Agreement.

  • In the event the borrowing base includes tooling receivables, Agent Bank may also reserve Tooling Setoffs against the borrowing base under the Loan Documents.

  • During the Term, each Consenting OEM will not exercise its rights of setoff, recoupment, or deduction against its bona fide accounts payable to Supplier that are generated prior to or during the Term on account of Component Parts, Tooling (as defined herein) or services received by such Consenting OEM, except for Allowed Setoffs, Professional Fee Setoffs, Tooling Setoffs, and Materials Setoffs.

  • Allowed Setoffs, Material Setoffs, Tooling Setoffs, and Setoffs for Billing Errors are collectively called “Permitted Setoffs”.

  • Subject to the limitations described in the Global Accommodation Agreement, each of the Consenting OEMs has agreed not to exercise its rights to assert setoff, recoupment, or deduction against amounts owed to the Debtors other than those setoffs that are determined to be Allowed Setoffs, Materials Setoffs, Tooling Setoffs, and Professional Fee Setoffs, as set forth in the Global Accommodation Agreement.

  • In the case of Material Setoffs and Tooling Setoffs, Customer must give Agent Bank and Supplier written notice of the amount of the Material Setoff and Tooling Setoff (each, a “Setoff Notice”) and (1) such Material Setoffs may only be asserted against accounts payable arising from shipments made by Supplier more than three (3) business days after Agent Bank’s and Supplier’s receipt of such Setoff Notice and (2) such Tooling Setoffs may only be taken against the Tooling payable to which it relates.

  • Supplier acknowledges and agrees that the Consenting OEMs are entitled, pursuant to the terms of the Purchase Orders and otherwise applicable law, to exercise rights of setoff, recoupment and deduction in respect of, among other things, Allowed Setoffs, Professional Fee Setoffs, Tooling Setoffs, and Materials Setoffs (each as defined herein).

Related to Tooling Setoffs

  • Originator means the sender of the first payment order in a funds transfer.

  • Transferred Receivable means a Purchased Receivable or a Contributed Receivable.

  • Other Servicer Mortgage Loan Any of the Mortgage Loans, if any, identified in Exhibit F-2 hereto, as such Exhibit may be amended from time to time in connection with a substitution pursuant to Sections 2.02 or 2.06, which Mortgage Loan is serviced under an Other Servicing Agreement.

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

  • Subsequent Receivables means the Receivables transferred to the Issuer pursuant to Section 2.2, which shall be listed on Schedule A to the related Subsequent Transfer Agreement.

  • Related Loan Group For Group 1, Loan Group 1; for Group 2, Loan Group 2; for Group 3, Loan Group 3; and for Group 4, Loan Group 4.

  • 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.

  • 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).

  • Mortgage Loan Seller Each of CREFI, GACC and JPMCB, and their respective successors in interest.

  • Fxxxxx Mae Guides The Fxxxxx Mxx Selling Guide and the Fxxxxx Mae Servicing Guide and all amendments or additions thereto.

  • Customer Deposits means deposits made by customers with respect to the purchase of goods or the performance of services.

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

  • Xxxxxx Mae Guides The Xxxxxx Xxx Xxxxxxx’ Guide and the Xxxxxx Mae Servicers’ Guide and all amendments or additions thereto.

  • Interest Receivable means, in respect of the relevant Measurement Period ending on any Measurement Date, all interest received by or accrued to the Issuer during such period, including any amounts received by the Issuer in terms of any Treasury Transaction (as such relates to the hedging by the Issuer of its interest rate risk) (other than interest which is not received or receivable in funds that are freely remittable to South Africa), all as reflected in, and/or ascertained from, the Financial Statements for that Measurement Period;

  • Prepayment Charge Schedule A data field in the Mortgage Loan Schedule attached hereto as Exhibit A which sets forth the amount or method of calculation of the Prepayment Charge and the term during which such Prepayment Charge is imposed with respect to a Mortgage Loan.

  • 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.

  • Review Receivable has the meaning designated in Section 1.02 of the Asset Representations Review Agreement.

  • Originators have the meaning set forth in the Purchase and Sale Agreement, as the same may be modified from time to time by adding new Originators or removing Originators, in each case with the prior written consent of the Administrative Agent.

  • Fannie Mae Guides The Fannie Mae Sellers' Guide and the Fannie Mae Serxxxxxx' Xxide and all axxxxxxxxx xx xxxxxions thereto.

  • Primary Servicer Collection Account shall have the meaning set forth in Section 3.01(c)(7) of this Agreement.

  • Servicer Mortgage Loan File As defined in each of the Servicing Agreements.

  • Servicer Mortgage File All documents pertaining to a Mortgage Loan not required to be included in the Trustee Mortgage File and held by the Master Servicer or the related Servicer or any Sub-Servicer.

  • Master Servicer Collection Account The trust account or accounts created and maintained pursuant to Section 4.02, which shall be denominated "Wachovia Bank, National Association, as Trustee f/b/o holders of Xxxxxxx Xxxxx Mortgage Investors, Inc., Mortgage Pass-Through Certificates, MLMI Series 2005-A1 - Master Servicer Collection Account." The Master Servicer Collection Account shall be an Eligible Account.

  • 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.

  • Purchased Loan means each motor vehicle retail installment loan relating to the sale of an automobile or light-duty truck originated by a Dealer, purchased by the Originator from such Dealer and evidenced by a Purchased Loan Contract; provided, however, that the term “Purchased Loan” shall, for purposes of this Agreement, include only those Purchased Loans identified from time to time on Schedule A hereto.

  • Matured Vehicle as of any date means any Leased Vehicle the related Lease of which has reached its Maturity Date or has been terminated in connection with a Lessee Initiated Early Termination (and the Lessee is not in default under such Lease) or in connection with a Casualty Termination, which Leased Vehicle has been returned to the Servicer on behalf of the Titling Trust, if applicable.