Required Sale Assets means all assets owned by the Borrower that would disqualify the Borrower from using the “loan securitization exemption” under the Xxxxxxx Rule (as determined by the Administrative Agent in its reasonable discretion).
Required Sale Assets means all assets owned by the Borrower that would disqualify the Borrower from using the “loan securitization exemption” under the Volcker Rule (as determined by the Administrative Agent in its reasonable discretion).
Required Sale Assets means all assets owned by the Borrower the ownership of which would disqualify the Borrower from using the “loan securitization exemption” under the Xxxxxxx Rule (as determined by the Administrative Agent in its reasonable discretion). For the avoidance of doubt, the parties agree that the following will not be included in the definition of “Required Sale Assets”: (a) First Lien Loan Assets, First Lien Last Out Loan Assets and Second Lien Loan Assets only if (i) no portion of the interest held by the Borrower in such Loan Assets consists of letters of credit or (ii) the interest held by the Borrower in such Loan Assets is not pursuant to a participation interest and (b) solely to the extent permitted under Section 351.10(c)(8)(iii) of the Xxxxxxx Rule, any loans, securities or other assets received in connection with a workout or restructuring of a Loan Asset in lieu of debts previously contracted with respect to such Loan Asset previously held by the Borrower in compliance with the terms of this Agreement.
Examples of Required Sale Assets in a sentence
Notwithstanding anything else in this Agreement to the contrary upon the request of the Administrative Agent, the Servicer shall cause the Borrower to divest all Required Sale Assets within ten (10) Business Days from the date of notice from the Administrative Agent to the Borrower or the Servicer that such Loan Asset constitutes a Required Sale Asset.
For the avoidance of doubt, the Borrower's divestment of the Required Sale Assets shall not be subject to the terms of Section 2.07 or included in determining the Borrower's compliance with the requirements therein in connection with the sale of any other Loan Asset.
More Definitions of Required Sale Assets
Required Sale Assets. (a) First Lien Loan Assets, First Lien Last Out Loan Assets and Second Lien Loan Assets only if (i) no portion of the interest held by the Borrower in such Loan Assets consists of letters of credit or (ii) the interest held by the Borrower in such Loan Assets is not pursuant to a participation interest and (b) solely to the extent permitted under Section 351.10(c)(8)(iii) of the Xxxxxxx Rule, any loans, securities or other assets received in connection with a workout or restructuring of a Loan Asset in lieu of debts previously contracted with respect to such Loan Asset previously held by the Borrower in compliance with the terms of this Agreement.
Required Sale Assets means all assets that are not loans, leases, extensions of credit, or secured or unsecured receivables which are owned by the Borrower and would disqualify the Borrower from using the “loan securitization exemption” under the Volcker Rule (as determined by the Facility Agent in its reasonable discretion).
Required Sale Assets means all assets owned by the Borrower that would disqualify the Borrower from using the “loan securitization exemption” under the Volcker Rule (as determined by the Administrative Agent in its reasonable discretion). For the avoidance of doubt, any asset that is an Eligible Loan Asset hereunder will not be included in the definition of “Required Sale Assets.”