Eligible Portfolio Asset means (a) each of the Initial Portfolio Assets and (b) any other Portfolio Asset that has been approved in writing by the Initial Lender in its sole discretion.
Eligible Portfolio Asset. Each Portfolio Asset (A) for which the Administrative Agent and the Document Custodian have received (or, in accordance with clause (b) of the definition of “Required Portfolio Asset Documents”, the Document Custodian will receive) the related Required Portfolio Asset Documents; and (B) that satisfies each of the following eligibility requirements (unless the Administrative Agent in its sole discretion agrees to waive any such eligibility requirement with respect to such Portfolio Asset), in each case, as of any date of determination, including, but not limited to, the trade date for the relevant purchase or acquisition thereof (such trade date, the “Portfolio Asset Trade Date”):
Eligible Portfolio Asset means, each Eligible Loan Asset and each Eligible Equity Investment.
Examples of Eligible Portfolio Asset in a sentence
If and to the extent such non-compliance has not been cured within such time period, such Portfolio Asset shall cease to be an Eligible Portfolio Asset until such non-compliance is cured.
As of each date the Borrower acquires any Portfolio Asset from the Seller, (i) each such Portfolio Asset included in the Aggregate Borrowing Base is an Eligible Portfolio Asset and (ii) each such Portfolio Asset included in the Collateral is free and clear of any Lien of any Person (other than Permitted Liens and any Lien which will be released contemporaneously with the acquisition thereof by the Borrower) and in compliance in all material respects with all Applicable Laws.
More Definitions of Eligible Portfolio Asset
Eligible Portfolio Asset means (i) each of the Initial Portfolio Assets, (ii) each other General Partner Investment owned by a Loan Party which complies with the Investment Guidelines (as determined at the time such Eligible Portfolio Asset is included in the Borrowing Base) including, any assets received as Distributions In Kind, (iii) each other Portfolio Asset that constitutes a Loan Asset that is approved by the Servicer, and in each case, that is not subject to any security interest, Lien or other encumbrance other than those granted to Administrative Agent herein (subject to Permitted Liens), subject to removal from the Borrowing Base and a corresponding reduction to the LTV, at the election of the Servicer if there has been (a) a Material Investment Event, (b) a Material Modification, (c) Underlying Obligor Default, (d) proceedings pending or, to any Loan Party’s knowledge, threatened (i) with respect to a Bankruptcy Event with respect to any applicable Obligor or (ii) wherein any applicable Obligor, any other party or any governmental entity has alleged that such Portfolio Asset or its related Underlying Agreement or any of its Required Portfolio Documents is illegal or unenforceable has occurred and is continuing and (e) in connection with a Sale under Section 2.11; provided, that any Eligible Portfolio Asset so removed from the Borrowing Base shall cease to be an Eligible Portfolio Asset; provided, further, that with respect to each Initial Portfolio Asset described in Schedule VII, each such Initial Portfolio Asset shall be deemed not to be an Eligible Portfolio Asset, and shall not be included in the Borrowing Base or the calculation of the LTV until the Post Closing Condition with respect to such Initial Portfolio Asset is satisfied, as determined by the Administrative Agent, acting at the direction of the Majority Lenders. “Eligible Receivable” means an amount which is due and owing with respect to an Eligible Portfolio Asset which is not more than 60 days past due and for which the applicable Loan Party reasonably believe such amount will be paid prior to the end of such 60 day period. “Employee Benefit Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA which is or was subject to ERISA (other than a Pension Plan or Multiemployer Plan) and maintained by, contributed to, or required to be maintained or contributed to by a Co‐Borrower, Holdings or any ERISA Affiliate. “Environmental Laws” means any and all foreign, federal, State and local laws...
Eligible Portfolio Asset means (1) each Initial Portfolio Asset and (2) a Loan Asset (other than the Initial Portfolio Assets) that, at the time of Transfer to the Borrower, unless otherwise approved by the Initial Lender and subject to the last paragraph of this definition: (a) is a Senior Loan, Junior Loan, Asset Based Loan, Recurring Revenue Loan, or Senior Note; provided that the par amount of Eligible Portfolio Assets constituting Junior Loans or Recurring Revenue Loans may not exceed 15% of the greater of (i) the Maximum Facility Amount and (ii) Total Portfolio Value, and the par amount of Eligible Portfolio Assets constituting Asset Based Loans may not exceed 15% of the greater of (i) the Maximum Facility Amount and (ii) Total Portfolio Value; (b) the Obligor of which is domiciled in the United States, Canada, the United Kingdom, a European Union country, Australia or any other country approved by the Calculation Agent; provided that the par amount of Loan Assets to non‐US Obligors may not exceed 20% of the greater of (i) the Maximum Facility Amount and (ii) Total Portfolio Value; (c) other than with respect to Recurring Revenue Loans and Asset Based Loans, (i) with respect to Loan Assets other than Junior Loans, the Obligor of which has EBITDA of no less than $10,000,000 for the last twelve‐month ("LTM") period then ended for which financial statements have been delivered (or are required to have been delivered) under the related Loan Agreement; provided that the par amount of Loan Assets to Obligors with EBITDA of $10,000,000 to $20,000,000 shall not exceed 10% of the greater of (A) the Maximum Facility Amount and (B) Total Portfolio Value; and (ii) with respect to Loan Assets constituting Junior Loans, the Obligor of which has EBITDA of not less than $50,000,000 for the last LTM period then ended for which financial statements have been delivered (or are required to have been delivered) under the related Loan Agreement; (d) other than with respect to Recurring Revenue Loans and Asset Based Loans, the Obligor of which has a total net debt / LTM EBITDA ratio of less than 7.0x;
Eligible Portfolio Asset means (i) each of the Initial Portfolio Assets, (ii) each other General Partner Investment owned by a Loan Party which complies with the Investment Guidelines (as determined at the time such Eligible Portfolio Asset is included in the Borrowing Base) including, any assets received as Distributions In Kind, and (iii) each other Portfolio Asset that constitutes a Loan Asset that is approved by the Servicer, and in each case, that is not subject to any security interest, Lien or other encumbrance other than those granted to Administrative Agent herein (subject to Permitted Liens), subject to removal from the Borrowing Base and a corresponding reduction to the LTV, at the election of the Servicer if there has been (a) a Material Investment Event, (b) a Material Modification, (c) Underlying Obligor Default, (d) proceedings pending or, to any Loan Party’s knowledge, threatened (i) with respect to a Bankruptcy Event with respect to any applicable Obligor or (ii) wherein any applicable Obligor, any other party or any governmental entity has alleged that such Portfolio Asset or its related Underlying Agreement or any of its Required Portfolio Documents is illegal or unenforceable has occurred and is continuing and (e) in connection with a Sale under Section -14- USActive 58806140.10 -14-60444631.4 SK 28388 0001 10656366 v3
Eligible Portfolio Asset means a Lease Asset or Tangible Investment Sukuk:
Eligible Portfolio Asset means any Portfolio Asset that has been approved in writing by the Initial Lender in its sole discretion.
Eligible Portfolio Asset. Each Portfolio Asset (A) for which the Administrative Agent and the Document Custodian have received (or, in accordance with clause (b) of the definition of “Required Portfolio Asset Documents”, the Document Custodian will receive) the related Required Portfolio Asset Documents; and (B) that satisfies each of the following eligibility requirements (unless the Administrative Agent in its sole discretion agrees to waive any such eligibility requirement with respect to such Portfolio Asset), in each case, as of any date of BUSINESS.32224493.
Eligible Portfolio Asset. Unless the context otherwise requires, all references to a “Portfolio Asset” will refer to a Loan (or Eligible Participation Interest therein) or portion thereof held by the Borrower. “Portfolio Asset Checklist”: An electronic or hard copy, as applicable, of a checklist delivered by or on behalf of the Borrower to the Document Custodian, for each Portfolio Asset, of all Required Portfolio Asset Documents to be included within the respective Portfolio Asset File, which shall specify whether such document is an original or a copy. “Portfolio Asset File”: For each Portfolio Asset, the following documents or instruments, as set forth on the related Portfolio Asset Checklist: (a) copies of each of the Required Portfolio Asset Documents; (b) to the extent applicable to such Portfolio Asset, the final copies for any related subordination agreement, intercreditor agreement, or similar instruments, assumption or substitution agreement or similar material operative document, in each case together with any amendment or modification thereto; and (c) either (i) copies of any financing statements under the UCC, if any, and any related continuation statements, each showing the Obligor as debtor and each with evidence of filing thereon, or (ii) copies of any such financing statements certified by the Collateral Manager to be true and complete copies thereof in instances where the original financing statements have been sent to the appropriate public filing office for filing.