Eligible Lease Receivables Sample Clauses

Eligible Lease Receivables. As at the date of determination thereof, Receivables arising under and due and unpaid pursuant to an Eligible Lease.
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Eligible Lease Receivables. Based on the most recent Borrowing Base Certificate delivered by Borrower Representative to Administrative Agent and Revolver Agent and on other information available to Administrative Agent and Revolver Agent, Administrative Agent and Revolver Agent shall in their reasonable credit judgment determine which Lease Receivables of each Borrower shall be "Eligible Lease Receivables" for purposes of this Agreement. In determining whether a particular Lease Receivable of any Borrower constitutes an Eligible Lease Receivable, Administrative Agent and Revolver Agent shall not include any such Lease Receivable to which any of the exclusionary criteria set forth below applies. Administrative Agent and Revolver Agent reserve the right, at any time and from time to time after the Closing Date, to adjust any such criteria, to establish new criteria and to adjust advance rates with respect to Eligible Lease Receivables, in their reasonable credit judgment, subject to the approval of Supermajority Revolving Lenders in the case of adjustments, or new criteria or changes in advance rates which have the effect of making more credit available. Eligible Lease Receivables shall not include any Lease Receivable of any Borrower:
Sample 1
Eligible Lease Receivables. The aggregate of the unpaid portions of -------------------------- Designated Lease Receivables (net of any credits, rebates, offsets, holdbacks or other adjustments or commissions payable to third parties, deposits and payments received in advance from Lessees, and any receivables for insurance premiums and taxes due on account of any Lease or the underlying Equipment with respect to such Lease, in each case that are adjustments to such Lease Receivables) (a) that the Borrowers reasonably and in good faith determine to be collectible; (b) which pertain to Eligible Equipment; (c) that are with Lessees that (i) are not Affiliates or employees of either of the Borrowers or have common officers or directors with either of the Borrowers, (ii) leased the underlying Equipment in respect of such Lease Receivable at arm's length, (iii) are not insolvent or involved, whether voluntary or involuntary, in any case or proceeding under any bankruptcy, reorganization, arrangement, insolvency, adjustment of debt, dissolution, liquidation or similar law of any jurisdiction, or (iv) are, in the Bank's reasonable judgment, creditworthy based upon such credit and collateral considerations as the Bank may deem appropriate from time to time; (d) that are in payment of obligations that have been fully performed and are not subject to dispute or any other similar claims that would reduce the cash amount payable therefor; (e) that are not subject to any pledge, restriction, security interest or other lien or encumbrance other than those created by the Loan Documents; (f) that related to a Lease which was originated in accordance with such Borrower's Credit Policy or is otherwise acceptable to the Bank in its sole discretion; (g) that are in respect of a "commercial use" lease; (h) that are not currently Delinquent Accounts; (i) that have not been Delinquent Accounts more than once; (j) that are not Delinquent Accounts for which the delinquency has been cured provided, however, that a portion of the -------- ------- aggregate amount of reinstated Delinquent Accounts that have only been Delinquent Accounts once not in excess of five percent (5%) of otherwise Eligible Lease Receivables shall be included in Eligible Lease Receivables; (k) that are not Rewrites; (l) that arise from Leases with an original term of not greater than sixty (60) months; (m) that are not due from any single Lessee if more than fifty percent (50%) of the aggregate amount of all Lease Receivables owing from s...
Sample 1
Eligible Lease Receivables. As at the date of determination thereof, Receivables then due and unpaid with respect to an Eligible Lease.
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Eligible Lease Receivables. All Purchased Lease Receivables included on a Sale Notice are and will be Eligible Lease Receivables as of the Purchase Date for such Purchased Lease Receivable.
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Eligible Lease Receivables. Promptly after receiving notice or otherwise become aware thereof, notify the Lender in writing that a Lease Receivable that the Borrower has represented or warranted to the Lender to be an Eligible Lease Receivable has ceased to be an Eligible Lease Receivable for any reason whatsoever.
Sample 1

Related to Eligible Lease Receivables

  • Eligible Receivables Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance as of any date is an Eligible Receivable as of such date.

  • Reassignment of Ineligible Receivables If (a) any representation or warranty under Section 2.02(d) or Section 4.02 is not true and correct in any material respect as of the date specified therein with respect to any Receivable or any related Account or (b) any representation or warranty made by RPA Seller pursuant to Section 2.04 of the Existing PSA is not true and correct in any material respect as of the date specified therein with respect to any Receivable transferred to the Certificate Trust prior to the Effective Date or any related Account and, in either case, as a result thereof Purchaser is required to accept a reassignment of Ineligible Receivables pursuant to Section 2.04(d) of the Pooling and Servicing Agreement, RPA Seller shall pay to Purchaser an amount in cash equal to either (i) the Purchase Price paid for any such Ineligible Receivable by Purchaser to RPA Seller (including any portion thereof deemed to be a borrowing under the Subordinated Note or deemed to be a capital contribution from RPA Seller to Purchaser) less any amounts previously collected by Purchaser with respect to such Receivable or (ii) in the case of any Receivable that was deemed to have been sold to Purchaser by RPA Seller prior to the Effective Date, the principal balance of such Receivable. Such amount may be offset against any amounts due from Purchaser to RPA Seller with respect to the Purchase Price for Receivables sold to Purchaser on such day; provided that RPA Seller shall not be obligated to make any such cash payment until the Transfer Date following a Monthly Period with respect to amounts owing for such Monthly Period in accordance with Section 3.03. The obligation of RPA Seller set forth in this Section shall constitute the sole remedy respecting any breach of the representations and warranties set forth in the above-referenced Sections with respect to such Receivables or failure to meet the conditions set forth in the definition in the Pooling and Servicing Agreement of Eligible Receivable with respect to such Receivable available to Purchaser.

  • Additional Receivables On each Distribution Date during the Revolving Period, the Depositor shall purchase from the Seller and sell to the Issuing Entity Additional Receivables in an amount approximately equal to (but not greater than) the amount of funds deposited on such Distribution Date in the Accumulation Account pursuant to clauses (vii) and (ix) of Section 4.06(c) of this Agreement. Subject to the satisfaction of the conditions set forth in Section 2.07, in consideration of the Issuing Entity’s delivery on or prior to any Subsequent Closing Date to the Depositor of an amount equal to the Aggregate Additional Receivables Principal Balance for such date, on each Subsequent Closing Date the Depositor shall, pursuant to this Agreement and the related Second Step Additional Receivables Assignment in the form attached as Exhibit C to this Agreement (the “Second Step Additional Receivables Assignment” and together with the Second Step Initial Receivables Assignment, the “Second Step Receivables Assignments”), sell, transfer, assign and otherwise convey to the Issuing Entity, without recourse:

  • Net Receivables Balance Seller has determined that, immediately after giving effect to each purchase hereunder, the Net Receivables Balance is at least equal to the sum of (i) the Aggregate Capital, plus (ii) the Aggregate Reserves.

  • Receivables (a) Other than in the ordinary course of business consistent with its past practice, such Grantor will not (i) grant any extension of the time of payment of any Receivable, (ii) compromise or settle any Receivable for less than the full amount thereof, (iii) release, wholly or partially, any Person liable for the payment of any Receivable, (iv) allow any credit or discount whatsoever on any Receivable or (v) amend, supplement or modify any Receivable in any manner that could adversely affect the value thereof.

  • Conveyance of Subsequent Receivables In consideration of the Issuer's delivery to or upon the order of the Seller of $____________, the Seller does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse (except as expressly provided in the Sale and Servicing Agreement), all right, title and interest of the Seller in and to:

  • Reassignment of Purchased Receivables Upon deposit in the Collection Account of the Purchase Amount of any Receivable repurchased by Seller under Section 5.1 hereof, Purchaser and the Issuer shall take such steps as may be reasonably requested by Seller in order to assign to Seller all of Purchaser’s and the Issuer’s right, title and interest in and to such Receivable and all security and documents and all Other Conveyed Property conveyed to Purchaser and the Issuer directly relating thereto, without recourse, representation or warranty, except as to the absence of Liens created by or arising as a result of actions of Purchaser or the Issuer. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Purchased Receivable, in any enforcement suit or legal proceeding, it is held that Seller may not enforce any such Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce the Receivable, Purchaser and the Issuer shall, at the expense of Seller, take such steps as Seller deems reasonably necessary to enforce the Receivable, including bringing suit in Purchaser’s or in the Issuer’s name.

  • No Delinquent Receivables As of the Cutoff Date, no payment due under any Receivable was more than 30 days past due.

  • Assignment of Administrative Receivables and Warranty Receivables Upon receipt of the Administrative Purchase Payment or the Warranty Payment with respect to an Administrative Receivable or a Warranty Receivable, respectively, the Owner Trustee shall assign, without recourse, representation or warranty, to the Servicer or the Warranty Purchaser, as applicable, all of the Issuing Entity’s right, title and interest in, to and under, and the Indenture Trustee shall be deemed automatically to have released its security interest in such Administrative Receivable or Warranty Receivable, all monies due thereon, the security interests in the related Financed Vehicle, proceeds from any Insurance Policies, proceeds from recourse against a Dealer on such Receivable and the interests of such Person or the Issuing Entity, as applicable, in rebates of premiums and other amounts relating to the Insurance Policies and any document relating thereto and all other related Purchased Property, such assignment being an assignment outright and not for security; and the Servicer or the Warranty Purchaser, as applicable, shall thereupon own such Receivable, and all such security and documents, free of any further obligations to the Indenture Trustee, the Owner Trustee, the Noteholders or the Certificateholders with respect thereto. If in any Proceeding it is held that the Servicer may not enforce a Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Indenture Trustee or the Owner Trustee, as applicable, shall, at the Servicer’s expense, take such steps as the Servicer deems necessary to enforce the Receivable, including bringing suit in the name of such Person or the names of the Noteholders or the Certificateholders.

  • Simple Interest Receivables All of the Receivables are Simple Interest Receivables.

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