Recourse Contract definition

Recourse Contract means each Defaulted Financing Contract that was as of its commencement date an acquisition or lease by a Customer of new Navistar manufactured Equipment that was subject to a manufacturer’s statement or certificate of origin (other than an Idealease Recourse Contract or a Special Recourse Contract).
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Examples of Recourse Contract in a sentence

  • GE Capital’s decision whether or not to accept such proposed Program Financing as a Special Recourse Contract shall be made in its sole discretion.

  • In addition, GE Capital shall not be entitled to receive any recourse payments from Navistar under this Section 16 with respect to any Defaulted Financing Contract (other than any Special Recourse Contract) in the event GE Capital shall not have obtained possession of the related Equipment and given Navistar the opportunity to remarket the related Defaulted Equipment under Section 17(a)(i).

  • If accepted, such Special Recourse Contract shall be documented and have the benefit of recourse arrangements in the form of the recourse letter attached as Exhibit C or take such other form as the Navistar Parties and GE Capital agree upon from time to time.

  • If not previously provided, GE Capital shall provide to the relevant Navistar Company the Application Package for such Special Recourse Contract.

  • GE Capital’s financing to Customer shall be through the Special Recourse Line, and the proposed Program Financing, if approved, shall constitute a Special Recourse Contract.

  • Navistar shall be entitled to all amounts received from an Obligor in respect of the Special Recourse Contract resulting from the Commissioned Rate.

  • Within 30 days after the end of each calendar quarter during the term of a Special Recourse Contract, GE Capital shall pay (in arrears) to the applicable Navistar Company, in immediately available funds, such amounts received by GE Capital or its Affiliate from the Obligor in respect of any current Special Recourse Contract resulting from the Commissioned Rates during the prior quarter.

  • Concurrently with the payment of the Special Recourse Amount by Navistar, GE Capital shall sell, transfer and assign to Navistar (or its designee) and Navistar shall or shall cause a Navistar Company to repurchase from GE Capital or its Affiliate such Special Recourse Contract and any Equipment subject thereto (if any) on an “AS IS, WHERE IS” basis, without representation or warranty (other than Agreed Warranties with respect thereto).

  • GE Capital shall offer such Special Recourse Contract Customer a proposed Program Financing at a rate equal to the sum of the Standard Rate plus the Commissioned Rate.

  • The terms and conditions of the sale of -------- Notes shall be incorporated into a Contract of Sale of Timeshare Receivables with Recourse ("Contract").