Ineligible Receivable definition

Ineligible Receivable shall have the meaning specified in subsection 2.04(d)(iii).

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Ineligible Receivable means any Receivable (or portion thereof) which fails to satisfy all of the requirements of an “Eligible Receivable” set forth in the definition thereof.

Ineligible Receivable means, as of any date of determination, each Receivable that is not an Eligible Receivable on such date.

Examples of Ineligible Receivable in a sentence

• In any of the foregoing instances, the Borrower shall accept the release of each such Ineligible Receivable from the Administrative Agent, and the Principal Balance of all Receivables shall be reduced by the Principal Balance (as of the end of the most recent Collection Period) of each such Ineligible Receivable and, if applicable, increased by the Principal Balance of each such Substitute Receivable.

• The Administrative Agent shall, at the sole expense of the Servicer, execute such documents and instruments of release as may be prepared by the Servicer on behalf of the Borrower and take other such actions as shall reasonably be requested by the Borrower to effect the release of such Ineligible Receivable pursuant to this Section 5.4.

• In consideration of a release not involving any substitution, the Borrower shall, on the date of release of such Ineligible Receivable, make a deposit of the Release Price to the Collection Account in immediately available funds.

• On and after the date of release, the Ineligible Receivable so released shall not be included in the Collateral and, as applicable, the Substitute Receivable shall be included in the Collateral.

More Definitions of Ineligible Receivable

Ineligible Receivable is any accounts receivable:

Ineligible Receivable means any Receivable other than an Eligible Receivable.

Ineligible Receivable is defined in Section 6.1(c).

Ineligible Receivable means any Receivable which is not an Eligible Receivable.

Ineligible Receivable shall, (i) as used in the Origination Agreements, have the meaning specified in each Origination Agreement, and (ii) as used in all other Transaction Documents, have the meaning specified in Section 29 of the U.S. Receivables Loan Agreement.

Ineligible Receivable means a Receivable on the books and records of an Originator in one of the following financial classes from the list of all financial classes categorized by the Originators set forth on the schedule of financial classes provided to the Administrative Agent on the Closing Date: (i) Early-Out Blue Cross, (ii) Early-Out HMO/PPO, (iii) Early-Out Other Insurance, (iv) Champus, (v) Workers Comp., (vi) Other Governmental, (vii) Schip Standards, (viii) Schip Nonstandard, (ix) Industrial, (x) Auto Insurance Liability, or (xi) Other Non-Government.

Ineligible Receivable shall have the meaning specified in Section 2.07(b).