Eligible Asset definition
Eligible Asset. An Asset:
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
Seller shall at all times remain solely liable for any additional advances required to be made in connection with any Future Funding Eligible Asset and Buyer shall be under no obligation to make any additional advances under a Future Funding Eligible Asset, unless such Future Funding Eligible Asset is designated as a Buyer Future Funding Eligible Asset in Buyer’s sole and absolute discretion.
The fact that Buyer has conducted or has failed to conduct any partial or complete examination or any other due diligence review of any Purchased Asset shall in no way affect any rights Buyer may have under the Program Documents or otherwise with respect to any representations or warranties or other rights or remedies thereunder or otherwise, including the right to determine at any time that such Purchased Asset is not an Eligible Asset.
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 Seller’s Underwriting Guidelines, a copy of which is attached hereto as Exhibit II or with such changes or exceptions as Buyer shall approve pursuant to Section 3(b)(9), and (iii) which is secured by a Lien on a Residential Dwelling.
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:
Eligible Asset means an asset of a nonutility affiliate that is used for any of the following: