RTO Receivables definition

RTO Receivables means those Accounts of the Borrowers which are based on an RTO Transaction with the lessee of vehicle and any other right 1091435_13.DOC of a Borrower to receive payment, including, without limitation, all leases, extensions of credit or a Borrower’s right to payment for goods leased or sold or services rendered by such Borrower related to those Accounts.
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Examples of RTO Receivables in a sentence

  • Following notice of a default under a Receivable pursuant to Section 4.1, Bank shall, at its expense, attempt to collect the outstanding obligations under the Receivable (including making demand therefore from the appropriate debtor(s) and other persons) and, if necessary, in the case of RTO Receivables, commence appropriate legal actions to recover the collateral securing such Receivable and to foreclose the interest of the account debtor(s) and other persons, if any, in such collateral.

  • In addition, at the option of Bank or ColorTyme, a mandatory principal payment shall be made on any Inventory Line of Credit that is an Overline Receivable (at any time following the initial month in which such Overline Receivable was first determined to exist) to the minimum extent necessary to cause the amount of the RTO Receivables to no longer exceed the RTO Advance Limit.

  • In addition, at the option of Bank or ColorTyme, a mandatory principal payment shall be made on any RTO Term Loan that is an Overline Receivable (at any time following the initial month in which such Overline Receivable was first determined to exist) to the minimum extent necessary to cause the amount of the RTO Receivables to no longer exceed the RTO Advance Limit.

  • For purposes of this Agreement, a Franchisee’s “Average Monthly Revenue” shall mean the average monthly total revenue (exclusive of sales tax and any fees or other income directly attributable to a PayDay Store) of the Franchisee from the sale, lease or rental of Inventory and other fees, calculated in accordance with generally accepted accounting principles applied on a consistent basis, for the three (3) calendar months preceding the most recent review of such Franchisee’s RTO Receivables.

  • In the event any payments due under any of the Receivables are delinquent by more than ninety (90) days, in the case of RTO Receivables, or thirty (30) days, in the case of PDL Receivables, or Bank otherwise declares a default under any of the Receivables, Bank shall give notice thereof to ColorTyme and the Guarantor.

  • On or before the 60th day from the date hereof, Borrowers shall deliver to DSC a fully executed Control Agreement with respect to a deposit account to be established and maintained by Borrowers for deposit of proceeds of RTO Receivables.