Portfolio Proposal definition
Portfolio Proposal means a written proposal presented by Borrowers or any other Credit Party with respect to a Portfolio that such party intends to submit to a Seller for the purchase of such Portfolio, which shall set forth in sufficient detail the (i) Portfolio Bid and the terms of payment thereof, (ii) nature of the Consumer Loans comprising the Portfolio, (iii) a computer disc or written report containing a detailed description of the Consumer Loans, and (iv) name of the Seller.
Portfolio Proposal means a written proposal presented by Borrower or any other Guarantor with respect to a Portfolio that such party intends to submit to a Seller for the purchase of such Portfolio, which shall set forth in sufficient detail the (a) Portfolio Bid and the terms of payment thereof, (b) nature of the Consumer Loans comprising the Portfolio, (c) a computer disc or written report containing a detailed description of the Consumer Loans, (d) name of the Seller, and (e) Portfolio Acquisition Documents, all of which shall be in form, scope and substance acceptable to Lender. 1.61. "Prime Rate" shall have the meaning given such term in the Grid Note. 1.62. "Rejected Portfolio" means the Consumer Loans and all rights and interests related thereto that are in a Portfolio Proposal that is rejected by Lender. 1.63. "Reports" mean the Aging Reports and the Collection Reports, including the computer discs containing all of the information contained therein. 1.64. "Seller" means the party which has agreed to sell Portfolio Loans to a Debtor. 1.65. "Security Agreements" means the security agreement executed by Borrower, each Guarantor and each Affiliate Guaranty, granting Lender a security interest in the Collateral owned by each party executing same, as each is amended from time to time. 1.66. "Small Portfolio" is defined in Section 2.2(d). 1.67. "Subordinated Debt" means any indebtedness which is subordinated in right of payment to the Obligations, pursuant to the terms of an agreement in form and scope and on terms acceptable to the Lender, in its sole discretion. 1.68. "Support Obligation" shall have the meaning given such term in the UCC.
Examples of Portfolio Proposal in a sentence
Upon Lender's request, in the event the Portfolio Bid is in excess of $3,000,000, Borrower shall deliver to Lender all information and documents as Lender shall request with respect to the Portfolio and the Portfolio Proposal and shall cause the Seller to cooperate with Lender's examination of Seller's books and records, in order to enable Lender to determine if it shall consider making an Advance.
In connection with such purchases, Borrowers shall deliver to Administrative Agent and Requisite Lenders, if applicable, the Portfolio Proposal relating to such purchases.