Examples of Framework Assignment Agreement in a sentence
The Retained Amount Interest will be calculated in accordance with the Framework Assignment Agreement (as described below) and the Agency and Account Bank Agreement (as described elsewhere in this Offering Circular), and will be deemed to accrue on the basis of a 360-day year comprised of twelve 30-day months.
SCF Platform Documents VM Accounts Receivable purchased by the Issuer pursuant to the Framework Assignment Agreement are uploaded by the Obligors to the SCF Platform (as defined elsewhere in this Offering Circular) managed by the Platform Provider to facilitate receivables financing provided by the Platform Provider and other participating funding providers, including the Issuer.
Additionally, immediately prior to each Assignment Date, the Platform Provider will represent and warrant that it is entitled to assign the relevant Payment Obligation pursuant to the terms of the Framework Assignment Agreement, and that it has not assigned, transferred or otherwise disposed of, or created any encumbrance or security interest over, such Payment Obligation.
VMIH has also entered into the APMSA (pursuant to which each Obligor provides a joint and several payment undertaking (as further described in “Summary of Principal Documents—Accounts Payable Management Services Agreement”)), and will, on the Issue Date, enter into the Framework Assignment Agreement to provide certain representations and warranties on behalf of the Obligors to the Issuer (as further described in “Summary of Principal Documents—Framework Assignment Agreement”).
See “ Risk Factors—Risks Relating to the Notes—The right of the Issuer to receive payments from the Obligors in respect of the Assigned Receivables and under the Framework Assignment Agreement, the New VM Financing Facility Agreement, the Expenses Agreement and the related agreements, as applicable, is effectively subordinated to the rights of existing and future secured creditors of such Obligors”.
On or following the Issue Date, the net proceeds of the issuance of the Notes plus any upfront payments payable by the New VFZ Facilities Borrower under the New VFZ Facilities Agreement, will be used by the Issuer to finance the purchase of VFZ Accounts Receivable pursuant to the Framework Assignment Agreement.
Under the Framework Assignment Agreement, from time to time commencing on the Issue Date, the Issuer may purchase and have assigned to it on a non-recourse basis, up to the total amount of Committed Principal Proceeds and the Platform Provider may sell and assign on a non-recourse basis, eligible VM Accounts Receivable that are made available by Suppliers and uploaded by the Obligors to the SCF Platform (including the Block Transfer).
On or following the Issue Date, the net proceeds of the issuance of the Notes plus any upfront payments payable by VMIH under the New VM Financing Facility Agreement, will be used by the Issuer to finance the purchase of VM Accounts Receivable (including the Block Transfer) pursuant to the Framework Assignment Agreement.
Purchases and Collections of VM Accounts Receivable—The Framework Assignment Agreement On the Issue Date, the Issuer, as purchaser, entered into the Framework Assignment Agreement (as defined elsewhere in this Offering Circular) with, among others, the Platform Provider, VMIH as the parent (the “Obligors’ Parent”) and The Bank of New York Mellon, London Branch as administrator.
Through the issuance of the Notes, the Issuer will finance the periodic purchase of VFZ Accounts Receivable pursuant to the Framework Assignment Agreement and fund advances to the New VFZ Facilities Borrower under the New VFZ Facilities Agreement.