Sales by Originators Clause Samples
The 'Sales by Originators' clause defines the terms under which the original owners or creators of certain assets are permitted to sell those assets. Typically, this clause outlines the conditions, limitations, or procedures that originators must follow when transferring ownership, such as obtaining prior consent, meeting specific criteria, or providing necessary documentation. Its core function is to regulate and control the sale process by originators, ensuring transparency and protecting the interests of other parties involved in the transaction.
Sales by Originators. Each sale of Receivables by an Originator to the Borrower shall have been effected under, and in accordance with the terms of, the Receivables Contribution and Sale Agreement, including the payment by the Borrower to the applicable Originator of the purchase price therefor as provided in the Receivables Contribution and Sale Agreement, and each such sale shall have been made for “reasonably equivalent value” (as such term is used under § 548 of the Bankruptcy Code) and not for or on account of “antecedent debt” (as such term is used under § 547 of the Bankruptcy Code) owed by the Borrower to any Originator.
Sales by Originators. Each sale of Receivables by an Originator to Borrower shall have been effected under, and in accordance with the terms of, the Receivables Sale Agreement, including the payment by Borrower to the applicable Originator of an amount equal to the purchase price therefor as described in the Receivables Sale Agreement and each such sale shall have been made for "reasonably equivalent value" (as such term is used under 548 of the United States Bankruptcy Code) and not for or on account of "antecedent debt" (as such term is used under 547 of the United States Bankruptcy Code) owed by Borrower to such Originator.
Sales by Originators. Each sale of Receivables by any Originator to Borrower shall have been effected under, and in accordance with the terms of, the Receivables Purchase Agreement, including the payment by Borrower to such Originator of an amount equal to the purchase price therefor as described in the Receivables Purchase Agreement, and each such sale shall have been made for “reasonably equivalent value” (as such term is used under Section 548 of the Federal Bankruptcy Code) and not for or on account of “antecedent debt” (as such term is used under Section 547 of the Federal Bankruptcy Code) owed by Borrower to such Originator.
Sales by Originators. Each sale by an Originator to the Borrower of an interest in Receivables and their Collections has been made in accordance with the terms of the applicable Purchase Agreement, including the payment by the Borrower to such Originator of the purchase price described in such Purchase Agreement.
Sales by Originators. Each sale of Accounts by an Originator to Borrower has been effected under, and in accordance with the terms of, the Accounts Sale Agreement, including the payment by Borrower to the applicable Originator of the purchase price therefor as provided in the Accounts Sale Agreement, and each such sale has been made for “reasonably equivalent value” (as such term is used under § 548 of the Bankruptcy Code) and not for or on account of “antecedent debt” (as such term is used under § 547 of the Bankruptcy Code) owed by Borrower to any Originator.
Sales by Originators. Each sale of Receivables by an Original Seller to Interface shall have been effected under, and in accordance with the terms of, the Receivables Transfer Agreement, including the payment by Interface to the applicable Original Seller of an amount equal to the purchase price therefor as described in the Receivables Transfer Agreement, each sale of Receivables by Interface to Borrower shall have been effected under, and in accordance with the terms of, the Receivables Sale Agreement, including the payment by Borrower to Interface of an amount equal to the purchase price therefor as described in the Receivables Sale Agreement and each such sale shall have been made for "reasonably equivalent value" (as such term is used under ss. 548 of the United States Bankruptcy Code) and not for or on account of "antecedent debt" (as such term is used under ss. 547 of the United States Bankruptcy Code) owed by Borrower to Interface or by Interface to the applicable Original Seller, as the case may be.