Excess Receivables definition

Excess Receivables means, in relation to the Cover Pool and on each Test Calculation Date, those Receivables the aggregate Outstanding Principal of which is equal to: (i) any amount by reason of which the Portfolios comprised in the Cover Pool are in excess (as nominal value, interest coverage and net present value) of any Eligible Assets necessary to satisfy all Tests on the relevant Test Calculation Date; minus (ii) the aggregate Outstanding Principal of those Receivables indicated by the Servicer as Affected Receivables pursuant to the provisions of clause 8.1 (Payment of Indemnity) of the Warranty and Indemnity Agreement.

Excess Receivables means with respect to any Eligible Obligor or the Nissan Group identified on SCHEDULE 6 hereto, any Eligible Purchased Receivables generated during any Quarterly Period in excess of the amounts set forth opposite the name of such Eligible Obligor on SCHEDULE 6 hereto.

Excess Receivables means, on any Determination Date, an aggregate amount equal to the sum, without duplication, of (A) the aggregate amount by which Principal Receivables relating to Used Vehicles exceeds 25% of the aggregate amount of Principal Receivables included in the Trust calculated as of the last day of the preceding Collection Period, (B) the aggregate amount of Principal Receivables as of the last day of the preceding Collection Period in Eligible Accounts that are on "finance hold" for credit reasons by World Omni as of the last day of such preceding Collection Period, and (C) the aggregate amount by which Principal Receivables arising in Eligible Accounts under World Omni's Delayed Payment Privilege Program exceeds 2% of the aggregate amount of Principal Receivables included in the Trust as of the last day of the preceding Collection Period; provided that these percentages and dollar limits may be increased from time to time upon satisfaction of the Rating Agency Condition.

Examples of Excess Receivables in a sentence

• Following the Letter Expiration Date, Bank will designate Accounts as Transferable Excess Accounts in order to reduce the total Receivables held by Bank (other than Receivables already designated as Transferable Excess Receivables) to an amount less than the Threshold Amount, using a methodology mutually agreed by the Parties.

• The Guarantor will pay interest Excess Receivables and support for further issues Segregation of Guarantor's rights and collateral in respect of each Term Loan but will have no liability to gross up for withholding.

• To support the issue of further Series of Covered Bonds, (i) Excess Receivables may be retained in the Portfolio or (ii) Eligible Assets may be acquired from one or more Sellers with the proceeds of the relevant Subordinated Loan Agreements entered into by such Sellers in order to ensure that the Cover Pool both before and after the issue of the new Series of Covered Bonds complies with the Tests.

• Excess Receivables and support for further issuesTo support the issue of further Series of Covered Bonds, (i) Excess Receivables may be retained in the Portfolio or (ii) Eligible Assets may be acquired from one or more Sellers with the proceeds of new or amended Subordinated Loan Agreements made available by such Sellers in order to ensure that the Cover Pool both before and after the issue of the new Series of Covered Bonds complies with the Tests.

• The “Special Adjustment Amount” shall consist of the IPAC Note Proceeds, the NC-SRT Proceeds and the Excess Receivables.

More Definitions of Excess Receivables

Excess Receivables means a number (which may be positive or negative) equal to (a) Accounts Receivable minus (b) Accounts Payable minus (c) Gross Amounts Due to Models.

Excess Receivables means, in relation to the Cover Pool and on each Test Calculation Date, those Receivables transferred to the Guarantor for which the aggregate Outstanding Principal is equal to:

Excess Receivables means, in relation to the Cover Pool and on each Test Calculation Date, those Receivables the aggregate Outstanding Principal of which is equal to: (i) any amount by reason of which the Portfolios comprised in the Cover Pool are in excess (as nominal value, interest coverage

Excess Receivables means (i) the amount of accounts receivable and unbilled work-in-process of the Company at the Effective Time (as set forth and identified in a certificate delivered at the Closing, provided by the Company to Parent, dated the Closing Date and signed by the President and Chief Executive Officer and Chief Financial Officer of the Company, setting forth the Company’s calculation of all accounts receivable and unbilled work-in-process of the Company at the Effective Time, and identifying each account receivable and unbilled work-in-process to a specific Company client, as of the Effective Time (the “Receivables Certificate”)) that Parent shall collect on or before March 31, 2005, minus (ii) the net accounts receivable reflected on the Final Statement of Closing Working Capital and the net unbilled work-in-process reflected on the Final Statement of Closing Working Capital; provided, however, that if between April 1, 2005 and March 31, 2006 Parent shall collect any amounts with respect to the accounts receivable and unbilled work-in-process listed in Section 2.7(c)(3) of the Disclosure Letter (the “Special Receivables”), then the Excess Receivables shall be recalculated as of March 31, 2006 to reflect the collection of such Special Receivables through that date (but not any other accounts receivable or unbilled work-in-process collected after March 31, 2005). Collections of the accounts receivable that have been outstanding for 120 days or less shall be determined and applied on a “first in-first out” basis (i.e., all collections of such receivables by the Surviving Corporation, Parent or their Subsidiaries from the same client shall be first applied to the oldest accounts receivable owing from such client to the Surviving Corporation, Parent or their Subsidiaries) and collections of accounts receivable that have been outstanding for 121 days or more shall be determined and applied as Parent, in its good faith determination, deems appropriate under the circumstances. The Company shall have delivered to Parent, within a reasonable time prior to the scheduled Closing, a draft Receivables Certificate, and shall reasonably communicate with Parent any changes or updates to such draft statement up until the time it issues such certificate at Closing, based on changed circumstances and giving due consideration to the feedback, if any, it receives from Parent.

Excess Receivables has the meaning set forth in Section -Permitted Distributions of the Disclosure Schedule.

Excess Receivables. As defined in Section 2.1.9.

Excess Receivables means, at any time, all performing Net Receivables other than Required Receivables.