Receipt of Certificates of Title. Any Receivable with respect to which the Obligor Collateral includes a Vehicle and for which the Servicer shall not have (i) received a Certificate of Title satisfying the Titling Requirements and (ii) delivered such Certificate of Title to the Custodian within 90 days of the first day of inclusion of such Pledged Receivable in the calculation of the Facility Limit, shall no longer be deemed to be an Eligible Receivable and, therefore, shall no longer be included in the calculation of the Facility Limit. In the case of any Receivable excluded from the calculation of the Facility Limit pursuant to the previous sentence, the Receivable so excluded from the calculation of the Facility Limit may at a later time be included in the calculation of the Facility Limit, provided, that (i) the Custodian shall have received the Certificate of Title described above with respect to such Receivable from the applicable Registrar of Titles and delivered such Certificate of Title to the Custodian and (ii) such Receivable is otherwise an Eligible Receivable at such time.
Appears in 5 contracts
Sources: Receivables Loan and Security Agreement (LEAF Equipment Finance Fund 4, L.P.), Receivables Loan and Security Agreement (LEAF Equipment Leasing Income Fund III, L.P.), Receivables Loan and Security Agreement (LEAF Equipment Leasing Income Fund III, L.P.)
Receipt of Certificates of Title. Any Receivable with respect to which the Obligor Collateral includes a Vehicle and for which the Servicer shall not have (i) received a Certificate of Title satisfying the Titling Requirements and (ii) delivered such Certificate of Title to the Custodian within 90 days of the first day of inclusion of such Pledged Receivable in the calculation of the Facility LimitEligible Receivables Balance, shall no longer be deemed to be an Eligible Receivable and, therefore, shall no longer be included in the calculation of the Facility LimitEligible Receivables Balance. In the case of any Receivable excluded from the calculation of the Facility Limit Eligible Receivables Balance pursuant to the previous sentence, the Receivable so excluded from the calculation of the Facility Limit Eligible Receivables Balance may at a later time be included in the calculation of the Facility LimitEligible Receivables Balance, provided, that (i) the Custodian shall have received the Certificate of Title described above with respect to such Receivable from the applicable Registrar of Titles and delivered such Certificate of Title to the Custodian and (ii) such Receivable is otherwise an Eligible Receivable at such time.
Appears in 5 contracts
Sources: Receivables Loan and Security Agreement (LEAF Equipment Finance Fund 4, L.P.), Receivables Loan and Security Agreement (LEAF Equipment Finance Fund 4, L.P.), Receivables Loan and Security Agreement (Resource America Inc)