Receivables SPC definition

Receivables SPC means a special purpose, bankruptcy-remote Person formed for the sole and exclusive purpose of engaging in activities in connection with the purchase, sale and financing of accounts receivable, payment intangibles, accounts or notes receivable and related rights in connection with and pursuant to a Permitted Securitization.
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Receivables SPC means a special purpose, bankruptcy-remote Person formed for the sole and exclusive purpose of engaging in activities in connection with the purchase, sale and financing of Receivables in connection with and pursuant to a Receivables Securitization.
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Receivables SPC means CNC Finance LLC, a North Carolina limited liability company, which is a special purpose Wholly-Owned Subsidiary of the Company, directly owned by the Intangibles Subsidiary and CNC Member Inc, which was created for the sole purpose of acquiring accounts receivable from the Intangibles Subsidiary and selling such accounts receivable or interest therein to one or more third parties pursuant to a Permitted Receivables Transaction and which shall engage in no other business or activities except as reasonable related thereto, it being understood that the Receivables SPC shall not be required to be a party to any Guaranty or Security Document as otherwise provided in this Agreement."
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Examples of Receivables SPC in a sentence

  • Notwithstanding anything to the contrary contained in the Credit Agreement or the Security Agreements, the Banks hereby consent to the release of the receivables sold to Receivables SPC at any time pursuant to the Proposed Receivables Transaction from any and all security interests created by the Security Agreements, and, on and after the First Amendment Effective Date, such receivables are hereby released.

Related to Receivables SPC

  • Receivables Subsidiary means any Subsidiary formed for the purpose of, and that solely engages only in one or more Receivables Facilities and other activities reasonably related thereto.

  • Receivables Fee means distributions or payments made directly or by means of discounts with respect to any accounts receivable or participation interest issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Facility.

  • Receivables Facility means any of one or more receivables financing facilities as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, the Obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Issuer or any of its Restricted Subsidiaries purports to sell its accounts receivable to either (a) a Person that is not a Restricted Subsidiary or (b) a Receivables Subsidiary that in turn funds such purchase by purporting to sell its accounts receivable to a Person that is not a Restricted Subsidiary or by borrowing from such a Person or from another Receivables Subsidiary that in turn funds itself by borrowing from such a Person.