Eligible Participation Interest means a Participation Interest issued by Guarantor that satisfies the criteria set forth below:
Eligible Participation Interest means a Participation Interest in a Government Receivable:
Eligible Participation Interest means a Participation Interest in a Specified Government Receivable that meets the following criteria and which Participation Interest has been transferred to the Borrower pursuant to the Sale Agreement in a “true participation” transaction:
Examples of Eligible Participation Interest in a sentence
For the avoidance of doubt, the Asset Value of a Purchased Asset shall be determined with respect to the Asset Value of the related Underlying Asset; provided that if a Purchased Asset fails to qualify as an Eligible Participation Interest, Buyer may xxxx the Asset Value of such Purchased Asset (and all related Underlying Assets) to zero.
Each Private Receivable and Participation Interest included in the Net Pool Balance as an Eligible Receivable or Eligible Participation Interest, as the case may be, on the date of any Monthly Report was an Eligible Receivable or Eligible Participation Interest, as applicable, on such date.
Each Receivable included as an Eligible Receivable in the Net Pool Balance in connection with any computation or recomputation of the Borrowing Base is an Eligible Receivable on such date, and each Participation Interest included as an Eligible Participation Interest in the Net Pool Balance in connection with any computation or recomputation of the Borrowing Base is an Eligible Participation Interest on such date.
The Value attributable to any Eligible Participation Interest shall be (i) for the period commencing on the Closing Date and ending on the date that is 90 days thereafter, the Value determined with respect to the portion of the underlying portfolio investment subject to such Eligible Participation Interest in accordance with this Section 5.12 and (ii) thereafter, zero.
All such notices and other written communications shall be effective upon the earlier of (i) confirmation of delivery or (ii) five (5) days after the date of mailing.
More Definitions of Eligible Participation Interest
Eligible Participation Interest means an interest in a performing Whole Loan as identified by Seller to Buyer from time to time (a) which, if the majority economic interest in the Whole Loan is a Purchased Asset, represents a controlling position in such Purchased Asset as reasonably determined by Buyer (unless control is initially held by the companion participation interest in which event control shall move to the Eligible Participation Interest upon the occurrence of an Event of Default under this Agreement), (b) as to which the companion participation interest which is not a Purchased Asset is owned by an Affiliate of Guarantor and is serviced by the Servicer, (c) which is senior to or pari passu with all other interests in such Purchased Asset, (d) which is issued pursuant to a participation agreement acceptable to Buyer in its sole discretion exercised in good faith and is represented by a physical participation certificate which is held by Custodian pursuant to the Custodial Agreement, and (e) which vests the holders thereof with approval or veto rights over customary major decisions concerning such Whole Loan acceptable to Buyer. Once an Eligible Participation Interest is proposed by Seller and determined to be acceptable for a Transaction by Buyer and becomes a Purchased Asset that is a Senior Interest on a Purchase Date, such Purchased Asset shall be treated as a Purchased Asset for all purposes of this Agreement and shall be subject to all provisions of this Agreement related to Purchased Assets in the same manner as all other Purchased Assets
Eligible Participation Interest. A Participation Interest in a Loan originated by a bank or financial institution that, at the time of acquisition, or the Borrower’s commitment to acquire the same, satisfies each of the following criteria: (i) such participation would constitute a Loan were it acquired directly, (ii) the Selling Institution is a lender on the Loan, (iii) the aggregate participation in the Loan granted by such Selling Institution to any one or more participants does not exceed the principal amount or commitment with respect to which the Selling Institution is a lender under such Loan, (iv) such participation does not grant, in the aggregate, to the participant in such participation a greater interest than the Selling Institution holds in the Loan or commitment that is the subject of the participation, (v) the entire purchase price for such participation is paid in full (without the benefit of financing from the Selling Institution or its affiliates) at the time of the Borrower’s acquisition, (vi) the participation provides the participant all of the economic benefit and risk of the whole or part of the Loan or commitment that is the subject of the Loan participation and (vii) such participation is documented under a Loan Syndications and Trading Association, Loan Market Association or similar agreement standard for Loan participation transactions among institutional market participants, provided, in each case, that each such Participation Interest shall cease to constitute an “Eligible Participation Interest” for the purposes of this Agreement or any other Transaction Document on the earlier of (x) its respective Elevation Date and (y) the 45th calendar day (or such later date as may be determined by the Administrative Agent in its sole and absolute discretion) following the relevant Portfolio Asset Trade Date. For the avoidance of doubt, Eligible Participation Interests shall not include any sub-participation interest in any Loan.
Eligible Participation Interest. A Participation Interest in a Loan originated by a bank or financial institution that, at the time of acquisition, or the Issuer’s commitment to acquire the same, satisfies each of the following criteria: (i) such participation would constitute a Portfolio Asset were it acquired directly, (ii) the selling institution is a lender on the Loan, (iii) the aggregate participation in the Loan granted by such selling institution to any one or more participants does not exceed the principal amount or commitment with respect to which the selling institution is a lender under such Loan, (iv) such participation does not grant, in the aggregate, to the participant in such participation a greater interest than the selling institution holds in the Loan or commitment that is the subject of the participation, (v) the entire purchase price for such participation is paid in full (without the benefit of financing from the selling institution or its affiliates) at the time of the Issuer’s acquisition (or, to the extent of a participation in the unfunded commitment under a Delayed-Draw Loan, at the time of the funding of such Loan), (vi) the participation provides the participant all of the economic benefit and risk of the whole or part of the Loan or commitment that is the subject of the Loan participation and (vii) such participation is documented under a Loan Syndications and Trading Association, Loan Market Association or similar agreement standard for Loan participation transactions among institutional market participants. For the avoidance of doubt, Eligible Participation Interest shall not include a sub-participation interest in any Loan.
Eligible Participation Interest has the meaning assigned to such term in Section 5.13.
Eligible Participation Interest means a Participation Interest with respect to which the related Participated Receivable is an Eligible Participated Receivable.
Eligible Participation Interest means a performing pari passu participation interest that does not entitle the holder thereof to control servicing and other decisions with respect to the related Whole Loan or A-Note pursuant to the related Participation Agreement and is evidenced by a Participation Certificate retained by Seller in connection with a Whole Loan or A-Note previously subject to a Transaction hereunder (and the Controlling Participation in such Whole Loan or A-Note is held by a securitization trust (or trustee on its behalf) in connection with a capital markets transaction executed by or on behalf of any Guarantor or any of Guarantors’ Affiliates) that satisfies each of the following criteria:
Eligible Participation Interest has the meaning set forth in the Credit and Security Agreement.