Permitted Receivables Securitization Program definition
Permitted Receivables Securitization Program means a receivables securitization program pursuant to which the Company or any Subsidiary sells or grants a security interest in its accounts receivable or an undivided interest therein, provided that the recourse of the purchaser or lender thereunder, as the case may be, for losses resulting from an obligor’s failure to pay a receivable due to credit problems is limited to such accounts receivable or an interest therein, and the collections thereof (it being understood that recourse to the Company and its Subsidiaries pursuant to provisions that are customary in an off-balance sheet accounts receivable transactions shall be permitted).
Permitted Receivables Securitization Program means a receivables securitization program pursuant to which the Company or any of its Subsidiaries sells or grants a security interest in its accounts receivable or an undivided interest therein, provided that (i) the aggregate principal or invested amount outstanding at any time thereunder shall not exceed $125,000,000 and (ii) the recourse of the purchaser or lender thereunder, as the case may be, for losses resulting from an obligor’s failure to pay a receivable due to credit problems is limited to such accounts receivable or an interest therein, and the collections thereof (it being understood and agreed that recourse to the Company and its Subsidiaries pursuant to Standard Securitization Undertakings shall be permitted).
Permitted Receivables Securitization Program means one or more transactions wherein the Company and/or a Subsidiary transfers under a true sale transaction receivables of the Company and/or such Subsidiary to a Special Purpose Subsidiary which issues or incurs Indebtedness secured solely by such receivables, provided however, that (i) such Indebtedness is recourse only to such receivables, (ii) the aggregate principal amount of all Indebtedness outstanding of all Special Purpose Subsidiaries pursuant to such transactions shall not at any time exceed $100,000,000 and (iii) at the time of any such transaction and immediately after giving effect thereto, no Default or Event of Default would exist and the Company could incur at least $1.00 of additional Debt pursuant to Sections 10.3 and 10.
Examples of Permitted Receivables Securitization Program in a sentence
At any time when the Intercreditor Agreement shall have been replaced by another intercreditor agreement entered into in connection with a Permitted Receivables Securitization Program that replaces the Existing Receivables Securitization Program, the Agents shall comply with such agreement.
More Definitions of Permitted Receivables Securitization Program
Permitted Receivables Securitization Program means a transaction or series of transactions (including amendments, supplements, extensions, renewals, replacements, refinancings or modifications thereof) pursuant to which a Securitization Subsidiary purchases Receivables and Related Assets from the Company or any Restricted Subsidiary and finances such Receivables and Related Assets through the issuance of Indebtedness or equity interests or through the sale of the Receivables and Related Assets or a fractional undivided interest in the Receivables and Related Assets; PROVIDED that (i) the Board of Directors shall have determined in good faith that such Permitted Receivables Securitization Program is economically fair and reasonable to the Company and the Securitization Subsidiary, (ii) all sales of Receivables and Related Assets to or by the Securitization Subsidiary are made at Fair Market Value, (iii) the financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith by the Board of Directors), (iv) no portion of the Indebtedness of a Securitization Subsidiary is Guaranteed by or is recourse to the Company or any Restricted Subsidiary (other than recourse for customary representations, warranties, covenants and indemnities, none of which shall relate to the collectability of the Receivables and Related Assets) and (v) neither the Company nor any Subsidiary has any obligation to maintain or preserve the Securitization Subsidiary's financial condition.
Permitted Receivables Securitization Program means a transaction or series of transactions in which the Company or any Subsidiary sells receivables directly or indirectly to a Securitization Subsidiary, satisfying the following criteria: (i) such sale is pursuant to an
Permitted Receivables Securitization Program means one or more transactions wherein the Company and/or a Subsidiary sells or otherwise transfers receivables, related assets and rights to collections of the Company and/or such Subsidiary to a Special Purpose Subsidiary which issues or incurs Debt (which Debt may be secured by all or substantially all of the assets of such Special Purpose Subsidiary); provided, however, that (i) as part of such sale or transfer, the Company and/or such Subsidiary shall not have any obligation with respect to any payments in respect of such Debt or any other amounts owing with respect to such transferred assets to the extent that such obligations constitute credit recourse with respect to such transferred assets, such Debt to be recourse only to such receivables and such Special Purpose Subsidiary, (ii) the aggregate principal amount of all indebtedness outstanding of all Special Purpose Subsidiaries pursuant to such transactions shall not at any time exceed $150,000,000 and (iii) at the time of any such transaction and immediately after giving effect thereto, no Default or Event of Default would exist and the Company could incur at least $1.00 of additional Debt pursuant to Section 11.4 and 11.5.
Permitted Receivables Securitization Program appearing in Section 10 of the Credit Agreement is hereby amended by deleting the text “$125,000,000” appearing in said definition and inserting the text “the greater of (x) $125,000,000 and (y) 15% of Consolidated Tangible Assets of the Company and its Subsidiaries at such time,” in lieu thereof.
Permitted Receivables Securitization Program means (i) the Existing Receivables Securitization Program, (ii) any Receivables Securitization Program approved in writing by Requisite Lenders, or (iii) any Receivables Securitization Program (a) having terms and conditions no less favorable to any Loan Party, any Agent, or any Lender (as determined by each of the Administrative Agent and the Collateral Agent, each in the exercise of its reasonable credit judgment) than the terms and conditions of the Existing Receivables Securitization Program and (b) with respect to which an intercreditor agreement having terms and conditions no less favorable to any Agent or any Lender (as determined by each of the Administrative Agent and the Collateral Agent, each in the exercise of its reasonable credit judgment) than the terms of the Intercreditor Agreement has been duly executed and delivered.
Permitted Receivables Securitization Program means a receivables securitization program pursuant to which the Borrower or any of its Subsidiaries sells or grants a security interest in its accounts receivable or an undivided interest therein, provided that (i) the aggregate principal or invested amount