Eligible Contract. Each Contract to be funded with such Advance shall be an Eligible Contract. No Contract was originated in any jurisdiction in which LEAF or Borrower is required to be licensed in order to own such Contract and such license has not been obtained prior to LEAF or Borrower, as the case may be, owning such Contract. With respect to each Contract, the applicable Originator has been paid by LEAF for all proceeds from the sale of such Contract to LEAF.
Appears in 3 contracts
Sources: Secured Loan Agreement (LEAF Equipment Leasing Income Fund III, L.P.), Secured Loan Agreement (Lease Equity Appreciation Fund II, L.P.), Secured Loan Agreement (Lease Equity Appreciation Fund I Lp)