Eligible Installment Contracts definition

Eligible Installment Contracts means, for each Loan Party as of any date of determination and without duplication, those Installment Contracts that constitute Collateral; provided, however, that an Installment Contract shall not be an Eligible Installment Contract if any of the following shall be true:

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Eligible Installment Contracts means, for each Borrower as of any date of determination and without duplication, those Installment Contracts which the Agent, in its reasonable discretion, determines are eligible, but excluding, without limiting the Agent's discretionary rights (a) any Installment Contract which is (i) not subject to a perfected, first priority (subject to incohate Liens for government charges or assessments not yet due) Lien in favor of the Agent to secure the Total Obligations, (ii) subject to any other Lien that is not a Permitted Lien, or (iii) evidences a transaction not in compliance with any Requirement of Law, (b) any Installment Contract for which payment thereunder is doubtful or is determined to be uncollectible (including, without limitation, any Installment Contract under which any payment is more than sixty (60) days past due on a "contractual" basis), (c) any Installment Contract which is modified or rewritten, (d) any Installment Contract with a term of more than twenty-four (24) months, (e) any Installment Contract for which the obligations of the debtor thereunder are evidenced by a note, chattel paper, or other instrument, unless the covenants set forth in the Security Agreement applicable to such note, chattel paper, or instrument have been complied with, (f) any Installment Contract for which the debtor thereunder is not solvent or is subject to any bankruptcy or insolvency proceeding of any kind or which has died or been declared judicially incompetent, (g) any Installment Contract for which the debtor thereunder is located outside of the United States (unless payment for the goods shipped is secured by an irrevocable letter of credit in form and substance and from an institution acceptable to the Agent and with respect to which the letter-of-credit rights (as defined in the UCC) have been assigned to the Agent pursuant to documents in form and substance acceptable to the Agent), (h) any Installment Contract which is contingent or which is subject to offset, discount, or deduction (in each case to the extent of such offset, discount, or deduction) or which is subject to any counterclaim, dispute, or other defense to payment, (i) any Installment Contract under which any Subsidiary, employee, or Affiliate of a Borrower is the debtor, (j) any Installment Contract representing a sale to the government of the United States or any subdivision thereof unless the Federal Assignment of Claims Act (or other similar Requirement of Law) has been complied with t...

Eligible Installment Contracts means, for each Loan Party as of any date of determination and without duplication, those Installment Contracts which the Administrative Agent, in its sole discretion exercised reasonably and in accordance with customary business practices for its comparable asset based transactions, determines are eligible, but excluding, without limiting the Administrative Agent's discretionary rights:

Examples of Eligible Installment Contracts in a sentence

If at any time the aggregate principal amount outstanding under the Revolving Line of Credit shall exceed the Collateral Value of the Eligible Installment Contracts, Borrower agrees to immediately repay to Lender such excess amount, plus all accrued unpaid interest thereon.
Borrower agrees to cause FCC to cooperate with the Successor Servicer in effecting the termination of the responsibilities and rights of FCC with respect to the servicing, including without limitation, the transfer to Successor Servicer of all files, collection records and a computer tape in a readable form containing all information necessary to enable Successor Servicer to service the Eligible Installment Contracts.
Upon receipt by Borrower and FCC of such Termination Notice, all servicing rights and obligations with respect to the Eligible Installment Contracts automatically shall pass to Compu-Link (the "Successor Servicer"), provided that Successor Servicer shall have no liability with respect to any claim based on any alleged action or inaction of FCC.
If Lender determines in its reasonable discretion that such deficiencies materially impair such Eligible Installment Contract's Collateral Value, Borrower will pay Lender the Collateral Value of such Eligible Installment Contract or cure such deficiency within fifteen days after notice by Lender to Borrower.
Borrower shall reimburse Lender and Successor Servicer for all costs incurred by them in connection with a transfer of servicing from FCC to Successor Servicer, and Borrower shall reimburse Lender for all servicing costs charged by Successor Servicer for the servicing of the Eligible Installment Contracts.
Within seven (7) business days of each advance under the Revolving Line of Credit, Borrower shall cause FCC to deliver to U.S. Bank all Eligible Installment Contracts with respect to which such advance was made, together with the complete Individual Receivable File relating to each such Eligible Installment Contract.
On a monthly basis, at the same time as Borrower delivers the Borrowing Base Certificate, Borrower shall deliver a report detailing the delinquency, charge off and collection activity on the Eligible Installment Contracts for the preceding calendar month.
Under the Loan Agreement, Borrower may ------------------------ request advances and make payments hereunder from time to time, provided that it is understood and agreed that the aggregate principal amount outstanding from time to time hereunder shall not at any time exceed the lesser of (a) the Collateral Value of the Eligible Installment Contracts (as defined in the Loan Agreement) or (b) $3,500,000.
The Lender is hereby authorized to hold the portfolio of Eligible Installment Contracts pledged as Collateral and act as the custodian of the same, pursuant to a Custodial Agreement of even date herewith.
If an Event of Default shall occur and be continuing, Lender by notice given in writing to Borrower and FCC (a “Termination Notice”) may terminate all servicing rights and obligations of FCC with respect to the Eligible Installment Contracts.

More Definitions of Eligible Installment Contracts

Eligible Installment Contracts means all retail automobile installment loan contracts underwritten or purchased by Freedom Financial Group, Inc., in the states where Freedom Financial Group, Inc. is duly licensed to do business as a consumer automobile lender, provided, however, it shall not include any installment loan contract that is: