Take-Out Securitization definition

Take-Out Securitization means a financing transaction undertaken by the Borrower involving the direct or indirect sale or other conveyance of Receivables related thereto to a Person that shall privately or publicly sell securities, notes or certificates backed by such Receivables.

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Take-Out Securitization means a financing transaction undertaken by the Borrower or an Affiliate of the Borrower involving the direct or indirect sale or other conveyance of Contracts with an aggregate Outstanding Balance of at least $200,000,000 that comprise Collateral hereunder and the Related Security and the Collections related thereto, to a Person that shall privately or publicly issue securities, notes or certificates backed by such Contracts, Related Security and the Collections related thereto.

Take-Out Securitization means an asset securitization, financing or similar transaction pursuant to which all or substantially all of the Pledged Student Loans are released from the lien of this Agreement pursuant to Section 1.04.

Examples of Take-Out Securitization in a sentence

In any calculation to be made in connection with a Take-Out Securitization hereunder, the Outstanding Balance of a Contract shall be that set forth in (i) the then most recently delivered Servicer Report in respect of which the related Settlement Date shall have occurred, or (ii) if such Contract was acquired by the Borrower after the last date covered by such Servicer Report, the related Notice of Sale.
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In any calculation to be made in connection with a Take-Out Securitization hereunder, the Outstanding Balance of a Contract shall be that set forth in (i) the then most recently delivered Monthly Report in respect of which the related Settlement Date shall have occurred, or (ii) if such Contract was acquired by the Borrower after the last date covered by such Monthly Report, the related Notice of Sale.
Except for a Take-Out Securitization permitted hereunder, the Borrower shall not enter into any transaction which adversely affects the Collateral or the Program Agent's or any Administrative Agent's or Lender's rights under this Agreement.
Except in connection with an “add-on” contract or a “re-write” contract and for a Take-Out Securitization, in each case, permitted hereunder, the Borrower shall not enter into any transaction which adversely affects the Collateral or the Program Agent’s or any Administrative Agent’s or Lender’s rights under this Agreement.

More Definitions of Take-Out Securitization

Take-Out Securitization means a financing transaction undertaken by the Borrower or an Affiliate of the Borrower (other than the financing of an “add-on” contract as described in Section 5.01(o) or a “re-write” contract as described in Section 5.01(r)) involving the direct or indirect sale or other conveyance in one transaction or a series of related transactions of Pledged Contracts with an aggregate Outstanding Balance of at least 25% of the Aggregate Commitment that comprise Collateral hereunder and the Related Security and the Collections related thereto, to a Person that shall privately or publicly issue securities, notes or certificates backed by such Pledged Contracts, Related Security and the Collections related thereto.

Take-Out Securitization means a securitization transaction the ----------------------- proceeds of which are used to reduce the Aggregate Capital to zero.

Take-Out Securitization means (a) a financing transaction of any sort undertaken by Arcadia or any Affiliate of Arcadia secured, directly or indirectly, by any Receivable that was immediately prior to such transaction, a Pledged Receivable or (b) any other asset securitization, secured loans or similar transactions involving any Pledged Receivables or any beneficial interest therein.

Take-Out Securitization means a financing transaction undertaken by the Borrower or an Affiliate of the Borrower (other than the financing of an “add-on” contract as described in Section 5.01(o)) involving the direct or indirect sale or other conveyance in one transaction or a series of related transactions of Pledged Contracts with an aggregate Outstanding Balance of at least 25% of the Aggregate Commitment that comprise Collateral hereunder and the Related Security and the Collections related thereto, to a Person that shall privately or publicly issue securities, notes or certificates backed by such Pledged Contracts, Related Security and the Collections related thereto.

Take-Out Securitization means (a) a financing transaction of any sort undertaken by the Borrower or any Affiliate of the Borrower secured, directly or indirectly, by any Transferred Receivables or (b) any other asset securitization, secured loans or similar transactions involving any Transferred Receivables or any beneficial interest therein. Notwithstanding the foregoing, no transaction shall be a Take-Out Securitization unless at least 90% of the Aggregate Outstanding Principal Balance of Eligible Receivables as of the cut-off date of such Take-Out Securitization are financed by such Take-Out Securitization.

Take-Out Securitization means any securitization of the Receivables in the FIARC Warehouse through the issuance of asset-backed securities.