Common use of Eligible Policies Clause in Contracts

Eligible Policies. Each Pool Policy is or, immediately following the consummation of the transactions contemplated to occur on the Closing Date pursuant to the Portfolio Transfer Agreements, will be an Eligible Policy. Each Pool Policy included in the calculation of the Borrowing Base in any Remittance Report or Borrowing Base Certificate delivered after the Closing Date will be an Eligible Policy as of the date of calculation of the Borrowing Base set forth in such Remittance Report or Borrowing Base Certificate, as the case may be.