Medallion Loan definition

Medallion Loan means each loan made by Seller and identified on Schedule A hereto, as such schedule may be amended pursuant to Section 2.1.4 of this Agreement.

Medallion Loan or “Loan” means each of the loans secured by Medallion Collateral originated by an Approved Originator, and purchased or otherwise acquired by the Borrower, that is included in any Medallion Loan Schedule, and all rights and obligations under such loan.

Medallion Loan means a loan purported to be sold or contributed hereunder to the Transferee that is a loan secured by a collateral assignment of a Medallion and evidenced by an Obligor Note, arising from the extension of credit to an Obligor by an Originator in the ordinary course of its business and appearing on a Medallion Loan Schedule at any time hereafter submitted to and accepted by the Transferee in connection with a conveyance pursuant to Section 2.02, and shall include, without limitation, all monies due or owing and all Collections and other amounts received from time to time with respect to such loan and all proceeds (including, without limitation, “proceeds” as defined in the UCC of the jurisdiction the law of which governs the perfection of the interest on Medallion Loans) thereof; provided, however, that any Medallion Loan retransferred by the Transferor pursuant to Section 8.02 of this Agreement shall cease to be a Medallion Loan as of the date of such retransfer.

Examples of Medallion Loan in a sentence

• All such Medallion Loans and Related Assets are transferred to the Transferee without recourse to the Transferor except as described herein, which in any event shall not include any recourse to the Transferor on account of a credit default under a Medallion Loan.

• Each Medallion Loan was underwritten in accordance with the Underwriting Guidelines and is being serviced in conformity with the Transferor’s standard underwriting, credit, collection, operating and reporting procedures and systems and otherwise in accordance with Accepted Servicing Practices and the Credit and Collection Policy.

• No transfer of any Medallion Loan or Related Asset by the Transferor to the Transferee constitutes a fraudulent transfer or fraudulent conveyance under the United States Bankruptcy Code or applicable state bankruptcy or insolvency laws or is otherwise void or voidable or subject to subordination under similar laws or principles or for any other reason.

• The Transferor will not attempt to rescind or cancel, or permit the rescission or cancellation of, any Medallion Loan except as ordered by a court of competent jurisdiction or other Governmental Authority.

• As of the date on which a Medallion Loan is sold hereunder, such Medallion Loan is an Eligible Medallion Loan.

• The Transferee: Taxi Medallion Loan Trust II c/o Medallion Financial Corp.

• At the time of transfer of each Medallion Loan by the Transferor to the Transferee, the Transferor shall be the lawful owner of, and have good title to, such Medallion Loan and Related Assets, free and clear of any Liens (except for Permitted Participation Interests and Liens created hereunder and under the Operative Documents).

More Definitions of Medallion Loan

Medallion Loan means each of the loans secured by Medallion Collateral originated by any of (i) the Seller, (ii) an Affiliate of Medallion Funding or (iii) a third-party originator acceptable to the Lender in its sole and absolute discretion and approved by the Lender in writing, and purchased by the Borrower evidenced by, among other things, a Medallion Note and Medallion Security Agreement, that is included in any Medallion Loan Schedule, and all rights and obligations under such loan.

Medallion Loan means a loan purported to be sold or contributed hereunder to Buyer, or substituted pursuant to Section 8.02 hereof, that is a loan secured by a collateral assignment of a Medallion and evidenced by an Obligor Note, arising from the extension of credit to an Obligor by an Originator in the ordinary course of its business and appears on a Medallion Loan Schedule at any time hereafter submitted to and accepted by the Buyer in connection with a conveyance pursuant to Section 2.02, and shall include, without limitation, all monies due or owing and all Collections and other amounts received from time to time with respect to such loan and all proceeds (including, without limitation, "proceeds" as defined in the UCC of the jurisdiction the law of which governs the perfection of the interest on the Medallion Loans) thereof; provided, however, that any Medallion Loan repurchased by the Seller pursuant to Section 8.02 of this Agreement shall cease to be a Medallion Loan as of the date of such repurchase.

Medallion Loan means any of the loans described on Schedule 2 to this Agreement and shall include any additional loan that is a loan secured by a collateral assignment of a Medallion and evidenced by an Obligor Note, arising from the extension of credit to an Obligor by Financial or by another party from which Financial acquired the loan in the ordinary course of its business to finance Obligor's investment in a Medallion and that is purported to be sold or paid as a dividend to and accepted by Funding that is in connection with a conveyance pursuant to Section 2.01 and 2.02 and shall include, without limitation, all monies due or owing and all Collections and other amounts received from time to time with respect to such loan and all proceeds (including, without limitation, "proceeds" as defined in the UCC of the jurisdiction the law of which governs the perfection of the interest on the Medallion Loans) thereof.