Recharacterization Event definition

Recharacterization Event shall have the meaning set forth in Section 2.1(d).
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Recharacterization Event. The occurrence of either of the following events (a) any court determines that any Transfer was not a “true sale” or “true contribution” of such Purchased Asset or that any Purchased Asset is the property of Originator or (b) Originator or any Affiliate of Originator asserts or claims that any Transfer was not a “true sale” or “true contribution” of such Purchased Asset or that any Purchased Asset is the property of Originator.
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Recharacterization Event is defined in ‎Section 2.1(c).
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Examples of Recharacterization Event in a sentence

  • Accordingly, if a Recharacterization Event occurs, the Transferor does hereby grant to the Transferee a security interest in, to and under the Transferred Assets and all proceeds thereof, whether now owned or existing or hereafter acquired, in each case to secure the obligation of the Transferor set forth in Section 2.1(e).

  • Accordingly, if a Recharacterization Event occurs, Seller shall be deemed to have granted, and Seller does hereby grant, a security interest in, to and under the Assignment Interest and all proceeds thereof, whether now owned or existing or hereafter acquired, in each case to secure the obligation of the Seller set forth in Section 2.4(c).

  • Accordingly, if a Recharacterization Event occurs, the Transferor shall be deemed to have granted, and the Transferor does hereby grant, to the Transferee a security interest in, to and under the Transferred Assets and all proceeds thereof, whether now owned or existing or hereafter acquired, in each case to secure the obligation of the Transferor set forth in Section 2.1(e).

  • If a Recharacterization Event occurs, the Assignor shall be deemed to have Granted, and the Assignor does hereby Grant, to the Assignee a security interest in, to and under all Additional Sold Assets (as determined without giving effect to any exclusion of Transfer Excluded Assets from the definition thereof), but excluding, however, any Pledge Excluded Assets, to secure the Assignor’s obligation to pay the Seller Secured Amount to the Assignee upon the occurrence of a Recharacterization Event.

  • Accordingly, if a Recharacterization Event occurs, the Seller shall be deemed to have granted, and the Seller does hereby grant, to the Purchaser a security interest in, to and under the Purchased Assets and all proceeds thereof, whether now existing or hereafter acquired, in each case to secure the obligation of the Seller set forth in Section 2.8(b), and this Agreement shall constitute a security agreement under Applicable Law.

  • The Assignor agrees to pay to the Assignee an amount equal to the Seller Secured Amount (as defined in Section 3.6 of the Standard Terms) with respect to such Additional Transfer Date, on demand, on or after any date on which a Recharacterization Event, if any, has occurred.

  • Notwithstanding anything to the contrary in this Agreement, after the occurrence and during the continuation of an Event of Default but prior to the occurrence of a Recharacterization Event, the Buyer shall not be entitled to, and the Buyer agrees that it shall not, exercise any rights as a secured creditor under the UCC other than rights provided to a purchaser of accounts or payment intangibles in respect of such purchased accounts or payment intangibles.

  • Accordingly, if a Recharacterization Event occurs, Seller shall be deemed to have granted, and Seller does hereby grant, to the Purchaser a security interest in, to and under the Purchased Assets and all proceeds thereof, whether now existing or hereafter acquired, in each case to secure the obligation of Seller set forth in Section 2.8(b), and this Agreement shall constitute a security agreement under Applicable Law.