Initial Securitization definition
Examples of Initial Securitization in a sentence
Such sale, transfer, assignment and conveyance of the Initial Securitization Property is hereby expressly stated to be a sale or other absolute transfer and, pursuant to Section 10l of the Statute and the Financing Order, shall constitute a true sale of all of the Seller's right, title and interest, in, to and under, and not a borrowing secured by, the Initial Securitization Property.
The Seller agrees and confirms that upon payment of the Initial Purchase Price and the execution and delivery of this Agreement and the related Bill ▇▇ Sale, the Seller shall have no right, title or interest in, to or under the Initial Securitization Property.
Receipt by the Administrative Agent of satisfactory evidence that the Initial Securitization Facility is in full force and effect and that an aggregate amount of at least $250,000,000 of commitments (whether or not utilized on the Initial Funding Date) are provided thereunder.
This Agreement is solely for the benefit of the parties hereto, the holders of the Initial Securitization Bonds and the holders of the Additional Securitization Bonds, and no other person or entity shall have any rights, benefits, priority or interest under or because of the existence of this Agreement.
This Agreement shall terminate upon such time that at least two of the following have occurred: (a) the payment in full of the Initial Securitization Bonds, (b) the payment in full of the Additional Securitization Bonds, and (c) the termination of the Receivables Agreements as to the Company and the release of the Company from all further obligations thereunder, except that the understandings and acknowledgements contained in Sections 1, 2, 3 and 15 shall survive the termination of this Agreement.
This Agreement shall terminate upon such time that one of the following has occurred: (a) the payment in full of the Initial Securitization Bonds or (b) the payment in full of the Additional Securitization Bonds, except that the understandings and acknowledgements contained in Sections 1, 2, 3 and 14 shall survive the termination of this Agreement.
If the Initial Securitization Closing Date does not occur on or before the sixtieth (60th) day after the Closing Date, Borrower shall pay Lender, on the first Remittance Date following such sixtieth (60th) day, the Commitment Fee Post-60 Add-on Amount in accordance with Section 3.12(c).
Each of the Initial Bond Trustee (on behalf of itself and the holders of Initial Securitization Bonds), the Initial Bond Issuer, the Additional Bond Trustee (on behalf of itself and the holders of Additional Securitization Bonds), the Additional Bond Issuer and the Company hereby waives any right that it may now have or hereafter acquire to make any claim against Buyer or the Administrative Agent, in their respective capacities as such, on the basis of any such fiduciary obligation hereunder.
In addition, this Agreement shall terminate and be of no further force and effect: (i) with respect to the Initial Bond Issuer, the Initial Bond Trustee and the Initial Property Servicer, upon the payment in full of the Initial Securitization Bonds, and (ii) with respect to the Additional Bond Issuer, the Additional Bond Trustee and the Additional Property Servicer, upon the payment in full of the Additional Securitization Bonds.
If the Initial Securitization Closing Date does not occur on or before the ninetieth (90th) day after the Closing Date, Borrower shall pay Lender, on the first Remittance Date following such ninetieth (90th) day, the Commitment Fee Post-90 Add-on Amount in accordance with Section 3.12(c).