Eligible Notes Receivable definition
Eligible Notes Receivable means those Notes Receivable that comply with each of the representations and warranties respecting Eligible Notes Receivable made in the Loan Documents, and that are not excluded as wholly or partially ineligible by virtue of one or more of the excluding criteria set forth below. Eligible Notes Receivable shall not include all or any portion of a Note Receivable (unless specifically determined to be eligible by Agent following a review thereof on a case-by-case basis) unless, in each case:
Eligible Notes Receivable means those Notes Receivable that comply with each of the representations and warranties respecting Eligible Notes Receivable made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, however, that such criteria may be modified from time to time by Agent in Agent’s Permitted Discretion; provided further, that so long as no Default or Event of Default has occurred and is continuing, Agent shall first notify and attempt to discuss with Borrower any such modification that Agent proposes to make to such criteria unless Agent, in its Permitted Discretion, believes that exigent circumstances justify the immediate modification of such criteria. Eligible Notes Receivable shall not include a Note Receivable (unless specifically determined to be an Eligible Note Receivable by Agent following a review thereof on a case-by-case basis) if:
Eligible Notes Receivable means those Notes Receivable that comply with each of the representations and warranties respecting Eligible Notes Receivable made in the Loan Documents, and that are not excluded as wholly or partially ineligible by virtue of one or more of the excluding criteria set forth below; provided, however, that such criteria may be modified from time to time by Agent in Agent’s Permitted Discretion; provided, further, that so long as no Event of Default has occurred and is continuing, Agent shall first notify and attempt to discuss with Borrower any such modification that Agent proposes to make to such criteria unless Agent, in its Permitted Discretion, believes that exigent circumstances justify the immediate modification of such criteria. Eligible Notes Receivable shall not include all or any portion of a Note Receivable (unless specifically determined to be eligible by Agent following a review thereof on a case-by-case basis) if:
Examples of Eligible Notes Receivable in a sentence
Use the proceeds of the Advances for any purpose other than to finance Borrower’s acquisition of Eligible Notes Receivable and to pay transactional fees, costs, and expenses incurred in connection with this Agreement, the other Loan Documents, and the transactions contemplated hereby and thereby, to make Restricted Payments permitted under Section 7.10 and for any other purpose not expressly prohibited by this Agreement.
More Definitions of Eligible Notes Receivable
Eligible Notes Receivable means, subject to the next sentence, the outstanding principal amount of those Notes Receivable which comply with each of the representations and warranties in Section 3.18 hereof and each of the other representations and warranties relating to Eligible Notes Receivable contained herein and in the other Loan Documents, that are owned by Borrower in which Agent holds (and continuously maintains) a perfected first-priority security interest and that have been collaterally assigned to Agent (and in any event shall not include any unfunded commitment or other obligation of Borrower under any Loan Paper). Notwithstanding the foregoing, Eligible Notes Receivable shall not include a Note Receivable:
Eligible Notes Receivable means all Notes Receivable except:
Eligible Notes Receivable means at the time of any determination thereof, the Notes Receivable of the Borrower and the Restricted Subsidiaries (at least 85% of which the Purchasers in respect thereof are residents of the United States, Puerto Rico, the United States Virgin Islands or Canada) which are reasonably acceptable to the Determining Lenders in their discretion for the purposes of determining the Borrowing Base and as to which the following requirements have been fulfilled with respect to each Note Receivable:
Eligible Notes Receivable means those Notes Receivable that comply with each of the representations and warranties respecting Eligible Notes Receivable made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the excluding criteria set forth below; provided, however, that such criteria may be modified from time to time by Required Lenders in their Permitted Discretion; provided further, that so long as no Default or Event of Default has occurred and is continuing, Required Lenders shall first notify and attempt to discuss with Borrower any such modification that Required Lenders propose to make to such criteria unless Required Lenders, in their Permitted Discretion, believe that exigent circumstances justify the immediate modification of such criteria. Eligible Notes Receivable shall not include a Note Receivable (unless specifically determined to be an Eligible Note Receivable by Required Lenders following a review thereof on a case-by-case basis) if:
Eligible Notes Receivable means, subject to the next sentence, the outstanding principal amount of those Notes Receivable which comply with each of the representations and warranties in Section 3.18 hereof and each of the other representations and warranties relating to Eligible Notes Receivable contained herein and in the other Loan Documents, that are owned by Borrower in which Agent holds (and continuously maintains) a perfected first-priority security interest and that have been collaterally assigned to the Agent (and in any event shall not include any unfunded commitment or other obligation of Borrower under any Loan Paper). Notwithstanding the foregoing, Eligible Notes Receivable shall not include a Note Receivable:
Eligible Notes Receivable. At the time of any determination thereof, all Notes Receivable of the Company as to which the following requirements have been fulfilled to the satisfaction of the Bank: (a) the Company has lawful and absolute title to each of such Notes Receivable; (b) each of such Notes Receivable is a valid, legally enforceable obligation of the Person who is obligated under such Notes Receivable (the "note debtor"); (c) none of such Notes Receivable is subject to any dispute, off-set, counterclaim or other claim or defense on the part of the note debtor, or to any claim on the part of the note debtor denying liability under such Note Receivable in whole or in part; (d) the Company has the full and unqualified right to assign and grant a security interest in such Notes Receivable to the Bank as security for the Obligations (as defined in the Note Pledge Agreement); (e) all of such Notes Receivable are subject to a fully perfected first security interest in favor of the Bank pursuant to the Note Pledge Agreement prior to the rights of, and enforceable as such against, any other Person and all of such Notes Receivable have been delivered to the Bank, properly endorsed to the Bank; (f) none of such Notes Receivable is subject to any security interest or Lien in favor of any Person other than the Lien of the Bank pursuant to the Note Pledge Agreement and other Liens permitted hereunder; (g) the Company is not aware nor has the Company reason to be aware of any bankruptcy reorganization, bankruptcy, receivership, custodianship, insolvency or other like condition in respect of any note debtor for any of the Notes Receivable; (h) none of such Notes Receivable is due from an Affiliate; and (i) none of such Notes Receivable is 60 days or more overdue.
Eligible Notes Receivable. “Maturity Date”, “Borrowing Base” or any defined term used in the definition of “Borrowing Base”, in each case, in a manner that would have the effect of making more credit available to the Borrower or make any such provision less restrictive on the Borrower without the written consent of each Lender directly affected thereby;