Lease Receivables. As of the date of each Borrowing Base Certificate delivered to Lender, and subject to Lender's determination in its sole discretion, each Lease Receivable listed thereon as an Eligible Lease Receivable is an Eligible Lease Receivable. Borrower has not made, and will not make, any agreement with any Account Debtor for any extension of time for the payment of any Lease Receivable, any compromise or settlement for less than the full amount thereof, any release of any Account Debtor from liability therefor, or any deduction therefrom except a discount or allowance for prompt or early payment allowed by Borrower in the ordinary course of its business consistent with historical practice and as previously disclosed to Lender in writing. With respect to the Lease Receivables pledged as collateral pursuant to any Loan Document (a) the amounts shown on all invoices, statements and reports which may be delivered to the Lender with respect thereto are actually and absolutely owing to the relevant Credit Party as indicated thereon and are not in any way contingent; (b) no payments have been or shall be made thereon except payments immediately delivered to the applicable Bank Accounts or the Lender as required hereunder; and (c) to Borrower's knowledge, all Account Debtors have the capacity to contract. Borrower shall notify Lender promptly of any event or circumstance which, to Borrower's knowledge would cause Lender to consider any then existing Lease Receivable as no longer constituting an Eligible Lease Receivable.
Lease Receivables. Each Eligible Receivable that is a Lease Receivable has an original term equal to or greater than the remaining economic life of the related Equipment and is non-cancellable other than for payment in full of the principal amount then due plus any other charges or prepayment penalties applicable thereto, and with respect to any other Contract, is not pre-payable unless the terms of such Lease Receivable require all remaining principal plus prepayment penalty be paid in full at the time of such pre-payment.
Lease Receivables. The Borrower and its Subsidiaries, on a consolidated basis, will not have assets on their balance sheet comprised of receivables due under leases in excess of $10,000,000 in the aggregate at any one time.
Lease Receivables. (a) Maintain accurate, complete and current records of all lease receivables, including but not limited to the asset subject to the lease, the lessor, the lessee and any assignment, sale, pledge or other transfer of any lease, lease receivable or the leased asset; all such records to be maintained by Portfolio Financial Servicing Company, L.P. or its designee or such other Person as approved by the Agent in its reasonable discretion; and
Lease Receivables. The Master Servicer shall not (and shall not permit any Originator or any Affiliate thereof to) enter into any Lease Receivable Financing Document, unless the Administrative Agent shall have received (i) prior written notice thereof, (ii) an executed copy of an Intercreditor Agreement from the related Lease Receivable Financier, in form and substance reasonably satisfactory to the Administrative Agent and (iii) such other documents, certificates, instruments, UCC filings and opinions as may be reasonably requested by the Administrative
Lease Receivables. In all material respects, the Receivables that are reflected on the Interim Balance Sheet are and all the Receivables created prior to Closing will be (i) valid obligations arising from sales or leases actually made or services actually performed in the ordinary course of business; (ii) unless paid prior to the Closing Date, collected in the ordinary course of business net of the reserves shown on the Interim Balance Sheet or, as to Receivables created after the Interim Balance Sheet, as set forth in the Seller's books and records consistent with past practices (which reserves are adequate and recorded consistent with past practice); (iii) to the Knowledge of Seller or the Members, not subject to any claims, offsets, defenses, disputes or claims of rescission or cancellation of any type; (iv) originated and maintained and serviced by Seller in compliance with state and federal laws, including without limitation, the Truth-In-Lending Act, the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act and the Fair Credit Reporting Act, to the extent such laws are applicable; (v) as to Receivables that represent financings, secured by a valid and enforceable first priority security interest in favor of Seller in the financed property, which security interest will be validly assigned and transferred to Buyer on the Closing Date; and (vi) except as set forth in Schedule 4.10(a), guaranteed personally by the owner/merchant originating the Receivable. Receivables with balances of $20,000 or more at issuance are secured by a first priority perfected security interest in favor of Seller. Seller has in all material respects and in good faith performed and discharged all of its obligations to the customer arising under each Receivable or relating to the Receivable. Other than leases that have been sold or securitized, the Seller is in possession of all original or duplicate originals of all the leases and the contract files provided to Buyer relating to the Receivables are complete and correct and there are no oral commitments of Seller relating to the Receivables. There are no legends preprinted, typed or written on any original or duplicate
Lease Receivables. PFG agrees, from time to time at Borrowers’ request, to release its security interest against Lease Receivables to the extent that Borrower is financing such Lease Receivables with a finance company other than the Senior Lender, provided that (i) Borrower is not then financing such Lease Receivables with the Senior Lender, (ii) such other finance company is identified in advance to PFG, and (iii) no Default or Event of Default then exits under the Loan Documents or the Senior Loan Documents or would result from the finance of Lease Receivables by such other finance company.
Lease Receivables. (a) If at any time the Transferor, the Bond Insurer or the Trustee obtains knowledge (within the meaning of 7.01(e) hereof), discovers or is notified by the Servicer that any of the representations and warranties of one of the Contributors or the Company in the Contribution Agreement were incorrect at the time as of which such representations and warranties were made, then the Person discovering such defect, omission, or circumstance shall promptly notify the Bond Insurer and the other parties to this Agreement.
Lease Receivables. At the Closing, Carsen agrees to sell, convey, transfer, assign and deliver to Olympus, and Olympus agrees to purchase, assume and accept from Carsen, all of Carsen’s right, title, and interest in and to all Products held by its customers as at the Expiration Date under lease or “CPU” agreements with Carsen (the “Lease Agreements”), together with the Lease Agreements and Carsen’s “Lease Receivable” (inclusive of both the current and non-current portion thereof) related thereto (collectively, “Lease Receivable Assets”). In consideration for the Lease Receivable Assets, Olympus shall pay to Carsen at the Closing, an amount equal to the net lease receivable as of the Expiration Date, defined as the net present value of the remaining payments under the particular Lease Agreement, calculated using the implicit rate (generally 6.5%) imputed into the Lease Agreement as reflected on the books and records of Carsen (the “Lease Receivable Purchase Price”). Schedule 2.8 annexed hereto sets forth a description of the Lease Receivable Assets as of the date hereof. Simultaneously herewith, Carsen has delivered to Olympus copies of all Lease Agreements referred to on Schedule 2.8. At the Closing, Carsen will deliver to Olympus an updated Schedule 2.8 together with a copy of any and all new Lease Agreements referred to thereon, none of which shall be materially different in form and substance to the current Lease Agreements without the prior written consent of Olympus.
Lease Receivables. Bank agrees, from time to time at Borrowers’ request, to release its security interest against Lease Receivables to the extent that Borrowers are financing such Lease Receivables with another finance company, provided that Borrowers are not then financing such Lease Receivables with Bank and no Default or Event of Default then exits.
