Ineligible Receivables definition

Ineligible Receivables shall have the meaning specified in subsection 2.05(a).

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Ineligible Receivables means Receivables that are not Eligible Receivables (as such term is defined in the First Tier Agreement).

Ineligible Receivables has the meaning assigned to that term in Section 2.4(a).

Examples of Ineligible Receivables in a sentence

• The Servicer shall deduct the portion of such Ineligible Receivables reassigned to each Transferor which are Principal Receivables from the aggregate amount of the Principal Receivables used to calculate the Transferor Amount.

• The payment of such deposit amount in immediately available funds shall otherwise be considered payment in full of all of the Ineligible Receivables.

• The amounts so deposited are to be treated for all purposes hereof as Collections on such Ineligible Receivables.

• The obligation of the Company to pay such Adjustment Payment amount specified in this Section 29(b), as the case may be, with respect to any Ineligible Receivables shall constitute the sole remedy respecting the event giving rise to such obligation available to the Secured Parties unless such obligation is not satisfied in full in accordance with the terms of this Agreement.

• The obligation of the Sellers to accept reassignment of any Ineligible Receivables, and to make the deposits, if any, required to be made to the Collection Account as provided in this Section, shall constitute the sole remedy respecting the event giving rise to such obligation available to Certificateholders (or the Trustee on behalf of the Certificateholders) or any Series Enhancer, except as provided in Section 7.04.

More Definitions of Ineligible Receivables

Ineligible Receivables is defined in Section 2.04(d) of the Transfer and Servicing Agreement.

Ineligible Receivables has the meaning set forth in the Transfer and Servicing Agreement.

Ineligible Receivables means all Qualified Receivables described in at least one of the following clauses:

Ineligible Receivables shall be determined by the Collateral Agent in its Permitted Discretion upon the completion of collateral review field work to be performed subsequent to the termination of the Effective Date Receivables Financing and shall include such ineligibles based on traditional asset based lending concepts, and any other ineligibles as may be deemed appropriate by the Collateral Agent in its Permitted Discretion.

Ineligible Receivables means Receivables which are (i) evidenced by a promissory note or similar instrument; (ii) owed or payable by an Account Debtor pursuant to a Commercial Contract, if such Account Debtor is more than ninety (90) days past due from the date of original invoice in the payment of fifty percent (50%) or more of the aggregate balance due from such Account Debtor to the Borrower or any Guarantor, as applicable; (iii) owed or payable by an Account Debtor pursuant to a Government Contract, if such Account Debtor is more than one hundred twenty (120) days past due from the date of original invoice in the payment of fifty percent (50%) or more of the aggregate balance due under such Government Contract; (iv) owing from any person that is the subject of any (a) suit, lien, levy or judgment which could reasonably be expected to affect the collectibility of said account(s), or (b) bankruptcy, insolvency or a similar process or proceeding; (v) owing from foreign Account Debtors; (vi) unbilled as a result of rate variances or retainage provisions; (vii) bonded Receivables; (viii) final invoices more than ninety (90) days past due; (ix) not subject to a valid and enforceable first-priority, perfected security interest in favor of the Administrative Agent; (x) subject to any other lien or other encumbrance; (xi) consigned or otherwise assigned to any other Person for collection or otherwise; (xii) arising under a Government Contract that expressly prohibits assignment of claims under the Assignment of Claims Act of 1940, as amended.

Ineligible Receivables means the Trust Receivables that do not satisfy the eligibility criteria provided for in Clause 6.1, including the Existing Trust Receivables that cease to satisfy such eligibility criteria after the execution date of this Agreement and the Prospective Trust Receivables that cease to satisfy such eligibility criteria after the date on which such Prospective Trust Receivables arise.

Ineligible Receivables means the Ineligible Receivables designated hereby.