Auto Contract definition
Auto Contract means any agreement or contract or other evidence of debt executed by an Account Debtor in connection with an Auto Loan and any amendments thereto.
Auto Contract means any present or future written consumer automobile installment sales contract owned by Borrower or any of its Subsidiaries that (a) evidences an installment sale of a used automobile by Parent, Borrower or any of their Subsidiaries to a Debtor in the ordinary course of business of such Person and (b) is included in the books and records of Borrower and its Subsidiaries as part of the "Automobile Finance Portfolio" consistent with prior practices of Borrower and its Subsidiaries.
Auto Contract means any agreement or contract or other evidence of debt executed by a borrower and/or lessee in connection with an Auto Loan and any amendments thereto. 1.15. "Auto Loan" means all automobile loans presently and hereafter owned, set forth in a written report or in computer discs, from time to time, delivered to Lender, which computer discs shall be in the current format or any other format acceptable to Lender, together with each Auto Contract, chattel paper, instrument, document, general intangible, guarantee and all collateral security held with respect to such loans. 1.16. "Banking Day" means any day on which Lender is open for business. 1.17. "Books and Records" means all records, in any format whatsoever and the computer software, programs and access codes, relating to each Consumer Loan and the Collateral. 1.18. "Borrower" means Asta II and Palisades. 1.19. "Borrowing Base" means at the date of each Advance Request and/or Borrowing Base Certificate, without duplication, an amount equal to the lesser of (i) the sum of (a)50% of then existing Eligible Accounts, and (b) 50% of the Accounts which are part of a particular (i) proposed Small Portfolio or (ii) Portfolio Proposal approved by Lender and which Accounts would be considered Eligible Accounts if said Accounts were owned by Borrower and upon which the Lender had been granted a first and prior perfected security interest by the Debtors, but in no event more than the Portfolio Acquisition Cost, and (ii) the Advance Ratio. 1.20. "Borrowing Base Certificate" means the certificate in the form of Exhibit A annexed hereto, completed and signed by an officer of Borrower and delivered to Lender with each Advance Request and not later than fifteen (15) days after the last day of each month, with respect to the prior month. 1.21. "Chattel Paper" shall have the meaning given such term in the UCC. 1.22. "Closing Date" means the date on which all of the conditions precedent set forth in Section 11 hereof have been complied with to the sole satisfaction of Lender. 1.23. "Collateral" means (a) each Debtor's (other than Asta Funding's) present and future Accounts, Chattel Paper, Payment Intangibles and Collections, together with all of each Debtor's respective right, title and interest in and to all (i) Consumer Loans, (ii) all rights, claims, action and/or causes of action under any of the Consumer Loans, (iii) all Books and Records, (iv) all lawsuits (including, commercial tort actions) and judgments relating ...
Examples of Auto Contract in a sentence
In the event Borrower acquires an Auto Contract originated by a Dealer, Borrower will do so only from a Dealer with whom Borrower has entered into and pursuant to the terms of a Dealer Agreement that is enforceable in accordance with its terms against such Dealer.