Receivables SPC definition

Receivables SPC means a special purpose, bankruptcy-remote Person formed for the sole and exclusive purpose of engaging in activities in connection with the purchase, sale and financing of accounts receivable, payment intangibles, accounts or notes receivable and related rights in connection with and pursuant to a Permitted Securitization.
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Receivables SPC means a special purpose, bankruptcy-remote Person formed for the sole and exclusive purpose of engaging in activities in connection with the purchase, sale and
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Receivables SPC means CNC Finance LLC, a North Carolina limited liability company, which is a special purpose Wholly-Owned Subsidiary of the Company, directly owned by the Intangibles Subsidiary and CNC Member Inc, which was created for the sole purpose of acquiring accounts receivable from the Intangibles Subsidiary and selling such accounts receivable or interest therein to one or more third parties pursuant to a Permitted Receivables Transaction and which shall engage in no other business or activities except as reasonable related thereto, it being understood that the Receivables SPC shall not be required to be a party to any Guaranty or Security Document as otherwise provided in this Agreement."
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Examples of Receivables SPC in a sentence

  • On or after the Second Effective Date, the Collateral Agent is authorized to release the Receivables Assets transferred to the New Receivables SPC in connection with the New Receivables Documents, and in connection therewith the Collateral Agent shall execute and file UCC releases and take such other actions as are necessary to effect the release of such Liens in the Receivables Assets.

  • Notwithstanding anything to the contrary contained in the Credit Agreement or the Security Agreements, the Banks hereby consent to the release of the receivables sold to Receivables SPC at any time pursuant to the Proposed Receivables Transaction from any and all security interests created by the Security Agreements, and, on and after the First Amendment Effective Date, such receivables are hereby released.