FNBO definition
Examples of FNBO in a sentence
Transferor hereby acknowledges the terms and conditions of this Agreement and, further, covenants that it will not allow the Retained Interest to be subject to any credit risk mitigation, short position or other hedge or to be sold other than as directed by FNBO and as permitted in accordance with the terms of this Agreement.
Requests shall be made by presentation to FNB-O of a drawing certificate in the form of Exhibit B.
In addition, the Borrower shall pay such other administrative fees, including a fee for opening the Letter of Credit, as are agreed in writing between FNB-O and the Borrower.
FNB-O shall not be liable to the Lenders for any error of judgment or for any action taken or omitted to be taken by it hereunder, except for gross negligence or willful misconduct.
At the option of the Agent, any registerable Collateral may at any time after the occurrence of an Event of Default and upon the expiration of any applicable cure period, if any, be registered in the name of FNB-O or its nominee as agent for the Revolving Lenders.
Nothing herein shall be construed as a loan from any Lender to FNB-O or as creating a partnership or joint venture relationship among them.
Each Holder of Transferor Interest agrees that, if FNBO (or any Successor Servicer) is terminated as Servicer hereunder, the portion of the Collections in respect of Finance Charge Receivables that Holders of Transferor Interest are entitled to receive pursuant to this Agreement or any Indenture Supplement shall be reduced by an amount sufficient to pay their share (determined by reference to the Indenture Supplements with respect to any outstanding Series) of the compensation of the Successor Servicer.
The Notes will represent obligations solely of Issuer and will not be insured or guaranteed by Servicer, FNBO or any of its Affiliates, Administrator, Owner Trustee, Indenture Trustee or any other Person or Governmental Authority (other than an Enhancement Provider, if any, as specified in the applicable Indenture Supplement).
No Revolving Lender may grant a participation in any Advance hereunder without the prior written consent of FNB-O (which consent shall not be unreasonably withheld).
So long as FNBO remains as Servicer, it is hereby authorized to withdraw from the Collection Account any funds not required by the Indenture or the applicable Indenture Supplement to be deposited into the Collection Account.