Eligible Mortgage Receivables definition

Eligible Mortgage Receivables means all such payments on such date, collectively.

Eligible Mortgage Receivables means those duly authorized Time Share Mortgages secured by and that arise in connection with the purchase of Time Share Interests for which a Borrower is the mortgagee: (i) that have cleared escrow on or after January 1, 2001; (ii) for which (a) the applicable Time Share Interest sale from which it arises has not been canceled by the applicable mortgagor or any Borrower, (b) any statutory or other applicable cancellation or rescission period has expired, (c) the Time Share Interest purchased by the applicable mortgagor has not been surrendered in accordance with the applicable terms of the relevant Purchase Document and (d) the related Time Share Interest sale fully complies with the terms, provisions and conditions of this Agreement, the other Loan Documents and all applicable laws; (iii) as to which the applicable mortgagor is not an Affiliate of any Borrower, or related to or employed by any Borrower or any Affiliate of any Borrower; (iv) as to which the applicable mortgagor is as of the date of determination delinquent (without giving effect to any applicable grace period) no more than two monthly payments; (v) with respect to Time Share Mortgages originated on or after February 1, 2001, that meet all of the Underwriting Guidelines; (vi) that is denominated and payable only in United States Dollars in the United States; (vii) that does not contravene any laws, rules or regulations applicable thereto (including, without limitation, laws, rules and regulations relating to the sale of the Time Share Interests, usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy and with respect to which no party to the applicable mortgage related thereto is in violation of any such law, rule or regulation if such violation would impair the collectability of such mortgage receivable); (viii) with respect to which neither the purchaser nor the applicable mortgagor has any bona fide claim against any Borrower or any Affiliate of any Borrower or any defense, setoff or counterclaim; (ix) for which the applicable mortgagor was not 30 or more days late in making the first scheduled monthly payment, unless such applicable mortgagor has thereafter made on a timely basis six consecutive monthly payments; (x) for which the aggregate amount owing from any applicable mortgagor with respect to all such mortgages does not exceed $100,000 in the aggregate, excluding any Securitizations; (xi) for which ...

Eligible Mortgage Receivables means those duly authorized Time Share Mortgages secured by and that arise in connection with the purchase of Time Share Interests for which a Borrower is the mortgagee:

Examples of Eligible Mortgage Receivables in a sentence

• Except as otherwise provided herein, the proceeds of the Advances shall be used to fund the acquisition of Eligible Properties or Eligible Mortgage Receivables included in the Borrowing Base and for general corporate purposes.

• Notwithstanding any other provision in the Loan Documents to the contrary, the Poipu Receivables shall be Eligible Mortgage Receivables as of the Poipu Purchase Closing Date, provided, however, that (i) the failure to transfer to the Custodian the Contract Files related to such Poipu Receivables within fifteen (15) days following the time period provided in the preceding sentence of this Section 2(f) shall cause such Poipu Receivables to cease to be Eligible Mortgage Receivables.

• As of the date hereof, the Administrative Agent and Banks have approved for inclusion in calculations of the Borrowing Base, the Eligible Properties and the Eligible Mortgage Receivables identified on Schedule 2.14, as well as the Borrowing Base Value attributable to each such Eligible Property and Eligible Mortgage Receivable as set forth on Schedule 2.14.