Defaulted Receivables Sample Clauses

Defaulted Receivables. If (x) the Seller provides a Credit Default Certification with respect to an Account Debtor as to which there are any outstanding Purchased Receivables as permitted pursuant to Section 5(c) or (y) any Account Debtor becomes subject to an Insolvency Event, all outstanding Purchased Receivables with respect to such Account Debtor (each such Account Debtor, a “Defaulted Account Debtor”) shall be considered “Defaulted Receivables”. Upon the occurrence of an event described in clause (x) or (y) (such occurrence, a “Defaulted Receivables Event”) (it being agreed that any Credit Default Certification shall be deemed to be effective upon the delivery of such Credit Default Certification): (i) the Maximum Outstanding Purchase Amount shall be reduced by an amount equal to the Purchase Sublimit of the Defaulted Account Debtor(s), (ii) all Collections on or with respect to the Defaulted Receivables shall be distributed ratably to the Buyers in accordance with their respective Pro Rata Shares promptly upon receipt and identification thereof by the Seller or Servicer, and (iii) the Buyer Amount Balance shall be reduced by an amount equal to the aggregate Outstanding Purchase Amount of the Defaulted Receivables. In addition to the foregoing, the Administrative Agent may (and, upon direction of the Required Buyers, the Administrative Agent shall), with respect to the Defaulted Receivables, elect to enforce on behalf of itself and the Seller all remedies and take such actions against the Defaulted Account Debtor as the Administrative Agent deems necessary to collect the Defaulted Receivables. In connection with any such enforcement by the Administrative Agent, the Seller shall provide to the Administrative Agent any information reasonably available to the Seller as may be necessary to enable the Administrative Agent to take such actions, including providing copies of the applicable invoices and legal names and addresses of the applicable Defaulted Account Debtors. Notwithstanding anything to the contrary in this Section 5(d) or otherwise, the occurrence of a Defaulted Receivables Event shall not limit Seller’s obligations under Section 5(a) or 5(b) above.

Defaulted Receivables. On the date when any Receivable in an Account becomes a Defaulted Receivable, the Agent shall automatically and without further action or consideration transfer, set over and otherwise convey to the Transferor with respect to such Account, without recourse, representation or warranty, all right, title and interest of the Agent in and to the Defaulted Receivables in such Account, all monies due or to become due with respect thereto, all Proceeds thereof and any Insurance Proceeds relating thereto; provided, that Recoveries of such Account shall remain property of the Agent and be applied as provided herein.

Defaulted Receivables. On the date when any Receivable in an Account becomes a Defaulted Receivable, the Issuer shall automatically and without further action or consideration be deemed to transfer, set over and otherwise convey to the Transferor with respect to such Account, without recourse, representation or warranty, all right, title and interest of the Issuer in and to the Defaulted Receivables (including any related Finance Charge Receivables) in such Account, all monies due or to become due with respect thereto, all proceeds thereof and any Insurance Proceeds relating thereto provided that Recoveries of such Account shall remain property of the Issuer and be applied as provided herein.

Defaulted Receivables. Principal Ratio x Defaulted Receivables as of the previous since the last Statement Date Principal Transaction Date relating to a Principal Transaction Date R > 9,2% Subordinated Deposit as of the previous Principal Transaction Date

Defaulted Receivables. On the date on which a Receivable becomes a Defaulted Receivable, the Trust shall automatically and without further action or consideration be deemed to transfer, set over, and otherwise convey to the Transferor, without recourse, representation or warranty, all the right, title and interest of the Trust in and to such Defaulted Receivable, all monies due or to become due with respect thereto and all proceeds of such Defaulted Receivable allocable to the Trust with respect to such Defaulted Receivable, excluding Recoveries relating thereto, which shall remain a part of the Trust Property. On each Determination Date, the Servicer shall calculate the aggregate Investor Default Amount for the preceding Monthly Period with respect to each Series.

Defaulted Receivables. (a) On each day specified in the Supplement related to any Series, the Servicer shall calculate the Investor Default Amount and Investor Charge-Offs with respect to the related Series, and the Invested Amount of such Series shall be reduced by the applicable Investor Charge-Offs. (b) On each day specified in the Variable Funding Supplement, the Servicer shall calculate the Issuer Default Amount, Issuer Charge-Offs, Defaulted Amount and Issuer Default Deficiency Amount, and the Issuer Amount shall be reduced by the Issuer Charge-Offs.

Defaulted Receivables. Before the occurrence of an Accelerated Amortisation Event, the Seller shall be entitled to request the Management Company to transfer back to it (without penalty) any Purchased Receivable which is a Defaulted Receivable, together with their related Ancillary Rights. The transfer back to the Seller of the Defaulted Receivables identified in the relevant request, together with their related Ancillary Rights, shall take place on the Payment Date following the delivery of such request. The purchase price of the Defaulted Receivables repurchased by the Seller shall be the value of such Defaulted Receivables, as registered in the balance sheet of the Compartment, provided that the Management Company and the Seller can also negotiate and agree any other purchase price.

Defaulted Receivables. The total amount of Defaulted Receivables which have not been repurchased or replaced by Seller exceeds fifteen percent (15%) of the total balance of Receivables at any time.

Defaulted Receivables. Upon receipt of notice from the Borrower, the Deal Agent or any other Person, or if the Servicer otherwise learns, that the Obligor under any Franchise Receivable is in material default thereunder, the Servicer will take such action as is appropriate, consistent with the Servicer's administration of leases and loans serviced for its Affiliates and consistent with the customary practices of servicers in the same segment of the industry, including such action as may be necessary to cause, or attempt to cause, the Obligor thereunder to cure such default (if the same may be cured) or to terminate or attempt to terminate such Franchise Receivable and to recover, or attempt to recover, all damages resulting from such default to the extent permitted under such Franchise Receivable and under applicable law.