Eligible Asset Sample Clauses

Eligible Asset. The Mortgage Loan is an Eligible Mortgage Loan. The Mortgage Loan is a legal, valid and binding obligation of the Mortgagor thereunder, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and subject, as to enforceability, to general principals of equity (regardless of whether enforcement is sought in a proceeding in equity or at law), and subject to no offset, defense or counterclaim, obligating Mortgagor to make the payments specified therein.
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Eligible Asset. Each Loan is an “eligible asset” as defined in Rule 3a-7 under the Investment Company Act.
Eligible Asset. (a) Each Eligible Asset shall be initially computed as of the opening of business of the Collection Agent on the date of Purchase of such Eligible Asset. Thereafter until the Termination Date for such Eligible Asset, such Eligible Asset shall be automatically recomputed as of the close of business of the Collection Agent on each day (other than a Liquidation Day). Such Eligible Asset shall remain constant from the time as of which any such computation or recomputation is made until the time as of which the next such recomputation, if any, shall be made. Any Eligible Asset, as computed as of the day immediately preceding the Termination Date for such Eligible Asset, shall remain constant at all times on and after such Termination Date. Such Eligible Asset shall become zero at such time as the Owner of such Eligible Asset shall have received the accrued Yield for such Eligible Asset and shall have recovered the Capital of such Eligible Asset, and the Collection Agent shall have received the accrued Collection Agent Fee for such Eligible Asset.
Eligible Asset. As to each Eligible Asset on a Purchase Date (and the related Mortgage, mortgage Note, assignment of Mortgage and mortgaged property), the Seller shall be deemed to make the following representations and warranties to the Buyer as of such date and as of each date Market Value is determined. With respect to any representations and warranties made to the best of the Seller's knowledge, in the event that it is discovered that the circumstances with respect to the related Mortgage Loan are not accurately reflected in such representation and warranty notwithstanding the knowledge or lack of knowledge of the Seller, then, notwithstanding that such representation and warranty is made to the best of the Seller's knowledge, such Mortgage Loan shall be assigned a Collateral Value of zero. The Seller has good title to and is the sole owner and holder of the Mortgage Loan;
Eligible Asset. Such Mortgage Loan is either an Eligible Cherrywood Mortgage Loan or an Eligible CRE Bridge Mortgage Loan, as applicable, and such Mortgage Loan is secured by a Mortgaged Property located in the contiguous U.S. and that is not an Ineligible Property Type.
Eligible Asset. (a) Each Eligible Asset shall be initially computed as of the opening of business of the Collection Agent on the date of Purchase of such Eligible Asset. Thereafter until the Termination Date for such Eligible Asset, such Eligible Asset shall be automatically recomputed as of the close of business of the Collection Agent on each day (other than a Liquidation Day). Such Eligible Asset shall remain constant from the time as of which any such computation or recomputation is made until the time as of which the next such
Eligible Asset. (a) Each Eligible Asset shall be initially computed as of the opening of business of the Collection Agent on the date of Purchase of such Eligible Asset from the Seller. Thereafter until the Termination Date, such Eligible Asset shall be automatically recomputed as of (i) the opening of business of the Collection Agent on any day on which the aggregate Capital of all Eligible Assets hereunder is increased and (ii) the close of business of the Collection Agent on each day. An Eligible Asset shall become zero at such time as the Owner of such Eligible Asset shall have received the accrued Yield for such Eligible Asset, shall have recovered the Capital of such Eligible Asset and shall have received all other amounts payable to such Owner pursuant to this Agreement. Each Eligible Asset shall remain constant from the time as of which any such computation or recomputation is made until the time as of which the next such recomputation, if any, shall be made.
Eligible Asset. Each Advance is an “eligible asset” as defined in Rule 3a-7 of the 1940 Act.