Eligible Dealer Loan definition

Eligible Dealer Loan means each Dealer Loan, at the time of its sale to the Seller under the Sale and Contribution Agreement:
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Eligible Dealer Loan. Each Dealer Loan, at the time of its transfer to the Borrower under the Contribution Agreement:
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Eligible Dealer Loan appearing in Section 1.01 of the Agreement is amended by (i) deleting the word “and” from the end of clause (q) thereof, (ii) replacing the period “.” at the end of clause (r) thereof with “; and” and (iii) adding the following new clause (s):
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Examples of Eligible Dealer Loan in a sentence

  • Each Eligible Dealer Loan Contract and each Eligible Purchased Loan Contract.

  • Each Dealer Loan and Purchased Loan represented by CAC to be an Eligible Dealer Loan or Eligible Purchased Loan, as applicable, or included in the calculation of the Aggregate Outstanding Eligible Loan Balance, at the time of such representation, or at the time of such calculation, as applicable, in fact satisfies the definition of “Eligible Dealer Loan” or “Eligible Purchased Loan”, as applicable, set forth in the Loan and Security Agreement.

  • Each Loan classified as an “Eligible Loan” (or included in any aggregation of balances of “Eligible Loans”) by CAC in any document or report delivered hereunder satisfied the requirements contained in the definition of Eligible Dealer Loan or Eligible Purchased Loan, as applicable, on the date such Loan was conveyed to Funding.

  • Each Contract classified as an “Eligible Contract” (or included in any aggregation of balances of “Eligible Contracts”) by CAC in any document or report delivered hereunder satisfied the requirements contained in the definition of Eligible Dealer Loan Contract or Eligible Purchased Loan Contract, as applicable, on the date such Contract was conveyed to Funding.


More Definitions of Eligible Dealer Loan

Eligible Dealer Loan would not cause the percentage of the aggregate Outstanding Balance of all Dealer Loans relating to Dealers who are insolvent to exceed 2.5% of the Aggregate Outstanding Eligible Loan Balance and (ii) no bankruptcy court has entered an order (whether or not final), which order has not been vacated or overturned, stating that a person other than the Issuer (or the Servicer on the Issuer’s behalf) is entitled to receive any collections on the Dealer Loans or the Dealer Loan Contracts relating thereto.
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Eligible Dealer Loan means a loan made by the Borrower to an ---------------------- Eligible Dealer with all of the following characteristics: 1.23.1 The dealer loan has been made in the ordinary course of Borrower's business and is in accordance with Borrower's general underwriting criteria; 1.23.2 The amount outstanding on such dealer loan shall not exceed 85 percent of the outstanding principal amount in the aggregate of Eligible Consumer Loans in which Borrower has a first priority perfected security interest securing such dealer loan; 1.23.3 The pledge to Borrower by the dealer of Eligible Consumer Loans and related rights as security for such dealer loan is effective to grant to Borrower a perfected first priority security interest in such Eligible Consumer Loans and related rights free and clear of any liens or claims of any other person; 1.23.4 All agreements entered into by the dealer in connection with such dealer loan are the legal, valid and binding obligations of the dealer, in full force and effect and enforceable in accordance with their terms; 1.23.5 The agreements between the dealer and Borrower related to such dealer loan provide that any loan for which a payment shall be more than 60 days late shall be excluded from dealer's borrowing base and shall not be included in calculation of collateral used to determine availability of credit under such dealer loan; 1.23.6 No defaults in payment or otherwise shall have occurred with respect to such loan; 1.23.7 The loan complies in all respects with all requirements of all applicable state and Federal law, including, without limitation, if applicable, state laws and regulations governing sales of time share units, usury limitations, real estate settlement procedures, the Securities Act of 1933, the Securities Exchange Act of 1934, the Interstate Land Sales Full Disclosure Act, the Consumer Credit Protection Act of 1968, the Consumer Leasing Act of 1976, the Equal Credit Opportunity Act, the Truth in Lending Act and Regulation Z of the Board of Governors of the Federal Reserve System; 1.23.8 In connection with each such dealer loan pledged as Dealer Loan Collateral, Borrower shall have delivered to Agent the Required Dealer Loan Documents; and 1.23.9 Such other characteristics as Agent may require from time to time.
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Eligible Dealer Loan means each Dealer Loan, at the time of its sale to the Seller under the Sale and Contribution
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Eligible Dealer Loan or “Eligible Purchased Loan”, as applicable, as of the date such Loan was conveyed to Funding, CAC shall, by no later than the first Payment Date occurring after the Collection Period during which such failure was discovered or notice was sent with respect thereto, repurchase such Loan by paying to Funding an amount equal to the Release Price of such Loan. If any Contract, which has been conveyed to Funding by CAC hereunder, shall fail to meet the conditions set forth in the definition of “Eligible Contract” as of the date such Contract was conveyed to Funding, CAC shall, by no later than the first Payment Date occurring after the Collection Period during which such failure was discovered or notice was sent with respect thereto, repurchase such Contract by paying to Funding an amount equal to the Release Price of such Contract. For purposes of this Section 6.1(a), Release Price shall be calculated as of the last day of the immediately preceding Collection Period.
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Eligible Dealer Loan. (assuming that such Dealer Loan would otherwise be an “Eligible Dealer Loan” on such date of determination if the applicable Dealer had not become insolvent) for purposes of calculating the “Aggregate Outstanding Eligible Loan Balance” so long as (i) the percentage of the aggregate Outstanding Balances of all Eligible Dealer Loans relating to Dealers who are insolvent does not exceed 2.5% of the Aggregate Outstanding Eligible Loan Balance and (ii) no bankruptcy court has entered an order (whether or not final), which order has not been vacated or overturned, stating that a person other than the Borrower (or the Servicer on the Borrower’s behalf) is entitled to receive any collections on such Dealer Loan or the Contracts relating thereto.
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Related to Eligible Dealer Loan

  • Eligible Vehicle means a motor vehicle that:

  • investment dealer means a person or company registered in the category of investment dealer;

  • Wholesale dealer means any dealer who deals in, or who holds a licence under any law to deal in, as the case may be, wholesale quantities of goods, and the business and stock of a wholesale dealer shall be deemed to include the business and stocks of any retail dealer who conducts business on the same premises on which the wholesale dealer conducts his or her business; and

  • Purchased Loan means each motor vehicle retail installment loan relating to the sale of an automobile or light-duty truck originated by a Dealer, purchased by the Originator from such Dealer and evidenced by a Purchased Loan Contract; provided, however, that the term “Purchased Loan” shall, for purposes of this Agreement, include only those Purchased Loans identified from time to time on Schedule A hereto.

  • Eligible Account Any of (i) an account or accounts maintained with a federal or state chartered depository institution or trust company the short-term unsecured debt obligations of which (or, in the case of a depository institution or trust company that is the principal subsidiary of a holding company, the debt obligations of such holding company) have the highest short-term ratings of each Rating Agency at the time any amounts are held on deposit therein, or (ii) an account or accounts in a depository institution or trust company in which such accounts are insured by the FDIC or the SAIF (to the limits established by the FDIC or the SAIF, as applicable) and the uninsured deposits in which accounts are otherwise secured such that, as evidenced by an Opinion of Counsel delivered to the Trustee and to each Rating Agency, the Certificateholders have a claim with respect to the funds in such account or a perfected first priority security interest against any collateral (which shall be limited to Permitted Investments) securing such funds that is superior to claims of any other depositors or creditors of the depository institution or trust company in which such account is maintained, or (iii) a trust account or accounts maintained with (a) the trust department of a federal or state chartered depository institution or (b) a trust company, acting in its fiduciary capacity or (iv) any other account acceptable to each Rating Agency. Eligible Accounts may bear interest, and may include, if otherwise qualified under this definition, accounts maintained with the Trustee.

  • Eligible Investor Either (i) a Qualified Institutional Buyer that is purchasing for its own account or for the account of a Qualified Institutional Buyer to whom notice is given that the offer, sale or transfer is being made in reliance on Rule 144A or (ii) an Institutional Accredited Investor.