Ineligible Collateral Asset means, at any time, a loan or other obligation, or any portion thereof, that fails to satisfy any criteria of the definition of “Eligible Collateral Asset” (unless otherwise expressly waived by the Administrative Agent in its sole discretion).
Ineligible Collateral Asset means, at any time, (i) a Collateral Asset or any portion thereof, that fails to satisfy any criteria of the definition of Eligible Collateral Asset as of the date when such criteria are applicable (other than any criteria that has been waived pursuant to the definition thereof) or (ii) the Administrative Agent, in its sole discretion, determines that a Collateral Asset or any portion thereof is a “securitisation position” for the purposes of the Securitisation Regulation; it being understood that such criteria in the definition of Eligible Collateral Asset that is specified to be applicable only as of the date of acquisition of such Collateral Asset shall not be applicable after the date of acquisition of such Collateral Asset.
Examples of Ineligible Collateral Asset in a sentence
The Borrower may also sell any Ineligible Collateral Asset or any portion of any Collateral Asset that is allocated to the Excess Concentration Amount at any time unless an Event of Default has occurred and is continuing (but otherwise without restriction).
Notwithstanding Section 10.01(a), if on any day a Collateral Asset is no longer an Eligible Collateral Asset and any Coverage Test is not satisfied as of such day, the Borrower shall either make a deposit of the funds and/or deliver one or more replacement Collateral Assets for such Ineligible Collateral Asset, in each case pursuant to the Sale Agreement and in accordance with Section 10.03; provided that this clause (b) shall not require the Borrower to sell any such Collateral Asset.