Transferable Receivable definition

Transferable Receivable means, with respect to any Sale Date, any Receivable that, as of the Business Day prior to the Sale Date, was (i) a Transferable Charge Off Receivable, or (ii) a Transferable Excess Receivable, or (iii) a Transferable Ineligible Receivable, or (iv) a Wind-down Receivable. For the avoidance of doubt, for Transferable Excess Receivables, the Sale Date will be the second (2nd) Business Day after the related Account Advance was funded by Bank. For example, if the Sale Date is Friday, Bank shall sell all Transferable Excess Receivables that were funded by Bank on Wednesday of the same week (assuming no holidays); if the Sale Date is Tuesday, Bank shall sell all Transferable Excess Receivables that were funded by Bank on Friday of the preceding week (assuming no holidays).

Examples of Transferable Receivable in a sentence

With respect to each Transferable Receivable that Bank sells hereunder, Bank sells, transfers, assigns, sets over, and otherwise conveys to Company the Transferable Receivable and all rights related thereto including all right to interest and fees accruing on such Transferable Receivable and all collections on such Transferable Receivable, and all proceeds of the foregoing, without recourse, in accordance with this Section 3 on the related Sale Date.

Company, or any subsequent purchaser, assignee or transferee of Transferable Receivables, may sell, assign or transfer any Transferable Receivable to any Affiliate or third-party purchaser.

Company shall ensure that any purchaser, assignee or transferee will engage Company as the servicer of such Transferable Receivable, and that any such servicing will be subject to the servicing of the Account under the Program Agreement.