Flex Asset definition
Flex Asset. A Whole Loan (other than a Hotel-Related Asset) that has a PPV of less than or equal to 50% or, if a Hotel-Related Asset, 45%. The decision to purchase (and, if Buyer decides to purchase, the terms and conditions for purchase) of any such Whole Loan shall be in the discretion of Buyer and the designation of any such Whole Loan as a Flex Asset shall be in the discretion of Buyer. Furthermore, in the event an Asset that is initially characterized as a Flex Asset later satisfies the Required PPV Percentage and Required Debt Yield Percentage for a Core Asset, Buyer may, in its sole and absolute discretion, designate any such Asset as a Core Asset, which will be evidenced by the execution and delivery of a new Confirmation with respect to such Asset by Buyer and Seller.
Flex Asset. A Whole Loan (other than a Hotel-Related Asset) that is classified as a “Flex Asset” in the discretion of Buyer, provided, in all cases, any such Whole Loan shall have (a) a Debt Yield that is at least equal to the Required Debt Yield Percentage and (b) a PPV that is less than or equal to Required PPV Percentage. The decision to purchase (and, if Buyer decides to purchase, the terms and conditions for purchase) any such Whole Loan shall be in the discretion of Buyer and the designation of any such Whole Loan as a Flex Asset shall be in the discretion of Buyer; provided, in no event shall a Hotel-Related Asset be a Flex Asset.”
Flex Asset. A Whole Loan (other than a Hotel-Related Asset) that (a) has a Debt Yield of less than 11% but, in any event, at least equal to the Required Debt Yield Percentage, or (b) has a PPV of less than or equal to 56%. The decision to purchase (and, if Buyer decides to purchase, the terms and conditions for purchase) any such Whole Loan shall be in the discretion of Buyer and the designation of any such Whole Loan as a Flex Asset shall be in the discretion of Buyer; provided, in no event shall a Hotel-Related Asset be a Flex Asset.
Examples of Flex Asset in a sentence
Any items which are not tracked in the UC Flex Asset Management System must be inventoried separately by the department and are not within the scope of the Office of Asset Management physical audits or self-audit reporting.
For any capital or non-capital items tracked in the UC Flex Asset Management System, the UC Flex Inventory Tracker will select the “Asset Description Long Text field” to note the name of the person possessing the item and the name of the person who authorized the off-site location.
More Definitions of Flex Asset
Flex Asset. A Whole Loan or Participation Interest (other than a Hotel-Related Asset) that has a PPV of less than or equal to 50% or, if a Hotel-Related Asset, 45%. The decision to purchase (and, if Buyer decides to purchase, the terms and conditions for purchase) of any such Whole Loan or Participation Interest shall be in the discretion of Buyer and the designation of any such Whole Loan or Participation Interest as a Flex Asset shall be in the discretion of Buyer. Furthermore, in the event an Asset that is initially characterized as a Flex Asset later satisfies the Required PPV Percentage and Required Debt Yield Percentage for a Core Asset, Buyer may, in its sole and absolute discretion, designate any such Asset as a Core Asset, which will be evidenced by the execution and delivery of a new Confirmation with respect to such Asset by Buyer and Seller.”