Substitute Receivable definition
Substitute Receivable means one or more Eligible Receivables not previously a part of the Collateral, substituted for a Receivable pursuant to Section 5.05, each having characteristics substantially similar, and in no event less favorable to the Secured Parties in any respect, than the affected Receivables being so substituted, without the consent of the Administrative Agent (acting at the direction of the Required Lenders).
Substitute Receivable. A Receivable that (a) will replace a Warranty Receivable and (b) satisfies each of the following conditions:
Substitute Receivable means the Receivable related to a Substitute Contract.
Examples of Substitute Receivable in a sentence
In any of the foregoing instances, the Borrower shall accept the release of each such Ineligible Receivable from the Administrative Agent, and the Principal Balance of all Receivables shall be reduced by the Principal Balance (as of the end of the most recent Collection Period) of each such Ineligible Receivable and, if applicable, increased by the Principal Balance of each such Substitute Receivable.
On and after the date of release, the Ineligible Receivable so released shall not be included in the Collateral and, as applicable, the Substitute Receivable shall be included in the Collateral.
More Definitions of Substitute Receivable
Substitute Receivable. The meaning specified in the Receivables Purchase Agreement.
Substitute Receivable shall have the meaning specified in the Sale Agreement.
Substitute Receivable has the meaning set forth in Section 6.5 hereof.
Substitute Receivable means any replacement Receivable substituted for another Receivable in accordance with Section 3.02(b).
Substitute Receivable has the meaning specified in Section 2.16.
Substitute Receivable. Any Receivable delivered in substitution for a Replaced Receivable pursuant to Section 2.5 hereof.
Substitute Receivable. Defined in Section 2.15.