Eligible Installment Contracts definition

Eligible Installment Contracts means, for each Loan Party as of any date of determination and without duplication, those Installment Contracts that constitute Collateral; provided, however, that an Installment Contract shall not be an Eligible Installment Contract if any of the following shall be true:
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Eligible Installment Contracts means, for each Loan Party as of any date of determination and without duplication, those Installment Contracts which the Administrative Agent, in its sole discretion exercised reasonably and in accordance with customary business practices for its comparable asset based transactions, determines are eligible, but excluding, without limiting the Administrative Agent's discretionary rights:
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Eligible Installment Contracts means, for each Borrower as of any date of determination and without duplication, those Installment Contracts which the Agent, in its reasonable discretion, determines are eligible, but excluding, without limiting the Agent's discretionary rights (a) any Installment Contract which is (i) not subject to a perfected, first priority (subject to incohate Liens for government charges or assessments not yet due) Lien in favor of the Agent to secure the Total Obligations, (ii) subject to any other Lien that is not a Permitted Lien, or (iii) evidences a transaction not in compliance with any Requirement of Law, (b) any Installment Contract for which payment thereunder is doubtful or is determined to be uncollectible (including, without limitation, any Installment Contract under which any payment is more than sixty (60) days past due on a "contractual" basis), (c) any Installment Contract which is modified or rewritten, (d) any Installment Contract with a term of more than twenty-four (24) months, (e) any Installment Contract for which the obligations of the debtor thereunder are evidenced by a note, chattel paper, or other instrument, unless the covenants set forth in the Security Agreement applicable to such note, chattel paper, or instrument have been complied with, (f) any Installment Contract for which the debtor thereunder is not solvent or is subject to any bankruptcy or insolvency proceeding of any kind or which has died or been declared judicially incompetent, (g) any Installment Contract for which the debtor thereunder is located outside of the United States (unless payment for the goods shipped is secured by an irrevocable letter of credit in form and substance and from an institution acceptable to the Agent and with respect to which the letter-of-credit rights (as defined in the UCC) have been assigned to the Agent pursuant to documents in form and substance acceptable to the Agent), (h) any Installment Contract which is contingent or which is subject to offset, discount, or deduction (in each case to the extent of such offset, discount, or deduction) or which is subject to any counterclaim, dispute, or other defense to payment, (i) any Installment Contract under which any Subsidiary, employee, or Affiliate of a Borrower is the debtor, (j) any Installment Contract representing a sale to the government of the United States or any subdivision thereof unless the Federal Assignment of Claims Act (or other similar Requirement of Law) has been complied with t...
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Examples of Eligible Installment Contracts in a sentence

  • If at any time the aggregate principal amount outstanding under the Revolving Line of Credit shall exceed the Collateral Value of the Eligible Installment Contracts, Borrower agrees to immediately repay to Lender such excess amount, plus all accrued unpaid interest thereon.

  • Borrower agrees to cause FCC to cooperate with the Successor Servicer in effecting the termination of the responsibilities and rights of FCC with respect to the servicing, including without limitation, the transfer to Successor Servicer of all files, collection records and a computer tape in a readable form containing all information necessary to enable Successor Servicer to service the Eligible Installment Contracts.

  • Within seven (7) business days of each advance under the Revolving Line of Credit, Borrower shall cause FCC to deliver to U.S. Bank all Eligible Installment Contracts with respect to which such advance was made, together with the complete Individual Receivable File relating to each such Eligible Installment Contract.

  • Upon receipt by Borrower and FCC of such Termination Notice, all servicing rights and obligations with respect to the Eligible Installment Contracts automatically shall pass to Compu-Link (the “Successor Servicer”), provided that Successor Servicer shall have no liability with respect to any claim based on any alleged action or inaction of FCC.

  • If an Event of Default shall occur and be continuing, Lender by notice given in writing to Borrower and FCC (a “Termination Notice”) may terminate all servicing rights and obligations of FCC with respect to the Eligible Installment Contracts.

  • If an Event of Default shall occur and be continuing, Lender by notice given in writing to Borrower and FCC (a "Termination Notice") may terminate all servicing rights and obligations LOAN AGREEMENT 18 Rev June'97 of FCC with respect to the Eligible Installment Contracts.

  • The lesser of the Borrowing Base or the -------------- Face Commitment then in effect shall represent the maximum amount of credit that the Banks are willing to loan against Borrower's (for the purposes of this Section 3.1.5(a), the term "Borrower" shall include all grantors and Borrower's Affiliates) Eligible Accounts Receivables, Eligible Installment Contracts; Eligible Finished Goods Inventory, Eligible Fabricated Parts Inventory; Eligible Work In Process Inventory, and Eligible Raw Materials Inventory.

  • Under the Loan Agreement, Borrower may ------------------------ request advances and make payments hereunder from time to time, provided that it is understood and agreed that the aggregate principal amount outstanding from time to time hereunder shall not at any time exceed the lesser of (a) the Collateral Value of the Eligible Installment Contracts (as defined in the Loan Agreement) or (b) $3,500,000.

  • June ‘97 all servicing costs charged by Successor Servicer for the servicing of the Eligible Installment Contracts.

  • If Lender determines in its reasonable discretion that such deficiencies materially impair such Eligible Installment Contract's Collateral Value, Borrower will pay Lender the Collateral Value of such Eligible Installment Contract or cure such deficiency within fifteen days after notice by Lender to Borrower.


More Definitions of Eligible Installment Contracts

Eligible Installment Contracts means all retail automobile installment loan contracts underwritten or purchased by Freedom Financial Group, Inc., in the states where Freedom Financial Group, Inc. is duly licensed to do business as a consumer automobile lender, provided, however, it shall not include any installment loan contract that is:
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Related to Eligible Installment Contracts

  • Retail installment contract means that term as defined in section 2 of the retail installment sales act, MCL 445.852.

  • Scheduled Funded Debt Payments means, as of any date of determination for the Borrower and its Subsidiaries, the sum of all scheduled payments of principal on Funded Debt for the applicable period ending on the date of determination (including the principal component of payments due on Capital Leases during the applicable period ending on the date of determination).

  • Advance Payment Contract means any contract whereby any Credit Party either (a) receives or becomes entitled to receive (either directly or indirectly) any payment (an “Advance Payment”) to be applied toward payment of the purchase price of Hydrocarbons produced or to be produced from Oil and Gas Interests owned by any Credit Party and which Advance Payment is, or is to be, paid in advance of actual delivery of such production to or for the account of the purchaser regardless of such production, or (b) grants an option or right of refusal to the purchaser to take delivery of such production in lieu of payment, and, in either of the foregoing instances, the Advance Payment is, or is to be, applied as payment in full for such production when sold and delivered or is, or is to be, applied as payment for a portion only of the purchase price thereof or of a percentage or share of such production; provided that inclusion of the standard “take or pay” provision in any gas sales or purchase contract or any other similar contract shall not, in and of itself, constitute such contract as an Advance Payment Contract for the purposes hereof.

  • Consolidated Scheduled Funded Debt Payments means, as of any date for the applicable period ending on such date with respect to the Borrower Parties on a consolidated basis, the sum of all scheduled payments of principal on Consolidated Funded Indebtedness made during such period (including the implied principal component of payments made on Capitalized Leases during such period) as determined in accordance with GAAP.

  • Scheduled Principal Payments means, with respect to any Series or any Class of any Series of Notes, any payments scheduled to be made pursuant to the applicable Series Supplement that reduce the amount of principal Outstanding with respect to such Series or Class on a periodic basis that are identified as “Scheduled Principal Payments” in the applicable Series Supplement.

  • Initial Monthly Payment Fund An amount representing scheduled principal amortization and interest at the Net Mortgage Rate for the Due Date in the first Due Period commencing subsequent to the Cut-off Date for those Mortgage Loans for which the Trustee will not be entitled to receive such payment, and as more specifically defined in the Series Supplement.

  • Scheduled Principal Payment Date means April 15, 2008.

  • Scheduled Principal Payment means the scheduled payment of principal due on the Mortgage Loan on a Monthly Payment Date.

  • Scheduled Principal Payment Amount means, for any Payment Date, an amount equal to the excess of (a) the Note Principal Amount on such Payment Date over (b) the Scheduled Note Principal Amount for such Payment Date.

  • Installment sale contract or "contract" means an agreement for the retail sale of a motor vehicle, or that has a similar purpose or effect, under which part or all of the price is payable in 2 or more scheduled payments subsequent to the making of the agreement or under which the obligor undertakes to make 2 or more scheduled payments or deposits that can be used to pay part or all of the purchase price, whether or not the seller has retained a security interest in the motor vehicle or has taken collateral security for the buyer's obligation, and any extension, deferment, renewal, or other revision of that agreement. The terms include a loan, mortgage, conditional sale contract, purchase-money chattel mortgage, hire-purchase agreement, or

  • Pool Scheduled Principal Balance As to any Distribution Date, the aggregate Scheduled Principal Balances of all Mortgage Loans that were Outstanding Mortgage Loans on the Due Date in the month preceding the month of such Distribution Date.

  • Monthly Payment Date means the Payment Date (as defined in the Mortgage Loan Documents).

  • Applicable Monthly Payment For any Mortgage Loan (including an Outside Serviced Mortgage Loan) with respect to any month (including any such Mortgage Loan as to which the related Mortgaged Property has become an REO Property), the Monthly Payment; provided, however, that for purposes of calculating the amount of any P&I Advance required to be made by the Master Servicer or the Trustee, notwithstanding the amount of such Applicable Monthly Payment, interest shall be calculated at the Mortgage Rate less the Servicing Fee Rate and, if applicable, shall be exclusive of Excess Interest; and provided, further, that for purposes of determining the amount of any P&I Advance, the Monthly Payment shall be as reduced pursuant to any modification of a Mortgage Loan pursuant to Section 3.24 of this Agreement or pursuant to the applicable Outside Servicing Agreement, or pursuant to any bankruptcy, insolvency, or other similar proceeding involving the related Mortgagor.

  • Treasury Portfolio Purchase Price means the lowest aggregate price quoted by a primary U.S. government securities dealer in New York City to the Quotation Agent on the third Business Day immediately preceding the Tax Event Redemption Date for the purchase of the Treasury Portfolio for settlement on the Tax Event Redemption Date.

  • Monthly Payment Amount means, with respect to each Payment Date, a payment equal to the amount of interest which has accrued during the related Interest Accrual Period, computed at the Interest Rate.

  • Securitization Value means, with respect to any 20[•]-[•] Lease, the value calculated by the Servicer equal to, (i) as of its Maturity Date, the Base Residual and (ii) as of any date other than its Maturity Date, the sum of the present value, discounted at the Securitization Rate, of (a) the aggregate Monthly Payments remaining to be made and (b) the Base Residual.

  • Prepaid Monthly Payment Any Monthly Payment received prior to its scheduled Due Date, which is intended to be applied to a Mortgage Loan on its scheduled Due Date and held in the related Custodial Account for P&I until the Withdrawal Date following its scheduled Due Date.

  • Scheduled Payment Date means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction.

  • Minimum Monthly Payment for any Mortgage Loan and any month means the minimum amount required to be paid by the related mortgagor in that month.

  • Prepaid Installment With respect to any Mortgage Loan, any installment of principal thereof and interest thereon received prior to the scheduled due date for such installment, intended by the Mortgagor as an early payment thereof and not as a Prepayment with respect to such Mortgage Loan.

  • Installment Amount means the sum of (A) (i) with respect to any Installment Date other than the Maturity Date, the lesser of (x) the quotient of (I) the Principal amount outstanding under this Note as of the initial Installment Date, divided by (II) the number of Installment Dates occurring hereunder (as determined as of the initial Installment Date assuming no Deferrals, Accelerations, redemptions or conversions hereunder prior to the Maturity Date) and (y) the Principal amount then outstanding under this Note as of such Installment Date, and (ii) with respect to the Installment Date that is the Maturity Date, the Principal amount then outstanding under this Note as of such Installment Date (in each case, as any such Installment Amount may be reduced pursuant to the terms of this Note, whether upon conversion, redemption or Deferral), (B) any Deferral Amount deferred pursuant to Section 8(d) and included in such Installment Amount in accordance therewith, (C) any Acceleration Amount accelerated pursuant to Section 8(e) and included in such Installment Amount in accordance therewith and (D) in each case of clauses (A) through (C) above, the sum of any accrued and unpaid Interest and Make-Whole Amount with respect thereto as of such Installment Date under this Note, if any, and accrued and unpaid Late Charges, if any, under this Note as of such Installment Date. In the event the Holder shall sell or otherwise transfer any portion of this Note, the transferee shall be allocated a pro rata portion of the each unpaid Installment Amount hereunder.

  • Monthly Payment The scheduled monthly payment of principal and interest on a Mortgage Loan.