Eligible Loan Receivables definition

Eligible Loan Receivables means those Loan Receivables owing to Qualifying Subsidiary Guarantors in the ordinary course of their business that are (i) owned, beneficially and of record, by a Qualifying Subsidiary Guarantor, free and clear of any Liens of any kind (other than liens in favor of the Borrower pursuant to the Intercompany Security Documents), (ii) pledged to the Borrower pursuant to the Intercompany Security Documents and over which the Borrower has a perfected first priority Lien and (iii) are used to compute the Borrowing Base.
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Eligible Loan Receivables means, as of any date of determination, Loan Receivables (net of unearned interest, fees, unearned discounts, and insurance commissions thereon) that are Loan Receivables designated as product type, or bearing internal coding as, “Title,” “LOC” and “Installment (Medium-Term)” in Borrower’s system as such product types or internal coding are in effect as of the Third Amendment Effective Date (provided, such designations and internal coding, including the types, amounts or other characteristics of Loan Receivables comprising such product types or internal coding, shall not be altered, amended, changed, modified or updated without the prior written consent of the Administrative Agent), and solely in the case of Title Loan Receivables, Loan Receivables which are Chattel Paper, and which conform to the warranties set forth in Section 3.26, in which Collateral Agent has a validly perfected first or second priority Lien, and which are not any of the following:
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Eligible Loan Receivables means any right to payment of principal or interest in relation to any commercial real estate loan agreement originated by the Borrower, which meets the Eligibility Criteria and with respect to which no security interest has already been created in favour of the Issuer.
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Examples of Eligible Loan Receivables in a sentence

  • Create, incur, assume or suffer to exist any Lien upon (i) in the case of the Borrower, any of its assets and (ii) in the case of the Subsidiary Guarantors, any of the Eligible Loan Receivables or upon the Intercompany Secured Loans, other than Liens in favor of the Borrower pursuant to the Intercompany Security Documents.

  • Each Borrower has granted a first priority Lien on and pledges all of its rights, title and interest in its Eligible Loan Receivables, that, at any time of determination, are in the Borrowing Base to the Intercompany Lender as security for such loans granted under this Agreement and in connection with the Intercompany Security Documents.

  • Notwithstanding any other provisions of this Agreement, for the avoidance of doubt, classification of Eligible Loan Receivables (e.g., as arising out of Tier 1 Real Estate Loans, Tier 2 Real Estate Loans or Tier 3 Real Estate Loans) will not depend on whether such assets were originated as “branch” assets or “centralized” assets.

  • The presence of particulate fillers in PALF- Vinylester composites improves their erosion wear resistance and this improvement depends on the type and content of the fillers.

  • The Borrower may, at its sole discretion, make an offer to replace cash standing to the credit of the Cash Account with Eligible Loan Receivables as described above.

  • Subject to the right to transfer Loan Receivables from one Subsidiary Guarantor to another Subsidiary Guarantor (provided that following any such transfer they continue to be Eligible Loan Receivables), a Subsidiary Guarantor shall continue to service the Loan Receivables pledged to the Borrower as collateral securing the Intercompany Secured Loans in accordance with customary business practices and consistent with past practice and any activities that are ancillary or reasonably related thereto.

  • The Subsidiary Guarantors are the only Persons through which Springleaf conducts or services its “branch” Eligible Loan Receivables originated in the United States (excluding its possessions and territories).

  • Subject to the right to transfer Loan Receivables from one Subsidiary Guarantor to another Subsidiary Guarantor, provided that following any such transfer they continue to be Eligible Loan Receivables, each Subsidiary Guarantor shall continue to service the Loan Receivables it has pledged to the Borrower as collateral securing the Intercompany Secured Loans in accordance with customary business practices and consistent with past practice and any activities that are ancillary or reasonably related thereto.

  • In the event any Borrowing Base Certificate discloses that the outstanding balance of Borrower's Loan exceeds the Borrowing Base of Eligible Loan Receivables, Borrower shall remit the difference between the Borrowing Base and the outstanding Loan balance to the Bank within five (5) business days of written demand by the Bank.


More Definitions of Eligible Loan Receivables

Eligible Loan Receivables means Loan Receivables satisfying the Eligibility Criteria and "Eligible Loan Receivable" means any of them.
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Eligible Loan Receivables means, at any date of determination thereof, all Loan Receivables of Borrower: (a) which are bona fide, valid and legally enforceable obligations of the loan debtors in respect thereof, which are unconditionally owing by such loan debtors and which are not in default; (b) which, except for the security interest in the Loan Receivables granted to the Bank, are solely owned by the Borrower, free and clear of any and all other liens, security interests, encumbrances, claims or rights of others; (c) which are not the subject of any defense, offset, counterclaim or claim; (d) as to which no more than 90 days shall have elapsed from the last required payment; (e) as to which no more than 49% of those Loan Receivables for any account is aged ninety (90) days or more from its last payment date, as evidenced by the monthly Loan Receivable aging report: (f) as to which the account debtors are (i) solvent, going concerns unaffiliated with the Borrower or an Affiliate of Borrower, and (ii) reasonably satisfactory to the Bank from a credit standpoint (the Bank's satisfaction may be assumed unless the Bank shall at any time advise the Borrower to the contrary).
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Related to Eligible Loan Receivables

  • Eligible Loans has the meaning specified in any of the Purchase Agreements or the Sale Agreement, as applicable.

  • Eligible Loan means a Loan offered for sale or substituted by Seller under a Sale Agreement which as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the related Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan, is current or not more past due than permitted under such Sale Agreement in payment of principal or interest and which meets the following criteria as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the effective date of the related Xxxx of Sale, in the case of any Additional Loan or Substituted Loan:

  • Eligible Receivables means Receivables arising in the ordinary course of Borrower's business from the sale of goods or rendition of services, which Silicon, in its sole judgment, shall deem eligible for borrowing, based on such considerations as Silicon may from time to time deem appropriate. Without limiting the fact that the determination of which Receivables are eligible for borrowing is a matter of Silicon's discretion, the following (the "Minimum Eligibility Requirements") are the minimum requirements for a Receivable to be an Eligible Receivable: (i) the Receivable must not be outstanding for more than 90 days from its invoice date*, (ii) the Receivable must not represent progress billings, or be due under a fulfillment or requirements contract with xxx Xxxount Debtor, (iii) the Receivable must not be subject to any contingencies (including Receivables arising from sales on consignment, guaranteed sale or other terms pursuant to which payment by the Account Debtor may be conditional), (iv) the Receivable must not be owing from an Account Debtor with whom Borrower has any dispute (whether or not relating to the particular Receivable), (v) the Receivable must not be owing from an Affiliate of Borrower, (vi) the Receivable must not be owing from an Account Debtor which is subject to any insolvency or bankruptcy proceeding, or whose financial condition is not acceptable to Silicon, or which, fails or goes out of a material portion of its business, (vii) the Receivable must not be owing from the United States or any department, agency or instrumentality thereof (unless there has been compliance, to Silicon's satisfaction, with the United States Assignment of Claims Act), (viii) the Receivable must not be owing from an Account Debtor located outside the United States or Canada (unless pre-approved by Silicon in its discretion in writing, or backed by a letter of credit satisfactory to Silicon, or FCIA insured satisfactory to Silicon), (ix) the Receivable must not be owing from an Account Debtor to whom Borrower is or may be liable for goods purchased from such Account Debtor or otherwise. Receivables owing from one Account Debtor will not be deemed Eligible Receivables to the extent they exceed 25% of the total Receivables outstanding**. In addition, if more than 50% of the Receivables owing from an Account Debtor are outstanding more than 90 days from their invoice date* (without regard to unapplied credits) or are otherwise not eligible Receivables, then all Receivables owing from that Account Debtor will be deemed ineligible for borrowing. Silicon may, from time to time, in its discretion, revise the Minimum Eligibility Requirements, upon written notice to Borrower. * (45 DAYS FROM THE INVOICE DATE WITH RESPECT TO RECEIVABLES FOR WHICH A DISTRIBUTOR IS THE ACCOUNT DEBTOR) **; PROVIDED, HOWEVER, RECEIVABLES OWING FROM A DISTRIBUTOR WILL NOT BE DEEMED ELIGIBLE RECEIVABLES TO THE EXTENT THEY EXCEED THE LOWER OF 25% OF THE TOTAL RECEIVABLES OUTSTANDING OR $500,000

  • Receivables means the Accounts, Chattel Paper, Documents, Investment Property, Instruments and any other rights or claims to receive money which are General Intangibles or which are otherwise included as Collateral.

  • Credit Card Receivables means each “payment intangible” (as defined in the UCC) together with all income, payments and proceeds thereof, owed by a Credit Card Issuer or Credit Card Processor to a Loan Party resulting from charges by a customer of a Loan Party on credit or debit cards issued by such Credit Card Issuer in connection with the sale of goods by a Loan Party, or services performed by a Loan Party, in each case in the ordinary course of its business.

  • Eligible Credit Card Receivables means at the time of any determination thereof, each Credit Card Receivable that satisfies the following criteria at the time of creation and continues to meet the same at the time of such determination: such Credit Card Receivable (i) has been earned by performance and represents the bona fide amounts due to a Borrower from a credit card payment processor and/or credit card issuer, and in each case originated in the ordinary course of business of such Borrower, and (ii) is not ineligible for inclusion in the calculation of the Borrowing Base pursuant to any of clauses (a) through (k) below. Without limiting the foregoing, to qualify as an Eligible Credit Card Receivable, an Account shall indicate no Person other than a Borrower as payee or remittance party. In determining the amount to be so included, the face amount of an Account shall be reduced by, without duplication, to the extent not reflected in such face amount, (i) the amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges or other allowances (including any amount that a Borrower may be obligated to rebate to a customer, a credit card payment processor, or credit card issuer pursuant to the terms of any agreement or understanding (written or oral)) and (ii) the aggregate amount of all cash received in respect of such Account but not yet applied by the Loan Parties to reduce the amount of such Credit Card Receivable. Any Credit Card Receivables meeting the foregoing criteria shall be deemed Eligible Credit Card Receivables but only as long as such Credit Card Receivable is not included within any of the following categories, in which case such Credit Card Receivable shall not constitute an Eligible Credit Card Receivable:

  • Student Loans means education loans to students and parents of students under the Federal Family Education Loan Program.

  • Eligible Accounts Receivable means Accounts, Instruments, Documents, Chattel Paper, Contracts, and General Intangibles from customers of Borrowers or any Approved Subsidiary in which Bank has a perfected first priority security interest subject to Bank's credit approvals thereof other than the following: (i) Accounts which remain unpaid ninety (90) days after the date of the applicable invoice; (ii) Accounts with respect to which the Account Debtor is an Affiliate of any of the Borrowers, or a director, officer or employee of any of the Borrowers; (iii) Accounts with respect to which the Account Debtor is the United States of America or any department, agency or instrumentality thereof, unless filings in accordance with the Assignment of Claims Act have been completed and filed in a manner satisfactory to the Agent or, as to any government contract entered into after the date of this Agreement, concurrently with the execution and delivery of that government contract; (iv) Accounts with respect to which the Account Debtor is not a resident of the United States or Canada except if such Accounts (1) are secured by irrevocable trade letter(s) of credit in form and content acceptable to Bank and confirmed by a United States financial institution acceptable to Bank, (2) are secured by standby letters of credit with an expiration of date of at least one hundred twenty (120) days from the date of shipment confirmed by United States Bank acceptable to Bank and otherwise in form and content acceptable to Bank, or (3) are insured by a company acceptable to Bank, which insurance covers business and political risk; (v) Accounts arising with respect to goods which have not been shipped and delivered to and accepted as satisfactory by the Account Debtor or arising with respect to services which have not been fully performed and accepted as satisfactory by the Account Debtor; (vi) Accounts for which the prospect of payment in full or performance in a timely manner by the Account Debtor is or is likely to become impaired as determined by the Bank in its reasonable discretion; (vii) Accounts which are not invoiced (and dated as of the date of such invoice) and sent to the Account Debtor within fifteen (15) days after delivery of the underlying goods to, or performance of the underlying services for, the Account Debtor; (viii) Accounts with respect to which Bank does not have a first and valid fully perfected security interest; (ix) Accounts with respect to which the Account Debtor is the subject of bankruptcy or a similar insolvency proceeding or has made an assignment for the benefit of creditors or whose assets have been conveyed to a receiver or trustee, except if Bank is delivered evidence acceptable to Bank as to the collectability in the normal course of business of such Accounts; (x) Accounts with respect to which the Account Debtor's obligation to pay the Account is conditional upon the Account Debtor's approval or is otherwise subject to any repurchase obligation or return right, as with sales made on a xxxx-and-hold, guaranteed sale, sale-and-return, sale on approval (except with respect to Accounts in connection with which Account Debtors are entitled to return Inventory solely on the basis on the quality of such Inventory) or consignment basis; (xi) Accounts with respect to which the Account Debtor is located in Minnesota unless the applicable Borrower has filed a Notice of Business Activities Report with the Secretary of State of Minnesota for the then current year; (xiv) all Accounts of any Account Debtor if twenty-five percent (25.0%) or more of all Accounts of such Account Debtor have ceased to be Eligible Accounts Receivable; and (xii) Accounts with respect to which the Account Debtors are residents of Canada to the extent the aggregate sum exceeds $750,000.00. The approvals of Account Debtors and Accounts shall be for Bank purposes only and shall not constitute any representation by Bank as to the credit worthiness of any such Account Debtor or the advisability or profitability of doing business with such Account Debtor.

  • Ineligible Loan Each Loan other than an Eligible Loan.

  • Ineligible Receivables shall have the meaning specified in subsection 2.05(a).

  • Eligible Account Receivable means an Account Receivable owing to the Company or any Domestic Subsidiary which meets the following requirements:

  • Purchased Receivables means all those accounts, receivables, chattel paper, instruments, contract rights, documents, general intangibles, letters of credit, drafts, bankers acceptances, and rights to payment, and all proceeds thereof (all of the foregoing being referred to as "receivables"), arising out of the invoices and other agreements identified on or delivered with any Invoice Transmittal delivered by Seller to Buyer which Buyer elects to purchase and for which Buyer makes an Advance.

  • Review Receivables means those certain Receivables identified by the Servicer to the Asset Representations Reviewer following receipt of a Review Notice as not having been paid in full by the Obligor or purchased from the Issuer in accordance with the terms of the Basic Documents at or prior to the date of such Review Notice.

  • Receivables Pool means, at any time, all of the then outstanding Receivables purchased or otherwise acquired by the Seller pursuant to the Purchase and Sale Agreement prior to the Facility Termination Date.

  • Receivables Purchase Facility means any securitization facility made available to the Borrower or any of its Subsidiaries, pursuant to which receivables of the Borrower or any of its Subsidiaries are transferred to one or more SPCs, and thereafter to certain investors, pursuant to the terms and conditions of the Receivables Purchase Documents.

  • Purchased Loans means, with respect to each Purchase Agreement, the Loans offered for sale and purchased or substituted pursuant to such Purchase Agreement.

  • Subsequent Receivables means the Receivables transferred to the Issuer pursuant to Section 2.2, which shall be listed on Schedule A to the related Subsequent Transfer Agreement.

  • Subject Receivables has the meaning assigned to such term in the Asset Representations Review Agreement.

  • Excluded Receivables means, as of any date of determination, all accounts receivable referred to in Item 1 of Schedule 7.01.

  • Initial Receivables means any Receivable conveyed to the Trust on the Closing Date.

  • Net Receivables Pool Balance means, at any time: (a) the Outstanding Balance of Eligible Receivables then in the Receivables Pool minus (b) the Excess Concentration.

  • Discount Option Receivables shall have the meaning specified in Section 2.12. The aggregate amount of Discount Option Receivables outstanding on any Date of Processing occurring on or after the Discount Option Date shall equal the sum of (a) the aggregate Discount Option Receivables at the end of the prior Date of Processing (which amount, prior to the Discount Option Date, shall be zero) plus (b) any new Discount Option Receivables created on such Date of Processing minus (c) any Discount Option Receivable Collections received on such Date of Processing. Discount Option Receivables created on any Date of Processing shall mean the product of the amount of any Principal Receivables created on such Date of Processing (without giving effect to the proviso in the definition of Principal Receivables) and the Discount Percentage.

  • Eligible Mortgage Loan means, on any date of determination, a Mortgage Loan:

  • Purchased Mortgage Loans means the collective reference to Mortgage Loans sold by Seller to Buyer in a Transaction hereunder, listed on the related Mortgage Loan Schedule attached to the related Transaction Request, which such Mortgage Loans the Custodian has been instructed to hold pursuant to the Custodial Agreement.

  • Mortgage loan originator means any institution which originated a Mortgage Loan for a related Borrower.

  • Purchased Loan A motor vehicle retail installment loan relating to the sale of an automobile or light-duty truck originated by a Dealer, purchased by CAC or a subsidiary from such Dealer and evidenced by a motor vehicle retail installment sales contract.