Receivables Transfer Program definition

Receivables Transfer Program a program under which the Parent Borrower or any of its Subsidiaries sell, transfer, encumber or otherwise dispose of accounts receivable or related ancillary rights or assets, or interests therein, without recourse (except for customary representations and customary non-credit dilution provisions) other than with respect to the Parent Borrower’s or such Subsidiary’s retained interest in such accounts receivable or related ancillary rights or assets, such program to have substantially the terms and conditions provided to the Administrative Agent prior to the Closing Date, as such terms and conditions may be amended, supplemented or otherwise modified from time to time.

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Receivables Transfer Program means (i) the structured receivables program conducted pursuant to that certain Second Amended and Restated Bank Receivables Purchase Agreement dated as of January 22, 2002, between DMCCB and the Borrower, that certain Second Amended and Restated Purchase Agreement dated as of January 22, 2002, between the Borrower and MRI, and the Master Trust Agreement, each as amended and supplemented from time to time or replaced by a similar agreement and related agreements; and (ii) any other program under which the Borrower and/or any of its Subsidiaries sell or transfer or may sell or transfer interests in its Accounts (x) to one or more purchasers on a limited recourse basis as determined in accordance with GAAP or (y) to a Receivables Transfer Subsidiary that incurs Indebtedness secured by such Accounts, but excluding any sales of Accounts made in conjunction with any sale of other assets of the Borrower or any of the Subsidiaries. Interests in any Account sold or transferred by the Borrower and/or any of its Subsidiaries under clause (i) above will for all purposes be deemed sold or transferred pursuant to a Receivables Transfer Program as of the date the Account arising under the applicable credit card account is initially transferred to the relevant Receivables Transfer Subsidiary.

Receivables Transfer Program any program under which the Company or any of its Subsidiaries sell, transfer, encumber or otherwise dispose of without recourse accounts receivable and related ancillary rights.

Examples of Receivables Transfer Program in a sentence

• Sell all Accounts comprising receivables owing by any obligor pursuant to any credit card Account under a credit card agreement held by a Credit Card Bank (to the extent not funded by deposits or capital of such Credit Card Bank) to the Borrower, any Subsidiary Guarantor or to another Depositary Institution (for the purpose of investing its deposits) or directly or indirectly through a Receivables Transfer Subsidiary, into any Receivables Transfer Program.

• In the case of the Borrower, sell, transfer or otherwise dispose of any Accounts owned by it to any Person except (i) to a Receivables Transfer Subsidiary whose Capital Stock has been pledged pursuant to the Pledge Agreement, (ii) directly into a Receivables Transfer Program, (iii) to a Subsidiary Guarantor or (iv) as permitted by Section 6.08.

• In the case of the Borrower, sell, transfer or otherwise dispose of any Accounts owned by it to any Person except (i) to a Receivables Transfer Subsidiary whose Capital Stock has been pledged pursuant to a Pledge Agreement, (ii) directly into a Receivables Transfer Program, (iii) to a Subsidiary Guarantor, or (iv) as permitted by Section 6.08(d), (e) and (f).

• Create, incur, assume or permit to exist any Lien on any property or assets, including stock or other securities of any Person now owned or hereafter acquired or assign or convey any rights to or security interests in any future revenue (in each case, other than property or assets sold or transferred pursuant to the Receivables Transfer Program).

• Sell all Accounts comprising receivables owing by any obligor pursuant to any credit card Account under a credit card agreement held by a Credit Card Bank (to the extent not funded by deposits or capital of such Credit Card Bank) to the Borrower or to another Depositary Institution (for the purpose of investing its deposits) or directly or indirectly through a Receivables Transfer Subsidiary, into any Receivables Transfer Program.

• Sell all Accounts comprising receivables owing by any obligor pursuant to any credit card Account under a credit card agreement held by a Credit Card Bank (to the extent not funded by deposits or capital of such Credit Card Bank) to the Borrower, any Subsidiary Guarantor or to another Depositary Institution (for the purpose of investing its deposits) or directly or indirectly through a Receivables Transfer Subsidiary, into or related to any Receivables Transfer Program.

• In the case of the Borrower, sell, transfer or otherwise dispose of any Accounts owned by it to any Person except (a) to a Receivables Transfer Subsidiary whose Capital Stock has been pledged pursuant to a Pledge Agreement, (b) directly into a Receivables Transfer Program, (c) to a Subsidiary Guarantor or (d) as permitted by Section 6.08(d), (e) and (f).

• Cause each Credit Card Bank to sell all of such Credit Card Bank's Accounts to the Borrower or directly, or indirectly through a Receivables Transfer Subsidiary, into any Receivables Transfer Program (except in connection with sales of credit cardholder accounts permitted by Section 6.03).

More Definitions of Receivables Transfer Program

Receivables Transfer Program means (i) the structured receivables program conducted pursuant to that certain Purchase Agreement dated as of June 29, 1994, between Fingerhut Corporation and FRI and that certain Pooling and Servicing Agreement dated as of June 29, 1994, among FRI, Fingerhut Corporation and Bank of New York (Delaware), each as amended and supplemented from time to time or replaced by a similar agreement and related agreements; (ii) the owner trust commercial paper program conducted pursuant to an owner trust agreement between FRI, as depositor, and Wilmington Trust Company, as owner trustee, a liquidity agreement among the Fingerhut Owner Trust, The Chase Manhattan Bank, as agent, and the lenders party thereto, and related agreements under which the Owner Trust would issue commercial paper and (iii) any other program under which the Borrower and/or any of its Subsidiaries sell interests in its Accounts to one or more purchasers on a limited recourse basis as determined in accordance with GAAP, but excluding any sales of Accounts made in conjunction with any sale of other assets of the Borrower or any of the Subsidiaries. Interests in Accounts sold by the Borrower and/or any of its Subsidiaries under clause (i) above will for all purposes be deemed sold pursuant to a Receivables Transfer Program as of the date the Accounts are initially transferred to FRI.

Receivables Transfer Program means (i) the structured receivables program conducted pursuant to that certain Bank Receivables Purchase Agreement dated as of May 26, 1995, between Direct Merchants Credit Card Bank, National Association, and the Borrower (as assignee of the Parent), that certain Purchase Agreement dated as of May 26, 1995, between the Borrower (as assignee of the Parent) and MRI and that certain Pooling and Servicing Agreement dated as of May 26, 1995, among MRI, Direct Merchants Credit Card Bank, National Association, and Bank of New York (Delaware), each as amended and supplemented from time to time or replaced by a similar agreement and related agreements; (ii) the owner trust commercial paper program conducted pursuant to an owner trust agreement between FRI, as depositor, and Wilmington Trust Company, as owner trustee, a liquidity agreement among the Fingerhut Owner Trust, The Chase Manhattan Bank, as agent, and the lenders party thereto, and related agreements under which the Owner Trust would issue commercial paper and (iii) any other program under which the Borrower and/or any of its Subsidiaries sell interests in its Accounts to one or more purchasers on a limited recourse basis as determined in accordance with GAAP, but excluding any sales of Accounts made in conjunction with any sale of other assets of the Borrower or any of the Subsidiaries. Interests in Accounts sold by the Borrower and/or any of its Subsidiaries under clause (i) above will for all purposes be deemed sold pursuant to a Receivables Transfer Program as of the date the Accounts are initially transferred to the relevant Receivables Transfer Subsidiary.

Receivables Transfer Program means (i) the structured receivables program conducted pursuant to that certain Amended and Restated Pooling and Servicing Agreement dated as of March 18, 1998, among Fingerhut Receivables, Inc., Fingerhut National Bank and The Bank of New York (Delaware), as amended and supplemented from time to time or replaced by a similar agreement and related agreements; and (ii) any other program under which the Borrower and/or any of its Subsidiaries sell or otherwise finance interests in its Accounts to one or more purchasers or lenders on a limited recourse basis as determined in accordance with GAAP, but excluding any sales of Accounts made in conjunction with any sale of other assets of the Borrower or any of the Subsidiaries. Interests in Accounts sold by the Borrower and/or any of its Subsidiaries under clause (i) above will for all purposes be deemed sold pursuant to a Receivables Transfer Program as of the date the Accounts are initially transferred to a Receivables Subsidiary.

Receivables Transfer Program means (i) the structured receivables program conducted pursuant to that certain Bank Receivables Purchase Agreement dated as of May 26, 1995, between DMCCB and Fingerhut (whose rights and obligations were assigned to and assumed by the Borrower pursuant to an Assignment and Assumption Agreement dated as of September 16, 1996 (the "Assignment Agreement") between Fingerhut and the Borrower), that certain Purchase Agreement dated as of May 26, 1995, between Fingerhut (whose rights and obligations thereunder were assigned to and assumed by the Borrower under the Assignment Agreement) and MRI and the Master Trust Agreement, each as amended and supplemented from time to time or replaced by a similar agreement and related agreements; and (ii) any other program under which the Borrower and/or any of its Subsidiaries sell or may sell interests in its Accounts to one or more purchasers on a limited recourse basis as determined in accordance with GAAP, but excluding any sales of Accounts made in conjunction with any sale of other assets of the Borrower or any of the Subsidiaries. Interests in Accounts sold by the Borrower and/or any of its Subsidiaries under clause (i) above will for all purposes be deemed sold pursuant to a Receivables Transfer Program as of the date the Accounts are initially transferred to the relevant Receivables Transfer Subsidiary.

Receivables Transfer Program means (i) the structured receivables program conducted pursuant to that certain Bank Receivables Purchase Agreement dated as of May 26, 1995, between DMCCB's predecessor and Fingerhut Companies, Inc. ("Fingerhut") (whose rights and obligations were assigned to and assumed by the Borrower pursuant to an Assignment and Assumption Agreement dated as of September 16, 1996 (the "Assignment Agreement") between Fingerhut and the Borrower), as amended and restated pursuant to the Bank Receivables Purchase Agreement dated as of July 30, 1998, between DMCCB and the Borrower, that certain Purchase Agreement dated as of May 26, 1995, between Fingerhut (whose rights and obligations thereunder were assigned to and assumed by the Borrower under the Assignment Agreement) and MRI, as amended and restated pursuant to the Receivables Purchase Agreement dated as of July 30, 1998, between DMCCB and the Borrower, and the Master Trust Agreement, each as amended and supplemented from time to time or replaced by a similar agreement and related agreements; and (ii) any other program under which the Borrower and/or any of its Subsidiaries sell or transfer or may sell or transfer interests in its Accounts (x) to one or more purchasers on a limited recourse basis as determined in accordance with GAAP or (y) to a Receivables Transfer Subsidiary that incurs Indebtedness secured by such Accounts, but excluding any sales of Accounts made in conjunction with any sale of other assets of the Borrower or any of the Subsidiaries. Interests in any Account sold or transferred by the Borrower and/or any of its Subsidiaries under clause (i) above will for all purposes be deemed sold or transferred pursuant to a Receivables Transfer Program as of the date the Account arising under the applicable credit card account is initially transferred to the relevant Receivables Transfer Subsidiary.