Hard Secured Receivable means a Receivable that is, as of the date of the origination thereof, secured by a lien on one or more Titled Assets.
Hard Secured Receivable means a Receivable that is, as of the date of origination thereof, secured by a lien on one or more Titled
Hard Secured Receivable means a Receivable that is, as of the date of the origination thereof, at least partially secured by a lien on one or more Titled Assets. “Hedge Collateral” means all of the rights of the Borrower, whether now existing and hereafter acquired, in and to all Hedging Agreements, Hedge Transactions and all present and future amounts payable by all Hedge Counterparties to the Borrower under or in connection with such Hedging Agreements and Hedge Transactions with such Hedge Counterparties. “Hedge Condition” means, as of any date of determination on or after the date of the Initial Loan, a condition that shall be satisfied if the Borrower is party to one or more Acceptable Cap Agreements with one or more Hedge Counterparties within thirty (30) days of the occurrence of a Hedging Event that satisfy the following conditions: (i) the aggregate notional principal of such Hedge Transactions is not less than nor greater than the respective percentage of the Eligible Receivables Principal Balance reasonably acceptable to the Administrative Agent, which aggregate notional principal amount may be stepped down on a schedule resulting from the usage of an assumed rate of prepayments on the Receivables and reasonably acceptable to the Administrative Agent; (ii) the Hedge Rate for any such Hedge Transactions shall not be higher than a rate acceptable to the Administrative Agent; (iii) the final maturity date for such Hedge Transactions shall be a date reasonably acceptable to the Administrative Agent; and (iv) the related Hedging Agreements are in form and substance reasonably acceptable to the Required Lenders and copies of which have been delivered to the Administrative Agent (which delivery may be made by electronic mail) and expressly acknowledge that the Borrower has assigned its rights thereunder to the Collateral Agent for the benefit of the Secured Parties and that the Collateral Agent will have the right to enforce the Hedge Counterparty’s obligations thereunder. “Hedge Counterparty” means any entity that on the date of entering into any Hedge Transaction (1) is an Affiliate of the Administrative Agent or any Lender or (2) (i) is an interest rate hedge provider that has been approved in writing by the Administrative Agent, acting at the direction of the Required Lenders (which approval shall not be unreasonably withheld), (ii) whose debt ratings satisfy each of the Long-Term Rating Requirement and the Short-Term Rating Requirement and (iii) who agrees that in the ev...
More Definitions of Hard Secured Receivable
Hard Secured Receivable means a Receivable that is, as of the date of the origination thereof, secured by a lien on one or more Titled Assets. “Hedge Breakage Costs” means the sum of the Senior Hedge Breakage Costs and the Subordinate Hedge Breakage Costs.