Offset Payables definition
Offset Payables means sum for each Eligible Receivable of the portion of the Unpaid Balance of such Eligible Receivable that is subject to offsets and holdbacks; provided, that for such purpose, “Offset Payables” shall be calculated without duplication of clause (g)(ii) of the definition of “Eligible Receivable”.
Offset Payables means an amount equal to 2% of the Unpaid Balance of all Receivables as of such date of determination; provided that in connection with their receipt of each annual audit received pursuant to Section 6.1(a)(i)(B), the Managing Agents in their reasonable credit judgment and after evaluation of the results of such audit may increase such percentage to an amount not to exceed 8.0% so long as (x) such increase is approved by the Majority Investors and (y) the Agent has provided the SPV and the Master Servicer with at least ten (10) Business Days’ advance notice of such increase.
Offset Payables means an amount equal to 2% of the Unpaid Balance of all Receivables as of such date of determination; provided that in connection with their receipt of each annual audit received pursuant to Section 6.1(a)(i)(B), the Managing Agents in their reasonable credit judgment and after evaluation of the results of such audit may increaseadjust such percentage to an amount not to exceed 8.0% so long as (x) such increase is approved by the Majority Investors and (y) the Agent has provided the SPV and the Master Servicer with at least ten (10) Business Days’ advance notice of such increase.
More Definitions of Offset Payables
Offset Payables means an amount equal to 6.5% of the Unpaid Balance of all Receivables as of such date of determination.
Offset Payables means the aggregate amount of offsets and holdbacks to which the Eligible Receivables are subject; provided , that for such purpose, “Eligible Receivables” shall be determined without giving effect to clause (g)(ii) of the definition thereof.
Offset Payables means an amount equal to 8.0% of the Unpaid Balance of all Receivables as of such date of determination; provided that (i) such percentage shall be reduced to 6.5% upon receipt by each Managing Agent of a report covering certain agreed-upon procedures in accordance with Schedule 6.1(a), which report shall be satisfactory to the Managing Agents in their sole discretion and (ii) in connection with their receipt of each annual audit received pursuant to Section 6.1(a)(i)(B), the Managing Agents in their reasonable credit judgment and after evaluation of the results of such audit may increase such percentage to an amount not to exceed 8.0% so long as (x) such increase is approved by the Majority Investors and (y) the Agent has provided the SPV and the Master Servicer with at least ten (10) Business Days’ advance notice of such increase.