Exception Asset definition

Exception Asset means any non-Liquid Asset that, as of the date such asset is acquired by the Company, (a) the Administrative Agent or any of its Affiliates trades in such asset as of such date, (b) the Administrative Agent designates such asset as an Exception Asset based upon a determination in good faith that the Administrative Agent is able to determine an Administrative Agent Value therefor, or (c) such asset is a Third Party Asset; provided that, if such asset no longer satisfies the criteria set forth in clause (a) or clause (b), then the Administrative Agent may determine that any such asset no longer qualifies as an Exception Asset by providing not less than 45 days’ prior written notice of such determination to the Manager and the Company, it being understood that, within such 45-day period, the Company may obtain the requisite third party valuation for such asset to qualify as an Exception Asset under clause (c), or may obtain the requisite quotes for such asset to qualify as a Liquid Asset; provided further that, in the case of clause (c), if at any time such asset no longer qualifies as a Third Party Asset, and neither of the criteria in clause (a) or (b) applies to such asset at such time, then the Administrative Agent may determine that any such asset no longer qualifies as an Exception Asset.
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Exception Asset means the Contributed REO Properties and Contributed Rental Properties listed on Schedule 4
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Exception Asset means any Asset which is otherwise ineligible for purchase hereunder, or which otherwise becomes ineligible for purchase hereunder and which is approved by Buyer in its sole discretion. Buyer’s approval of an Asset as an Exception Asset shall expire on the earlier of (a) the date set forth by the Buyer in the written notice that such Asset is approved as an Exception Asset (an “Exception Notice”) or (b) the occurrence of any additional event, other than that set forth in the Exception Notice, which would cause the Asset to become ineligible for purchase hereunder. The Pricing Rate, the initial Market Value and Purchase Price with respect to Exception Assets shall be set in the sole discretion of Buyer. Buyer may at any time, and in its sole discretion, no longer consider an Asset an Exception Asset, in which case such Asset shall have a Market Value of zero.
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Examples of Exception Asset in a sentence

  • It is the intention of the parties that, with respect to each Exception Asset, each Transaction Request and Confirmation shall not be separate from this Agreement but shall be made a part of this Agreement.

  • With respect to each Exception Asset, the Transaction Request and Confirmation, together with this Agreement, shall constitute conclusive evidence of the terms agreed between Buyer and Seller with respect to the Transaction to which the Transaction Request and Confirmation relates, and Seller’s acceptance of the related proceeds shall constitute Seller’s agreement to the terms of such Transaction Request and Confirmation.

  • With respect to each Exception Asset, upon receipt of the Transaction Request, Buyer shall, consistent with this Agreement, specify the terms for such proposed Transaction, including the Purchase Price, the Pricing Rate, the Market Value and the Repurchase Date in respect of such Transaction.

  • In the event of any conflict between this Agreement and, with respect to each Exception Asset, a Transaction Request and Confirmation, the terms of the Transaction Request and Confirmation shall control with respect to the related Transaction.


More Definitions of Exception Asset

Exception Asset means the Contributed REO Properties and Contributed Rental Properties listed on Schedule 4 hereof.
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Related to Exception Asset

  • Transferred Asset means each asset, including any Loan Asset and Substitute Loan Asset (including, if any, the Participation thereof), Conveyed by the Seller to the Purchaser hereunder, including with respect to each such asset, all Related Property; provided that the foregoing will exclude the Retained Interest and the Excluded Amounts.

  • Connection Assets means that portion of the distribution system used to connect a customer to the existing main distribution system, and consists of the assets between the point of connection on a distributor’s main distribution system and the ownership demarcation point with that customer;

  • Acquisition Assets With respect to an Acquisition, the aggregate net assets as of the effective date of such Acquisition of all Acquired Funds.

  • Timberlands means any real property of the Issuer or any Restricted Subsidiary which contains standing timber which is (or upon completion of a growth cycle then in process is expected to become) of a commercial quantity and of merchantable quality, excluding, however, any such real property which at the time of determination is held primarily for development or sale, and not primarily for the production of any lumber or other timber products.

  • Purchased Asset means (i) with respect to any Transaction, the Eligible Asset sold by Seller to Buyer in such Transaction and (ii) with respect to the Transactions in general, all Eligible Assets sold by Seller to Buyer (other than Purchased Assets that have been repurchased by Seller).