PURCHASED CONTRACT definition

PURCHASED CONTRACT means a Contract that (i) has been purchased by the Servicer or the Seller because of certain material defects in documents related to such Contract or certain breaches of representations and warranties regarding such Contract made by the Seller in this Agreement that materially and adversely affect the interests of the Noteholders or the Insurer, (ii) has been purchased by the Servicer because of certain breaches of servicing covenants or (iii) has been purchased by the Servicer in the event of an optional purchase of all of the Contracts pursuant to Section 8.01

PURCHASED CONTRACT means an Automobile Contract purchased as of the close of business on the last day of a Collection Period by the Servicer.

PURCHASED CONTRACT means, as of any Deposit Date, any Contract which TCC has purchased as of the related Accounting Date, as required by Section 2.6 of the Transfer and Servicing Agreement, and as to which, on or before such Deposit Date, (i) that portion of the Purchase Amount relating to the Required Payoff Amount for such Contract has been deposited in the Collection Account, and (ii) that portion, if any, of the Purchase Amount relating to the Book Value of the related Leased Equipment has been distributed to the Depositor.

Examples of PURCHASED CONTRACT in a sentence

• At such time as provided in the Sale Procedures Order and the MPA, in accordance with sections 363 and 365 of the Bankruptcy Code, the Purchaser shall be fully and irrevocably vested in all right, title, and interest of each Purchased Contract.

• The Modified Assumption and Assignment Procedures are fair, appropriate, and effective and, upon the payment by the Purchaser of all Cure Amounts (as hereinafter defined) and approval of the assumption and assignment for a particular Purchased Contract thereunder, the Debtors shall be forever released from any and all liability under the Purchased Contracts.

• To the extent payment is received following the Closing by the Buyer under a Purchased Contract in respect of any pre-closing period, such payment or portion thereof which relates to the pre-closing period shall be promptly paid by the Buyer to the Company.

• To the extent any payment is made following the Closing by the Buyer under a Purchased Contract in respect of any pre-closing period, such payment or portion thereof which relates to the pre-closing period shall be promptly reimbursed by the Company to the Buyer.

• To the extent payment is received following the Closing by the Company under a Purchased Contract in respect of any Post-Closing Period, such payment or portion thereof which relates to the Post-Closing Period shall be promptly paid by the Company to the Buyer.

More Definitions of PURCHASED CONTRACT

PURCHASED CONTRACT means any Contract purchased by Carfinco from Dealer hereunder;

PURCHASED CONTRACT. A Contract as to which payment of the Purchase Amount has been made by the Depositor pursuant to Section 2.3 hereof or by the Servicer pursuant to Section 2.02 or 2.28 of the Servicing Agreement.

PURCHASED CONTRACT is defined in Section 1.1(f) hereof.

PURCHASED CONTRACT means a Contract, the Customer of which meets all of the credit and income requirements of MFS at the time it is purchased and which MFS elects, in its sole discretion, to purchase pursuant to the terms hereof.

PURCHASED CONTRACT means a Contract purchased as of the close of ------------------ business on the last day of a Collection Period by the Servicer pursuant to Section 3.18 of the Servicing Agreement and/or Section 6.1 of the Purchase ------------ ----------- Agreement.

PURCHASED CONTRACT means a Contract, the Customer of which meets all of the credit and income requirements of MFS at the time it is purchased and which MFS elects, in its sole discretion, to purchase pursuant to the terms hereof, and does in fact purchase from SELLER. The term Purchased Contract shall not describe Contracts which have been re-assigned or repurchased from MFS by SELLER.

PURCHASED CONTRACT means any Contract purchased by Dealer Funding, LLC from Dealer under the terms of this Agreement.