ABS Entity definition
Examples of ABS Entity in a sentence
Each Purchased ABS Entity is a single member limited liability company and no election has been made on IRS Form 8832 to treat any such entity as other than a disregarded entity for federal income Tax purposes.
GE and GECITS shall have the right to offset, as against any amounts owed by it to IKON under this Agreement, any collections that GE, GECITS or an ABS Entity would have received under the Securitization Documents but for the application (pursuant to the "Shared Collections" provisions of the Securitization Documents) of such collections to pay amounts owing under the Non-Purchased Securitization Documents.
Except as set forth on Schedule 3.13, there are no civil, criminal or administrative Actions pending (including any counterclaims) or, to the Seller Entities’ Knowledge, threatened, against any Seller Entity or ABS Entity relating to or affecting any of the Purchased Assets or Assumed Liabilities which if adversely determined against any such Seller Entity or ABS Entity would reasonably be likely to result in Damages in excess of $100,000.
Neither the Seller nor any Purchased ABS Entity has taken any action (other than as servicer in enforcement of any lease in a manner consistent with the Securitization Documents) or failed to perform any covenant which action or failure has caused or will cause any representation or warranty contained in Section 2.04 of any Assignment and Servicing Agreement executed by a Purchased ABS Entity to be untrue as of the date hereof.
GE and GECITS shall have the right to offset, as against any amounts owed by it to IKON under this Agreement, any collections that GE, GECITS or an ABS Entity would have received under the Securitization Documents prior to the Amendment Effective Date but for the application (pursuant to the “Shared Collections” provisions of the Securitization Documents) of such collections to pay amounts owing under the Non-Purchased Securitization Documents.
True and correct copies of the certificate of incorporation (or equivalent document), including all amendments thereto through the date hereof, and the by-laws (or equivalent document), as in effect on the date hereof, of each of the Seller and each Purchased ABS Entity have previously been provided to the Purchaser by the Seller.
GE shall have the right to offset, as against any amounts owed by it to IKON under the Program Agreement, any collections that GE or an ABS Entity would have received under the Securitization Documents but for the application (pursuant to the “Shared Collections” provisions of the Securitization Documents) of such collections to pay amounts owing under the Non-Purchased Securitization Documents.
Since the Closing Date, GE has not caused any ABS Entity to be out of compliance, in any material respect, with any laws, ordinances, governmental rules or regulations to which it is subject, including the Investment Company Act of 1940, as amended.
The duty of any ABS Entity and IKON Receivables Funding, LLC to file reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), shall have been suspended and each such issuer shall have filed a Form 15 with the Commission.
True and correct copies of the certificate of incorporation (or equivalent document), including all amendments thereto through the date hereof, and the by-laws (or equivalent document), as in effect on the date hereof, of each of the Seller and each ABS Entity have previously been provided to the Purchaser by the Seller.