Ineligible Asset definition

Ineligible Asset means an asset that fails to satisfy the Eligibility Criteria upon the acquisition of such asset.

Ineligible Asset means (a) any equity security or any other interest or security that is not eligible for purchase by the Borrower under the Transaction Documents, whether or not received with respect to a Collateral Obligation, or (b) any interest or security purchased as part of a “unit” with a Collateral Obligation and that itself is not eligible for purchase by the Borrower under the Transaction Documents.

Ineligible Asset means a Schedule 2 Asset that does not meet the Asset Eligibility Criteria set forth on Schedule 3.

Examples of Ineligible Asset in a sentence

• Any Forward Ineligible Assets purchased hereunder shall be purchased in chronological order (based on when it became a Forward Ineligible Asset), with the Forward Assets which became Forward Ineligible Assets first, being purchased first, and so forth.

• By written notice to the other party on or before the fifth Business Day following the Closing Date, Council or an Insurer may identify as an Ineligible Asset any asset that was transferred to such Insurer as part of the applicable Closing Date Transfers, and such parties will work in good faith for seven (7) Business Days following the receipt of such notice to agree on which, if any, assets constituting part of the applicable Closing Date Transfers are Ineligible Assets.

• By written notice to the other party on or before the fifth Business Day following the Closing Date, Company or Insurer may identify as an Ineligible Asset any asset that was transferred to Insurer as part of the Closing Date Transfers, and the parties will work in good faith for seven (7) Business Days following the receipt of such notice to agree on which, if any, assets constituting part of the Closing Date Transfers are Ineligible Assets.

• The Insurers will, if needed, further update Schedule 2 to reflect the removal of any asset that is determined to be an Ineligible Asset [***] and [***] is returned to the Plan Trust in accordance therewith.

• Insurer will, if needed, further update Schedule 2 to reflect the removal of any asset that is determined to be an Ineligible Asset pursuant to paragraph 3.c. and is returned to the Plan Trust in accordance therewith.

More Definitions of Ineligible Asset

Ineligible Asset any Purchased Asset that at any time Buyer determines is not an Eligible Asset as a result of any representation, warranty or material information made or provided by Seller or Guarantor being false or misleading at the time such representation or warranty was made or such material information was provided (other than MTM Representations);

Ineligible Asset means a Collateral Obligation that is not an Eligible Collateral Obligation.

Ineligible Asset has the meaning specified in Section 2.6(b)(vi).

Ineligible Asset means, on the earlier to occur of (i) the CLO Takeout and (ii) the date of the final offering memorandum with respect to the Offering, any Asset that does not satisfy the eligibility criteria set forth in the Borrower’s indenture (or similar agreement) governing the issuance of the CLO Securities expected to be dated as of the CLO Takeout.

Ineligible Asset means, on the earlier to occur of (i) a CLO Takeout Date and (ii) the date of the final offering memorandum with respect to the related Offering, any Asset that does not satisfy the eligibility criteria set forth in the applicable CLO Subsidiary’s indenture (or similar agreement) governing the issuance of the related CLO Securities, expected to be dated as of such CLO Takeout Date.

Ineligible Asset. As defined in Section 2.7(b) of the Sale and Servicing Agreement.

Ineligible Asset and “Ineligible Assets” means, individually and collectively, each Ineligible Mortgage Loan and each Ineligible REO Property.