Accounts Receivable Financing Program definition
Accounts Receivable Financing Program means any program under which any of the Borrower or any of its Subsidiaries securitizes accounts receivables or any accounts receivable financing facility of the Borrower or any of its Subsidiaries.
Accounts Receivable Financing Program means a program of sales or securitization of, or transfers of interests in, accounts receivable and related contract rights by the Borrower or any Subsidiary on a limited recourse basis pursuant to which the aggregate amount of financing thereunder at any time outstanding shall not exceed an amount equal to 10% of (a) the amount of total consolidated assets of the Borrower and its Subsidiaries as of the most recent Fiscal Quarter end for which financial statements have been delivered by the Borrower pursuant to Section 5.01(a) or (b), as applicable, minus (b) the aggregate amount of goodwill and other intangible assets of the Borrower and its Subsidiaries as of such Fiscal Quarter end, in each case as reflected on such financial statements, provided that such sale or transfer qualifies as a sale under Agreement Accounting Principles.
Accounts Receivable Financing Program means a program of sales of, or transfers of interests in, receivables (whether characterized as sales or as non-recourse loans) and related contract rights and other property (the "RECEIVABLES") by the Borrower and its Participating Subsidiaries to StoneSub, which shall finance such purchases through (i) sales or transfers of Receivables or borrowings or other debt issuances (which, except as described in EXHIBIT 1.1(e) hereto, shall be non-recourse to the Borrower and its Subsidiaries other than StoneSub) from one or more limited purpose finance companies, investors participating in an offering of debt securities, financial institutions or other Persons not affiliated with the Borrower or through one or more trusts originated by StoneSub (individually and collectively, the "ISSUER"), (ii) capital contributions from the Borrower, (iii) subordinated loans from the Borrower and its applicable Participating Subsidiaries and (iv) collections from previously purchased Receivables. Each separate financing arrangement within the Accounts Receivable Financing Program is referred to as a "RECEIVABLES FINANCING." All Receivables Financings which are in existence at any time shall together not permit StoneSub to incur more than, subject to the third proviso of the penultimate sentence of SECTION 5.2.13, $500 million of Indebtedness for Money Borrowed from the Issuer at any one time outstanding (and, in the event that the Accounts Receivable Financing Program includes Canadian dollar Receivables of Canadian Subsidiaries, without giving effect to increases in such amount after the date of the incurrence of such Indebtedness for Money Borrowed, or portion thereof, solely as the result of subsequent fluctuations in the exchange rate between United States Dollars and Canadian dollars) and shall be on terms (considered as a whole) not materially more onerous to the Borrower and the Lenders than those of Receivables Financings in existence on the date hereof. The Lenders hereby acknowledge and agree that any Receivables Financing purported to be structured as a sale of Receivables to StoneSub by the Borrower or a Participating Subsidiary and as to which the Borrower has received an opinion of counsel as to the sale nature thereof shall constitute a sale of such Receivables and not a loan from StoneSub secured by such Receivables. Nothing herein shall prevent the Borrower from alternatively structuring a Receivables Financing as the sale of Receivables by StoneSub to the Is...
Examples of Accounts Receivable Financing Program in a sentence
The Borrower will not, nor will it permit any Subsidiary to, sell or otherwise dispose of any notes receivable or accounts receivable, with or without recourse, except that the Borrower or any Subsidiary may sell or otherwise grant an interest in its accounts receivable to other Persons, in each case pursuant to an Accounts Receivable Financing Program.
The Borrower will not, nor will it permit any Subsidiary to, sell or otherwise dispose of any notes receivable or accounts receivable, with or without recourse, except that the Borrower or any Subsidiary may sell or otherwise grant an interest in its accounts receivable to other Persons, in each case pursuant to the Accounts Receivable Financing Program.
More Definitions of Accounts Receivable Financing Program
Accounts Receivable Financing Program means a program of sales or securitization of, or transfers of interests in, accounts receivable and related contract rights by the Company or any Subsidiary on a limited recourse basis provided that each such sale or transfer qualifies as a sale under GAAP and provided further that the aggregate amount of financing or sales thereunder at any time outstanding shall not exceed an amount equal to 7.5% of (a) Consolidated Total Assets as of the most recent fiscal quarter for which financial statements have been provided pursuant to Section 7.1 minus (b) the aggregate amount of goodwill and other intangible assets of the Company and its Subsidiaries as of such fiscal quarter end, in each case as reflected on the Company’s consolidated financial statements.