Receivables Advance definition
Examples of Receivables Advance in a sentence
Each Borrower consents to any such increases or decreases and acknowledges that decreasing the Receivables Advance Rate or increasing or imposing reserves may limit or restrict Advances requested by Borrowing Agent.
The Receivables Advance Rate may be increased or decreased by Agent at any time and from time to time in the exercise of its Permitted Discretion.
Borrower consents to any such increases or decreases and acknowledges that decreasing the Receivables Advance Rate or increasing or imposing reserves may limit or restrict Advances requested by Borrower.
In connection with a Receivables Advance but not a Working Capital Advance, Borrower shall, at its expense, deliver to Lender, at the time of delivery of the Assignment, a policy or policies of title insurance insuring Lender's interest in the Purchaser Mortgage which is the subject of the Assignment.
Agent shall give Borrower five (5) days prior written notice of its intention to decrease the Receivables Advance Rate.
If a third party, including a potential purchaser of a Receivable, should inquire as to the status of the Receivables, Advance Purchaser shall promptly indicate to such third party that the Receivables have been sold, assigned, transferred and conveyed and Advance Purchaser (except in accordance with Section 9(b)) shall not claim any right, title or interest (including, but not limited to ownership interest) therein.
If, at any time after Agent’s reduction of the Receivables Advance Rate, it is determined that there is no longer a Dilution Rate Increase, the Receivables Advance Rate shall be automatically restored to eighty-five percent (85%) so long as no Default or Event of Default is then existing, subject to further adjustment as provided above.
The Receivables Advance Rate may be (i) increased by Agent at any time or from time to time in its sole discretion or (ii) decreased by Agent at any time and from time to time on account of any Dilution Rate Increase but in no event by more than the same percentage as such Dilution Rate Increase.
The Borrowers will not permit or suffer the Receivables Advance Rate to at any time be less than sixty-five percent (65%).
The contemporaneous funding of the requested Receivables Advance and delivery of the aforesaid Collateral and title insurance endorsement and recording of the original Pledged Note Receivable Deeds of Trust and assignments thereof shall be effected by way of an escrow arrangement with Chicago Title Insurance Company (or such other title insurance company as shall be acceptable to the Lender), the form and substance of which shall be satisfactory to the Lender.