Subject Loan Asset definition

Subject Loan Asset means, as of any date of determination during the Specified Period, (I) any Eligible Loan Asset (a) with respect to which one or more Qualifying Value Adjustment Events have occurred and (b) with an origination date prior to the Specified Period or (II) any other Eligible Loan Asset designated as a Subject Loan Asset by the Borrower with the consent of the Administrative Agent in its sole discretion; provided that, (i) subject to clause (ii), if, during the Specified Period, the aggregate Outstanding Balance of all Subject Loan Assets exceeds 50.0% of the sum of (x) the aggregate Outstanding Balance of all Eligible Loan Assets plus (y) aggregate Principal Collections on deposit in the Controlled Accounts as of such date (the sum of clauses (x) and (y), the “SLA Threshold Amount”), and subsequently is reduced to an amount less than 50.0% of the SLA Threshold Amount, then additional Eligible Loan Assets satisfying the requirements of this definition may be designated as Subject Loan Assets in the order in which the related Qualifying Value Adjustment Events occur with respect to such Loan Assets, in each case, at the discretion of the Borrower, (ii) if on any date of determination, multiple Eligible Loan Assets become subject to Qualifying Value Adjustments Events on the same date of determination such that the aggregate Outstanding Balance of all Subject Loan Assets would exceed 50.0% of the SLA Threshold Amount, then (A) the Borrower shall determine which such Eligible Loan Assets will constitute Subject Loan Assets so long as the Borrower provides the Administrative Agent with written notice of such determination within three (3) Business Day of the date on which the Borrower provides the Administrative Agent with notice of the related Qualifying Value Adjustment Event in respect of the Loan Asset it wishes to designate as a Subject Loan Asset pursuant to this clause (ii)(A) and (B) otherwise, the Administrative Agent, in its sole discretion, shall determine which such Eligible Loan Assets will constitute Subject Loan Assets and (iii) in the event that a portion of any single Eligible Loan Asset would cause the aggregate amount of Subject Loan Assets by Outstanding Balance to exceed 50% of the SLA Threshold Amount, only the portion of such Eligible Loan Asset not in excess of 50% of the SLA Threshold Amount shall be deemed to be a Subject Loan Asset. Notwithstanding the foregoing, if, during the Specified Period, the aggregate Outstanding Balance of all S...
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Subject Loan Asset means, as of any date of determination during the Specified Period, (I) any Eligible Loan Asset (a) with respect to which one or more Qualifying Value Adjustment Events have occurred and (b) with an origination date prior to the Specified Period or (II) any other Eligible Loan Asset designated as a Subject Loan Asset by the Borrower with the consent of the Administrative Agent in its sole discretion; provided that, (i) subject to clause (ii), if, during the Specified Period, the aggregate Outstanding Balance of all Subject Loan Assets exceeds 50.0% of the sum of (x) the aggregate Outstanding Balance of all Eligible Loan Assets plus (y) aggregate Principal Collections on deposit in the Controlled Accounts as of such date (the sum of clauses (x) and (y), the “SLA Threshold Amount”), and subsequently is reduced to an amount less than 50.0% of the SLA Threshold Amount, then additional Eligible Loan Assets satisfying the requirements of this definition may be designated as Subject Loan Assets in the order in which the related Qualifying Value Adjustment Events occur with respect to such Loan Assets, in each case, at the discretion of the Borrower, (ii) if on any date of determination, multiple Eligible Loan Assets become subject to Qualifying Value Adjustments Events on the same date of determination such that the aggregate Outstanding Balance of all Subject Loan Assets would exceed 50.0% of the SLA Threshold Amount, then (A) the Borrower shall determine which such Eligible Loan Assets will constitute Subject Loan Assets so long as the Borrower provides the Administrative Agent with written notice of such determination within three (3) Business Day of the date on which the Borrower provides the Administrative Agent with notice of the related Qualifying Value Adjustment Event in respect of the Loan Asset it wishes to designate as a Subject Loan Asset pursuant to this clause (ii)(A) and (B) otherwise, the Administrative Agent, in its sole discretion, shall determine which such Eligible Loan Assets will constitute Subject Loan Assets and (iii) in the event that a portion of any single Eligible Loan Asset would cause the aggregate amount of Subject Loan Assets by Outstanding Balance to exceed 50% of the SLA Threshold Amount, only the portion of such Eligible Loan Asset not in excess of 50% of the SLA Threshold Amount shall be deemed to be a Subject Loan Asset. Notwithstanding the foregoing, if, during the Specified Period, the aggregate Outstanding Balance of all S...
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Related to Subject Loan Asset

  • Eligible Loan Asset means, at any time, a Loan Asset in respect of which each of the representations and warranties contained in Section 4.02 and Schedule III hereto is true and correct.

  • Loan Asset means each commercial loan identified on Schedule A hereto, and each commercial loan identified on any Purchase Notice.

  • Loan Assets means, collectively and as applicable, the Initial Loan Assets, the Substitute Loan Assets and the Additional Loan Assets, as applicable.

  • Mortgage Loan Borrower shall have the meaning assigned to such term in the recitals.

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • PMI Mortgage Loans The list of Mortgage Loans insured by the PMI Insurer attached hereto as Schedule II.

  • First Lien Mortgage Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Student Loans means education loans to students and parents of students under the Federal Family Education Loan Program.

  • Mortgage loan originator means any institution which originated a Mortgage Loan for a related Borrower.

  • Purchased Loan means each motor vehicle retail installment loan relating to the sale of an automobile or light-duty truck originated by a Dealer, purchased by the Originator from such Dealer and evidenced by a Purchased Loan Contract; provided, however, that the term “Purchased Loan” shall, for purposes of this Agreement, include only those Purchased Loans identified from time to time on Schedule A hereto.

  • Purchased Loans means, with respect to each Purchase Agreement, the Loans offered for sale and purchased or substituted pursuant to such Purchase Agreement.

  • Purchased Mortgage Loans means the collective reference to Mortgage Loans together with the Repurchase Assets related to such Mortgage Loans transferred by Seller to Buyer in a Transaction hereunder, listed on the related Mortgage Loan Schedule attached to the related Transaction Request, which such Mortgage Loans the Custodian has been instructed to hold pursuant to the Custodial Agreement.

  • Countrywide Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Countrywide is the applicable Seller.

  • Pledged Asset Mortgage Loan A Mortgage Loan as to which, at the time of origination, a Letter of Credit was issued in favor of the initial holder of such Mortgage Loan.

  • Subject Loans has the meaning assigned to such term in Section 2.11(b)(ii).

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • Eligible Loans has the meaning specified in any of the Purchase Agreements or the Sale Agreement, as applicable.

  • student loan means a loan towards a student’s maintenance pursuant to any regulations made under section 22 of the Teaching and Higher Education Act 1998, section 73 of the Education (Scotland) Act 1980 or Article 3 of the Education (Student Support) (Northern Ireland) Order 1998 and includes, in Scotland, a young student’s bursary paid under regulation 4(1)(c) of the Students’ Allowances (Scotland) Regulations 2007.

  • Eligible Loan means a Loan offered for sale or substituted by SLM ECFC under a Purchase Agreement which as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the related Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan, is current or not more past due than permitted under such Purchase Agreement in payment of principal or interest and which meets the following criteria as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the effective date of the related Xxxx of Sale, in the case of any Additional Loan or Substituted Loan: (i) is a Consolidation Loan; (ii) is owned by SLM ECFC and is fully disbursed; (iii) is guaranteed as to principal and interest by the applicable Guarantor to the maximum extent permitted by the Higher Education Act for such Loan; (iv) bears interest at a stated rate of not less than the maximum rate permitted under the Higher Education Act for such Loan; (v) is eligible for the payment of the quarterly special allowance at the full and undiminished rate established under the formula set forth in the Higher Education Act for such Loan; (vi) if not yet in repayment status, is eligible for the payment of interest benefits by the Secretary or, if not so eligible, is a Loan for which interest either is billed quarterly to Borrower or deferred until commencement of the repayment period, in which case such accrued interest is subject to capitalization to the full extent permitted by the applicable Guarantor; (vii) is current or no payment of principal or interest shall be more than 210 days past due as of the Statistical Cutoff Date, in the case of the Initial Loans, or in relation to any Additional Loan or Substituted Loan, the related Subsequent Cutoff Date; (viii) the last disbursement was before the Statistical Cutoff Date, in the case of the Initial Loans, or before the Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan; (ix) is supported by the following documentation: 1. loan application, and any supplement thereto, 2. original promissory note and any addendum thereto (or a certified copy thereof if more than one loan is represented by a single promissory note and all loans so represented are not being sold) or the electronic records evidencing the same, 3. evidence of guarantee, 4. any other document and/or record which Funding may be required to retain pursuant to the Higher Education Act, 5. if applicable, payment history (or similar document) including (i) an indication of the Principal Balance and the date through which interest has been paid, each as of the Statistical Cutoff Date, in the case of the Initial Loans, or the related Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan, and (ii) an accounting of the allocation of all payments by the Borrower or on the Borrower’s behalf to principal and interest on the Loan, 6. if applicable, documentation which supports periods of current or past deferment or past forbearance, 7. if applicable, a collection history, if the Loan was ever in a delinquent status, including detailed summaries of contacts and including the addresses or telephone numbers used in contacting or attempting to contact Borrower and any endorser and, if required by the Guarantor, copies of all letters and other correspondence relating to due diligence processing, 8. if applicable, evidence of all requests for skip-tracing assistance and current address of Borrower, if located, 9. if applicable, evidence of requests for pre-claims assistance, and evidence that the Borrower’s school(s) have been notified, and 10. if applicable, a record of any event resulting in a change to or confirmation of any data in the Loan file.

  • Mortgage Loan shall have the meaning assigned to such term in the recitals.

  • Eligible Mortgage Loan means a Mortgage Loan (including a Wet Funded Loan) with respect to which each of the following statements shall be accurate and complete (and Borrower, by including such Mortgage Loan in any computation of the Borrowing Base, shall be deemed to so represent and warrant to the Lenders as of the date of such computation):

  • Subsequent Mortgage Loans means, for purposes of this Agreement, the Subsequent Mortgage Loans listed in the Subsequent Mortgage Loan Schedule attached hereto as Schedule I.

  • Mortgage Loans Such of the mortgage loans transferred and assigned to the Trustee pursuant to the provisions hereof as from time to time are held as a part of the Trust Fund (including any REO Property), the mortgage loans so held being identified in the Mortgage Loan Schedule, notwithstanding foreclosure or other acquisition of title of the related Mortgaged Property.

  • Whole Loan As defined in the Introductory Statement.

  • Securitization Property means the property described in section 10j.