Permitted Receivables Securitization definition

Permitted Receivables Securitization means a limited recourse or non-recourse sale, assignment or contribution of accounts receivable and related records, collateral and rights of the Borrower and/or one or more of its Subsidiaries to one or more special purpose entities, in connection with the issuance of obligations by any such special purpose entity secured by such assets, the proceeds of the issuance of which obligations shall be made available, directly or indirectly, to the Borrower and/or the applicable Subsidiaries.

Permitted Receivables Securitization means the incurrence of Debt in respect of any receivables securitization of the Borrower or any Subsidiary.

Permitted Receivables Securitization means transactions (other than pursuant to a Permitted Governmental Receivables Program or Permitted Receivables Factoring) pursuant to which the Parent or one or more of the Subsidiaries (or a combination thereof) realizes cash proceeds in respect of Receivables and Related Security by selling or otherwise transferring such Receivables and Related Security (on a non-recourse basis with respect to the Parent and the Subsidiaries, other than Standard Securitization Undertakings) to one or more Receivables Subsidiaries, and such Receivables Subsidiary or Receivables Subsidiaries realize cash proceeds in respect of such Receivables and Related Security; provided that the Parent or the Borrower shall deliver to the Administrative Agent copies of all documentation entered into in connection with any such transaction.

Examples of Permitted Receivables Securitization in a sentence

• The Borrower will not, nor will it permit any Material Subsidiary to, become a party to any agreement prohibiting or restricting the ability of such Material Subsidiary to declare or pay dividends to the Borrower, except as disclosed in Schedule 5.13, other than prohibitions or restrictions in connection with a Permitted Receivables Securitization.

• The Borrower will not, nor will it permit any Material Subsidiary to, become a party to any agreement prohibiting or restricting the ability of such Material Subsidiary to declare or pay dividends to the Borrower, except as disclosed in Schedule 5.12, other than prohibitions or restrictions in connection with a Permitted Receivables Securitization.

• Each Granting Party further agrees, at the Administrative Agent's request (subject to the terms of any documentation governing any Permitted Receivables Securitization), to assemble the Security Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at such Granting Party's premises or elsewhere.

• Liens on accounts receivable and related assets subject to the Permitted Receivables Securitization Program.

• The Borrower will not, nor will it permit any Material Subsidiary to be a party to any agreement prohibiting or restricting the ability of such Material Subsidiary to declare or pay dividends to the Borrower, except as disclosed in Schedule 5.12, other than prohibitions or restrictions in connection with a Permitted Receivables Securitization.

More Definitions of Permitted Receivables Securitization

Permitted Receivables Securitization any Receivables Securitization Transaction, provided that the aggregate amount of the financing represented by such transactions at any one time outstanding does not exceed $200,000,000.

Permitted Receivables Securitization any transaction involving one or more sales, contributions or other conveyances by the Company or any Subsidiary of any Receivables to a special purpose entity (which may be a Subsidiary or Affiliate of the Company), which special purpose entity finances such sales, contributions or other conveyances by in turn conveying an interest in such Receivables to one or more Receivable Financiers, provided that such transaction shall not involve any recourse to the Company or any Subsidiary (other than such special purpose entity) for any reason other than (i) repurchases of non-eligible Receivables, (ii) indemnification for losses (including any adjustments for dilutions), other than credit losses related to the Receivables conveyed in such transaction and (iii) payment of costs, fees, expenses and indemnities relating to such transaction.

Permitted Receivables Securitization means any receivables purchase ------------------------------------ agreement entered into by the Company (as such agreement may be amended, modified, or refinanced).

Permitted Receivables Securitization shall have the meaning assigned to such term in Section 6.04(b)(iii).

Permitted Receivables Securitization means a financing program providing for the sale or transfer of accounts receivable (and related assets) by the Company and its Subsidiaries, in transactions purporting to be sales (and treated as sales for GAAP purposes), to one or more limited purpose financing companies, special purpose entities and/or other financial institutions, in each case, on a limited recourse basis as to the Company and its Subsidiaries (not inconsistent with treatment as a sale for GAAP purposes).

Permitted Receivables Securitization means sales of Receivables pursuant to a Receivables Securitization; provided that the aggregate Receivables Securitization Amount outstanding at any time in respect of all Receivables Securitizations does not exceed $100,000,000.

Permitted Receivables Securitization means limited recourse or non-recourse sales and assignments of accounts receivable of a Person to one or more entities, the proceeds of which shall be made available to such Person; provided, however, that the maximum face amount of accounts receivable which may be sold is $100,000,000 and the minimum price which shall be paid for receivables is 70% of the face amount thereof; provided, further that notwithstanding the immediately preceding proviso the maximum face amount of accounts receivable which may be sold and the minimum price which shall be paid for receivables shall be increased or decreased to such amount and percentage as is permissible under the Bank Credit Agreement.