Common use of Eligible Contract Clause in Contracts

Eligible Contract. Each Contract identified on the Contract Schedule constitutes an Eligible Contract as of its respective Purchase Date.

Eligible Contract. Each Contract identified on the Contract Schedule constitutes an Eligible Contract as of its respective Purchase Cutoff Date. As of the date hereof, a sufficient number of the Contracts identified in the original Contract Schedule provided in connection with the Initial Sale Agreement remain Eligible Contracts such that the “Borrowing Base” exceeds the “Aggregate Principal Balance” (as each such term is defined in the Loan Agreement) after giving effect to the initial loans and advances being made thereunder.