Eligible Asset Sample Clauses
The Eligible Asset clause defines which assets are permitted to be included or used under the terms of an agreement, typically by specifying certain criteria or characteristics that assets must meet. For example, it may require that assets be of a particular type, quality, or value, such as investment-grade securities or cash equivalents, and may exclude assets that are illiquid or high-risk. This clause ensures that only assets meeting agreed standards are considered, thereby protecting parties from exposure to unsuitable or undesirable assets and maintaining the integrity of the transaction or arrangement.
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Eligible Asset. The Mortgage Loan is an Eligible Mortgage Loan. The Mortgage Loan is a legal, valid and binding obligation of the Mortgagor thereunder, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and subject, as to enforceability, to general principals of equity (regardless of whether enforcement is sought in a proceeding in equity or at law), and subject to no offset, defense or counterclaim, obligating Mortgagor to make the payments specified therein.
Eligible Asset. (a) Each Eligible Asset shall be initially computed as of the opening of business of the Collection Agent on the date of Purchase of such Eligible Asset. Thereafter until the Termination Date for such Eligible Asset, such Eligible Asset shall be automatically recomputed as of the close of business of the Collection Agent on each day (other than a Liquidation Day). Such Eligible Asset shall remain constant from the time as of which any such computation or recomputation is made until the time as of which the next such recomputation, if any, shall be made. Any Eligible Asset, as computed as of the day immediately preceding the Termination Date for such Eligible Asset, shall remain constant at all times on and after such Termination Date. Such Eligible Asset shall become zero at such time as the Owner of such Eligible Asset shall have received the accrued Yield for such Eligible Asset and shall have recovered the Capital of such Eligible Asset, and the Collection Agent shall have received the accrued Collection Agent Fee for such Eligible Asset.
(b) If any Eligible Asset would otherwise be reduced on any day on account of Receivables arising as or becoming Pool Receivables, the Owner of such Eligible Asset may prevent such reduction by giving notice to the Collection Agent, before the close of business of the Collection Agent on such day, that such Eligible Asset's interest in such Receivables is to be limited so as to prevent such reduction. If such notice is given for any day for any Eligible Asset, the Receivables Pool for such Eligible Asset, and the Net Receivables Pool Balance for such Eligible Asset, will include, with respect to Receivables arising as or becoming Pool Receivables on such day, only such number of such Receivables or such portion of such Receivables as shall cause such Eligible Asset to remain constant, such Receivables or portion thereof being included in the Receivables Pool for such Eligible Asset in the order of the Seller's account numbers for such Receivables up to an aggregate amount so as to cause such Eligible Asset to remain constant, and the remainder of such Receivables or portion thereof shall be treated as Receivables arising on the next succeeding Business Day.
Eligible Asset. Each Loan is an “eligible asset” as defined in Rule 3a-7 under the Investment Company Act.
Eligible Asset. Each Advance is an “eligible asset” as defined in Rule 3a-7 of the 1940 Act.
Eligible Asset. Each Contributed Asset is an Eligible Investment.
Eligible Asset. The Mortgage Loan is an Eligible Mortgage Loan.
Eligible Asset. As to each Eligible Asset on a Purchase Date (and the related Mortgage, mortgage Note, assignment of Mortgage and mortgaged property), the Seller shall be deemed to make the following representations and warranties to the Buyer as of such date and as of each date Market Value is determined. With respect to any representations and warranties made to the best of the Seller's knowledge, in the event that it is discovered that the circumstances with respect to the related Mortgage Loan are not accurately reflected in such representation and warranty notwithstanding the knowledge or lack of knowledge of the Seller, then, notwithstanding that such representation and warranty is made to the best of the Seller's knowledge, such Mortgage Loan shall be assigned a Collateral Value of zero. The Seller has good title to and is the sole owner and holder of the Mortgage Loan;
1. Immediately prior to the pledge and grant of security interest to the Buyer, the Note and the Mortgage Loan were not subject to an assignment or pledge, and the Seller has full right and authority to pledge and assign the Mortgage Loan to the Buyer.
2. The Seller is transferring such Mortgage Loan to the Buyer free and clear of any and all liens, pledges, charges or security interests of any nature encumbering the Mortgage Loans.
3. The information set forth on the List of Eligible Assets is true and correct in all material respects.
4. Seller has acquired, serviced, collected and otherwise dealt with each Mortgage Loan in compliance with all applicable federal, state and local laws and regulations and the terms of the related Note and Mortgage.
5. The related Note and Mortgage are genuine and each is the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors' rights generally and be generally equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law).
6. The related Mortgage is a valid and enforceable first lien or second lien on the related mortgaged property, which mortgaged property is free and clear of all encumbrances and liens (including mechanics liens) having priority over the first lien of the Mortgage except for: (i) liens for real estate taxes and assessments not yet due and payable; (ii) covenants, conditions and restrictions, rights of way, easemen...
Eligible Asset. (a) Each Eligible Asset shall be initially computed as of the opening of business of the Collection Agent on the date of Purchase of such Eligible Asset. Thereafter until the Termination Date for such Eligible Asset, such Eligible Asset shall be automatically recomputed as of the close of business of the Collection Agent on each day (other than a Liquidation Day). Such Eligible Asset shall remain constant from the time as of which any such computation or recomputation is made until the time as of which the next such
Eligible Asset. Such Mortgage Loan is either an Eligible Cherrywood Mortgage Loan or an Eligible CRE Bridge Mortgage Loan, as applicable, and such Mortgage Loan is secured by a Mortgaged Property located in the contiguous U.S. and that is not an Ineligible Property Type.
Eligible Asset. (a) . Each Eligible Asset shall be initially computed as of the opening of business of the Collection Agent on the date of Purchase of such Eligible Asset. Thereafter until the Termination Date for such Eligible Asset, such Eligible Asset shall be automatically recomputed as of the close of business of the Collection Agent on each day (other than a Liquidation Day). Such Eligible Asset shall remain constant from the time as of which any such computation or recomputation is made until the time as of which the next such recomputation, if any, shall be made. Any Eligible Asset, as computed as of the day immediately preceding the Termination Date for such Eligible Asset, shall remain constant at all times on and after such Termination Date. Such Eligible Asset shall become zero at such time as the Owner of such Eligible Asset shall have received the accrued Yield for such Eligible Asset and shall have recovered the Capital of such Eligible Asset, and the Collection Agent shall have received the accrued Collection Agent Fee for such Eligible Asset.