Permitted Securitization(s) definition

Permitted Securitization(s) means each transfer or encumbrance (each a “disposition”) of (I) specific Dealer Loan Pools (and any interest in and lien on the Installment Contracts, motor vehicles, and other rights and financial assets relating thereto) or specific Purchased Contracts (and any interest in and lien on motor vehicles and other rights and financial assets relating thereto), or (II) the trust certificate issued to evidence the residual interest in Dealer Loan Pools, Installment Contracts or Purchased Contracts and other financial assets transferred or encumbered pursuant to a prior Permitted Securitization, in each case by the Company or one or more of its Subsidiaries to one or more Special Purpose Subsidiaries or, in the case of a Securitization Transaction described in Clause (II) of this definition (a “Bridge Securitization”), from one Special Purpose Subsidiary to another Special Purpose Subsidiary, conducted in accordance with the following requirements:

Permitted Securitization(s) means each transfer or encumbrance (each a "disposition") of specific Advances to Dealers or Leased Vehicles funded under Back End Dealer Agreements (and any interest in and lien on the Installment Contracts, Leases, motor vehicles, and other rights and financial assets relating thereto) or of specific Installment Contracts or Leases (and any interest in and lien on motor vehicles and other rights and financial assets relating thereto) arising under Outright Dealer Agreements or (subject to the terms hereof) of Pools of such financial assets and each transfer or encumbrance (also, a "disposition") of a Specified Interest (and the reallocation of Leased Vehicles, Leases and related financial assets from the Non Specified Interest to such Specified Interest in connection therewith), in each case by the Company or one or more of its Subsidiaries to one or more Special Purpose Subsidiaries conducted in accordance with the following requirements:

Permitted Securitization(s) means sales at no less than fair market value of accounts receivable owed to the Borrower or any Subsidiary.

Examples of Permitted Securitization(s) in a sentence

• Subject to the terms hereof and to the rights of Dealers under applicable Dealer Agreement and to the rights of the applicable creditor in respect of Permitted Securitizations, the Collateral Agent shall possess all right, title and interest in and to all funds deposited from time to time in such account.

• The Borrower will not, and it will not cause or permit any Subsidiary to, sell or discount (other than prompt payment discounts granted in the ordinary course of business) any of its notes or accounts receivable or chattel paper generated from the sale of natural gas, except for (i) past due accounts that may be disposed of as provided in Section 6.03(b)(ii) and (ii) Permitted Securitizations that comply with clause (z) of Section 6.03(b)(ii).

• Borrower will not, and it will not cause or permit any Subsidiary to, sell or discount (other than prompt payment discounts granted in the ordinary course of business) any of its notes or accounts receivable or chattel paper generated from the sale of natural gas, except for (i) past due accounts that may be sold to a collection agent and (ii) Permitted Securitizations that comply with clause (iv) of Section 6.03(b)(ii).

• Borrower will not, and it will not cause or permit any Subsidiary to, sell or discount (other than prompt payment discounts granted in the ordinary course of business) any of its notes or accounts receivable or chattel paper generated from the sale of natural gas, except for (i) past due accounts that may be sold to a collection agent and (ii) Permitted Securitizations that comply with clause (4) of Section 6.03(b)(ii).

• Such Borrower will not, and it will not cause or permit any Subsidiary to, sell or discount (other than prompt payment discounts granted in the ordinary course of business) any of its notes or accounts receivable or chattel paper generated from the sale of natural gas, except for (i) past due accounts that may be disposed of as provided in Section 6.03(b)(ii), and (ii) Permitted Securitizations that comply with clause (3) of Section 6.03(b)(ii).

More Definitions of Permitted Securitization(s)

Permitted Securitization(s) means each transfer or encumbrance (each a "disposition") of specific Advances to Dealers (and any interest in or lien on the Installment Contracts or other rights relating thereto) by the Company or its Subsidiaries to a Special Purpose Subsidiary conducted in accordance with the following requirements:

Permitted Securitization(s) means each transfer or encumbrance (each a "disposition") of specific Dealer Loan Pools (and any interest in and lien on the Installment Contracts, motor vehicles, and other rights and financial assets relating thereto) or of specific Purchased Contracts (and any interest in and lien on motor vehicles and other rights and financial assets relating thereto), in each case by the Company or one or more of its Subsidiaries to one or more Special Purpose Subsidiaries conducted in accordance with the following requirements:

Permitted Securitization(s) means each transfer or encumbrance (each a "disposition") of specific Advances to Dealers or Leased Vehicles funded under Back-End Dealer Agreements (and any interest in or lien on the Installment Contracts, Leases, motor vehicles or other rights relating thereto) or of specific Installment Contracts or Leases (and any interest in or lien on motor vehicles or other rights relating thereto) arising under Outright Dealer Agreements or (subject to the terms hereof) of Pools of such financial assets and each transfer or encumbrance (also, a "disposition") of a Specified Interest (and the reallocation of Leased Vehicles, Leases and related financial assets from the Non-Specified Interest to such Specified Interest in connection therewith), in each case by the Company or one or more of its Subsidiaries to a Special Purpose Subsidiary conducted in accordance with the following requirements:

Permitted Securitization(s) means securitizations of Dealer Accounts effected by transfer of such Dealer Accounts and the receivables, payment intangibles and general intangibles associated therewith to a corporation or other limited liability entity that either is not a Subsidiary or is a Subsidiary the assets of which consist of Dealer Accounts and rights and obligations related thereto (such Subsidiary being a "SECURITIZATION VEHICLE") and the sale by such Securitization Vehicle of Dealer Accounts and the receivables, payment intangibles and general intangibles associated therewith, or interests therein, or the borrowing by such Securitization Vehicle against the value of such Dealer Accounts and the receivables, payment intangibles and general intangibles associated therewith, the payment of principal and interest of which is not Guaranteed by, and which Securitization is not otherwise recourse to, the Parent or any Subsidiary other than a Securitization Vehicle; PROVIDED, HOWEVER, that, for purposes of the foregoing definition, a limited recourse pledge of the Equity Interests held by the Parent or a Subsidiary in a Securitization Vehicle to secure Debt or other obligations of such Securitization Vehicle otherwise permitted hereunder shall not be considered to constitute recourse to the Parent or such Subsidiary; and PROVIDED FURTHER that the obligation of the Parent or a Subsidiary to perform customary servicing activities and monitoring activities in respect of transferred Dealer Accounts and customary representations and warranties as to the nature and existence of the Dealer Accounts (but not as to their performance or collectibility) by the transferor Subsidiary shall not constitute recourse for purposes of this definition.

Permitted Securitization(s) means each transfer or encumbrance (each a "disposition") of specific Advances to Dealers or Leased Vehicles funded under Back-End Dealer Agreements (and any interest in or lien on the Installment Contracts, Leases, motor vehicles or other rights relating thereto) or of specific Installment Contracts or Leases (and any interest in or lien on motor vehicles or other rights relating thereto) arising under Outright Dealer Agreements, in each case by the Company or its Subsidiaries to a Special Purpose Subsidiary conducted in accordance with the following requirements:

Permitted Securitization(s) means each transfer or encumbrance (each a “disposition”) of (I) specific Dealer Loan Pools (and any interest in and lien on the Installment

Permitted Securitization(s) means each transfer or encumbrance (each a "disposition") of specific Advances (and any interest in or lien on the Installment Contracts or other rights relating thereto) by the Company or one or more Restricted Subsidiaries to a Special Purpose Subsidiary conducted in accordance with the following requirements: