FC Funding definition
Examples of FC Funding in a sentence
The Guarantor represents, warrants and agrees that each of the waivers set forth herein are made with the Guarantor’s full knowledge of its significance and consequences, with the understanding that events giving rise to any defense waived may diminish, destroy or otherwise adversely affect rights which the Guarantor otherwise may have against Flagship, CarFinance, FC Funding or any other obligor, guarantor or Person, or against collateral, and that under the circumstances the waivers are reasonable.
The Administrative Agent and the other Secured Parties shall not be required first to resort to payment of the Obligations by Flagship, CarFinance, FC Funding or any other Person, or their properties, before enforcing this Guaranty.
The representations and warranties made by FC Funding, FCA and CF Capital to the Borrower in the Purchase Agreement are hereby remade by the Borrower on each date to which they speak in the Purchase Agreement, as if such representations and warranties were set forth herein.
FC Funding, as Seller and as sole member of the Borrower, represents that, on the Closing Date, the Retained Interest takes the form of a first loss position represented by its membership interest in the Borrower.
The CF Finance Parties with respect to the New Enforcement Party are FCA Funding I LLC, CF Capital and FC Funding LLC, and each such party hereby so acknowledges.
The Servicer shall also enforce all rights of the Borrower under the Purchase Agreement (including each Transfer Agreement) including the right to require FC Funding to repurchase Receivables for breaches of representations and warranties made by FC Funding.
The Borrower shall have given reasonably equivalent value to FC Funding in consideration for the transfer to the Borrower of the Receivables and the related Collateral under the Purchase Agreement, no such transfer shall have been made for or on account of an antecedent debt owed by FC Funding to the Borrower and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.
The Borrower accounts for the transfers to it from FC Funding of the Receivables and related Collateral under the Purchase Agreement as sales of such Receivables and related Collateral in its books, records and financial statements, in each case consistent with GAAP and with the requirements set forth herein.
The liability of the Guarantor under this Guaranty is in addition to and shall be cumulative with all other liabilities of the Guarantor as Guarantor, surety, endorser, accommodation co-obligor or otherwise of any Obligations or obligation of Flagship, CarFinance and FC Funding, without any limitation as to amount.
Except for purposes of GAAP, the Borrower will not account for or treat the transactions contemplated by the Purchase Agreement in any manner other than as the sale, or absolute assignment, of the Receivables and other Collateral by FC Funding to the Borrower.