Eligible Asset definition

Eligible Asset. An Asset:

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Eligible Asset means a Moody’s Eligible Asset (if ▇▇▇▇▇’▇ is then rating the APS) and/or any asset included in the calculations used by another Rating Agency then rating the APS for purposes of determining such Rating Agency’s rating on the APS, as applicable, provided that this term shall not apply with respect to Fitch Ratings or its rating on the APS.

Eligible Asset. On any date of determination, each Asset (A) for which the Administrative Agent, Collateral Custodian and Backup Servicer have received the following no later than 2:00 p.m. (New York City, New York time) on the day prior to the related Funding Date: (1) a faxed copy of the duly executed original promissory note, master purchase agreement and purchase statements, Loan Register and Asset Checklist, as applicable, in a form and substance satisfactory to the Administrative Agent and, with respect to any Loans closed in escrow, a certificate (in the form of Exhibit L) from the counsel to the Originator or the Obligor of such Loans certifying the possession of the Required Asset Documents; provided that notwithstanding the foregoing, the Required Asset Documents (including any UCCs included in the Required Asset Documents) shall be in the possession of the Collateral Custodian within two Business Days of any related Funding Date as to any Additional Assets; (2) a Borrowing Notice delivered by the Seller to the Collateral Custodian and the Administrative Agent as part of the Borrowing Notice or Monthly Report delivered by the Servicer; (3) a Borrowing Base Certificate; and (4) a Certificate of Assignment (Exhibit A to the Sale Agreement, including Schedule I thereto); provided that if such Asset is part of a capital contribution to the Seller the Collateral Custodian shall have received the Required Asset Documents within three Business Days of receipt of the Certificate of Assignment and (B) that satisfies each of the following eligibility requirements, as applicable:

Examples of Eligible Asset in a sentence

• If no successor asset representations reviewer shall have been so appointed and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning Asset Representations Reviewer may petition any court of competent jurisdiction for the appointment of a successor asset representations reviewer that is an Eligible Asset Representations Reviewer.

• In addition to other rights and remedies of Buyer under any Repurchase Document, each Seller shall promptly repurchase (i) any Purchased Asset that no longer qualifies as an Eligible Asset and any Underlying Asset that no longer qualifies as an Eligible Mortgage Loan or Eligible REO Property, in each case as determined by Buyer, and (ii) any Purchased Asset or Underlying Asset the Market Value of which is determined by Buyer to be zero.

• If Buyer has not communicated in writing, its final non-binding indication to the related Seller by such date, Buyer shall automatically and without further action be deemed to have determined not to purchase any such Eligible Asset or fund such Purchase Price Increase.

• Buyer shall conduct such review of the Underwriting Package and each such Eligible Asset and Underlying Asset as Buyer determines appropriate.

• Buyer’s approval of the purchase of an Eligible Asset or funding of a Purchase Price Increase on such terms and conditions consistent herewith shall be evidenced only by its execution and delivery of the related Confirmation.

More Definitions of Eligible Asset

Eligible Asset shall have the meaning assigned thereto in the Side Letter.

Eligible Asset means a Mortgage Asset that as of any date of determination:

Eligible Asset means any asset which is of a type and, where applicable, has a maturity as listed on Annex I hereto, subject, in each case, to the Concentration Policy and Minimum Credit Rating (as applicable).

Eligible Asset means an Asset which satisfies the following criteria:

Eligible Asset means a Mortgage Loan, including a Wet-Ink Mortgage Loan, (i) as to which the representations and warranties in Schedule 1 attached hereto are true and correct, (ii) which is underwritten strictly in accordance with the Underwriting Guidelines of Seller, and (iii) which is secured by a Residential Dwelling.

Eligible Asset means a Fitch Eligible Asset (if Fitch is then rating the Preferred Shares), a Moody's Eligible Asset (if ▇▇▇▇▇'▇ is then rating the Preferred Shares) and/or any asset included in the calculations used by any Rating Agency then rating the Preferred Shares for purposes of determining such Rating Agency's rating on the Preferred Shares, as applicable.

Eligible Asset means assets of the Borrowers and their wholly owned Subsidiaries that are debt obligations of Persons other than the Borrowers or their Affiliates, provided they meet the following conditions as determined by Administrative Agent and as certified by a Responsible Officer of the Borrowers: