PowerCheck® definition
PowerCheck® means a draft originated by the Originator to an Obligor for the purchase (including purchases from a Dealer or Eligible Non-Franchise Dealer, person-to-person transactions, and lease buy-out transactions) or refinancing of a vehicle, substantially in the form of Schedule E to the Existing Loan Agreement. The definition of "Subprime Contract" in Section 1.87 of the Existing Loan Agreement shall be amended and restated in its entirety as follows:
PowerCheck® means the PowerCheck® form attached as Exhibit C hereto.
PowerCheck® means a draft originated by the Originator to an Obligor for the purchase or refinancing of a vehicle, substantially in the form of Exhibit E hereto.
More Definitions of PowerCheck®
PowerCheck® is hereby added as Section 1.72.1 of the Existing Loan Agreement as follows:
PowerCheck® means the Seller’s proprietary form of draft originated by the Seller to an Obligor for the purchase (including purchases from a vehicle dealer or in person-to-person transactions, and lease buy-out transactions) or refinancing of a vehicle or a “substitute check” equivalent thereof within the meaning of the Check Clearing for the 21st Century Act, 12 U.S.C. 5001, Pub. L. ▇▇. ▇▇▇-▇▇▇, ▇▇▇ ▇▇▇▇. ▇▇▇▇ ▇▇▇. 28, 2003), either of which shall be deemed to be an “original Power Check®” as that term is used in this Agreement.