Asset Securitization means a public or private transfer of installment receivables, credit card receivables, lease receivables, mortgage loan receivables, policyholder loan receivables, premiums, debt obligations or any other type of secured or unsecured financial assets or rights to future payments of any kind, or interests therein, which transfer is recorded as a sale according to GAAP as of the date of such transfer.
Asset Securitization means a sale, other transfer or factoring arrangement by the Company and/or one or more of its Subsidiaries of accounts, related general intangibles and chattel paper, and the related security and collections with respect thereto to a special purpose Subsidiary (an “SPV”), and the sale, pledge or other transfer by that SPV in connection with financing provided to that SPV, which financing shall be “non-recourse” to the Company and its Subsidiaries (other than the SPV) except pursuant to the Standard Securitization Undertakings.
Asset Securitization means the sale, disposition, transfer or assignment by Company or any of its Subsidiaries to a special purpose corporation, trust or other entity, of notes evidencing obligations to repay secured or unsecured loans owned by Company or any such Subsidiary, which notes are subsequently sold, transferred or assigned to one or more Asset Securitization Affiliates, and, as a result of such sale, transfer or assignment, bonds, certificates or other evidences of ownership representing interests in pools of such loans are issued, either simultaneously or subsequently.
Examples of Asset Securitization in a sentence
No Domestic Subsidiary (other than an SPV that is a party to an Asset Securitization permitted hereunder) has guaranteed any Material Indebtedness of the Borrower.
More Definitions of Asset Securitization
Asset Securitization means the sale of accounts receivable and related assets of a Person in connection with a bona fide asset securitization program.
Asset Securitization means, with respect to any Person, a transaction involving the sale or transfer of receivables by such Person to a special purpose corporation or grantor trust (an "SPV") established solely for the purpose of purchasing such receivables from the Company for Cash in an amount equal to the Fair Market Value thereof; provided, however, that the Company may (A) establish and maintain a reserve account containing Cash or Securities as a credit enhancement in respect of any such sale, or (B) purchase or retain a subordinated interest in such receivables being sold.
Asset Securitization means any transaction or series of transactions that may be entered into by any Company pursuant to which such Company or any of its Subsidiaries may sell, convey or otherwise transfer any of their assets to a Special Purpose Entity, and pursuant to which the Special Purpose Entity will, in turn, pay to such Company a portion of the proceeds of a secured loan or debt offering to public or private investors (with such secured loan or debt offering being, among other things, non recourse to such Company).
Asset Securitization means the asset securitization program entered into by the Receivable Subsidiaries and Three Pillars Funding Corporation; provided that the outstanding attributed principal amount of such program shall not at any time exceed $175,000,000.
Asset Securitization means the process of monetizing assets through debt securities or ownership interests issued by a special purpose vehicle and backed by the assets in a transaction designed to separate the credit quality of the assets from the credit risk of any entity (other than a credit enhancer) involved in the transaction.
Asset Securitization means a structured receivables financing transaction entered into by the U.S. Borrower and its Subsidiaries provided that (a) the monetary Obligations of the U.S. Borrower and its Subsidiaries in respect of the Asset Securitization shall be non-recourse to any Loan Party (other than such recourse as is customary in receivables securitization transactions of this type), (b) the documentation relating to the Asset Securitization shall be in form and substance reasonably satisfactory to the Administrative Agent, (c) the U.S. Borrower and its Subsidiaries shall have received in cash from the initial transfer of the Securitization Receivables in connection with such structured receivables financing Net Cash Proceeds in an amount at least equal to 70% of the aggregate principal amount of the Securitization Receivables so transferred, and (d) the Administrative Agent shall be reasonably satisfied that all amounts relating to the Securitization Receivables shall not be commingled with cash or other amounts of the Borrowers and their respective Subsidiaries and that all amounts paid in respect of such Securitization Receivables shall be deposited into one or more lockboxes or other bank accounts in which no other funds are deposited on terms and conditions reasonably satisfactory to the Administrative Agent.
Asset Securitization means an Asset Sale by or on behalf of a Person at the election of such Person involving receivables and/or other assets in the course of an asset securitization transaction and regardless of the form of asset securitization, and for the purposes of this Agreement shall include any disposition of accounts receivable.