Relocation SPV Financing definition

Relocation SPV Financing means the financing of (a) purchases of residential properties, fixtures and related assets (including the funding of the full purchase price of such residential properties, fixtures and assets (including the pay-off of any existing mortgage thereon), (b) the funding of advances to employees of customers in respect of the equity value of residential properties, fixtures and assets of such employees), and (c) other ordinary course Employee Relocation Business activities of CRS Holding, SRHL, ERC, any of their respective Subsidiaries or any other Subsidiary of the Borrower engaged in the Employee Relocation Business, in each case by a special-purpose Subsidiary of Holding that is not a Subsidiary of the Borrower or an unaffiliated third party (the “Relocation SPV”), provided that (a) the lender of any Indebtedness of any borrower or obligor with respect to such financing shall not have any recourse to Holding or any Loan Party for payment of such Indebtedness, (b) such Indebtedness shall not be secured by any property or assets of Holding or any Loan Party other than property or assets the Disposition of which is permitted under clause (x) of subsection 8.6(a) and (c) such financing shall be upon terms and pursuant to documentation (as amended, supplemented, extended, renewed or replaced from time to time) in form and substance reasonably satisfactory to the Administrative Agent, as evidenced by its written approval thereof (such approval not to be unreasonably withheld).
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Relocation SPV Financing means the financing of (a) purchases of residential properties, fixtures and related assets (including the funding of the full purchase price of such residential properties, fixtures and assets (including the pay-off of any existing mortgage thereon), (b) the funding of advances to employees of customers in respect of the equity value of residential properties, fixtures and assets of such employees), and (c) other ordinary course Employee Relocation Business activities of SWI, SIRVA Relocation, SRHL, SIRVA Global Relocation, Inc., a Delaware corporation, SIRVA Relocation Properties, LLC, a Delaware limited liability company or any of their respective Subsidiaries engaged in the Employee Relocation Business, in each case by a special-purpose Subsidiary of Parent that is not a Subsidiary of the Administrative Borrower or an unaffiliated third party (the “Relocation SPV”); provided, that, (i) the lender of any Indebtedness of any borrower or obligor with respect to such financing shall not have any recourse to any Loan Party for payment of such Indebtedness, (b) such Indebtedness shall not be secured by any property or assets of any Loan Party other than property or assets, the Disposition of which is permitted under clause (xi) of Section 6.6(a), and which have been Disposed of in accordance with such clause (xi), and (iii) such financing shall be upon terms and pursuant to documentation (as amended, supplemented, extended, renewed or replaced from time to time) in form and substance reasonably satisfactory to Agent, as evidenced by its written approval thereof (such approval not to be unreasonably withheld); IT BEING AGREED THAT NOTWITHSTANDING ANYTHING TO THE CONTRARY, THE DOCUMENTATION GOVERNING THE SECURITIZATION AND THE RELOCATION SPV FINANCING EVIDENCED BY THAT CERTAIN PURCHASE AND SALE AGREEMENT, DATED AS OF SEPTEMBER 30, 2008, BY AND BETWEEN SIRVA RELOCATION FUNDING, LLC, AS BUYER, AND SIRVA RELOCATION LLC, AS SELLER AND SERVICER, IN EACH CASE, AS IN EFFECT ON THE DATE HEREOF ARE REASONABLY SATISFACTORY TO AGENT, ISSUING BANK AND LENDERS.
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Relocation SPV Financing means the financing of purchases of residential properties, fixtures and related assets (including the funding of the full purchase price of such residential properties, fixtures and assets (including the pay-off of any existing mortgage thereon) or the funding of advances to employees of customers in respect of the equity value of residential properties, fixtures and assets of such employees) by a special-purpose Subsidiary of Holding that is not a Subsidiary of the Parent Borrower or an unaffiliated third party (the “Relocation SPV”), provided that (a) the lender of any Indebtedness of any borrower or obligor with respect to such financing shall not have any recourse to Holding or any Loan Party for payment of such Indebtedness, (b) such Indebtedness shall not be secured by any property or assets of Holding or any Loan Party other than property or assets the Disposition of which is permitted under clause (x) of subsection 8.6(a) and (c) such financing shall be upon terms and pursuant to documentation (as amended, supplemented, extended, renewed or replaced from time to time) in form and substance reasonably satisfactory to the Administrative Agent, as evidenced by its written approval thereof (such approval not to be unreasonably withheld).
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Examples of Relocation SPV Financing in a sentence

  • Nothing contained in this Agreement or in any of the other Loan Documents shall be deemed a release of Agent’s Lien upon any such proceeds and amounts payable to the applicable Granting Party under the documents governing the Relocation SPV Financing.

  • Notwithstanding anything to the contrary contained above, each applicable Granting Party hereby confirms its grant, in favor of Collateral Agent, of a continuing security interest in and lien upon all proceeds and amounts payable to such applicable Granting Party under the documents governing the Relocation SPV Financing.

  • Such Grantor shall not permit any other Person to possess any such Collateral at any time other than in connection with any Permitted Receivables Transaction, Relocation SPV Financing or any Disposition of such Collateral in a transaction permitted by the Credit Agreement.

  • Each Granting Party further agrees, at the Administrative Agent’s request (subject to the terms of any documentation governing any Permitted Receivables Transaction or Relocation SPV Financing), to assemble the Security Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at such Granting Party’s premises or elsewhere.

  • Notwithstanding anything to the contrary contained above, each applicable Granting Party hereby confirms its grant, in favor of Agent, of a continuing security interest in and lien upon all proceeds and amounts payable to such applicable Granting Party under the documents governing the Relocation SPV Financing.