Common use of Eligible Contract Clause in Contracts

Eligible Contract. Each Contract to be funded with such Advance shall be an Eligible Contract. No Contract was originated in any jurisdiction in which TFC or Borrower is required to be licensed in order to own such Contract and such license has not been obtained prior to TFC or Borrower, as the case may be, owning such Contract. With respect to each Contract, the applicable Dealer has been paid by TFC for all proceeds from the sale of such Contract to TFC.

Eligible Contract. Each Contract to be funded with such Advance ----------------- shall be an Eligible Contract. No Contract was originated in any jurisdiction in which TFC or Borrower is required to be licensed in order to own such Contract and such license has not been obtained prior to TFC or Borrower, as the case may be, owning such Contract. With respect to each Contract, the applicable Dealer has been paid by TFC for all proceeds from the sale of such Contract to TFC.