Qualified Substitute Collateral definition

Qualified Substitute Collateral means, at any time, (i) cash, (ii) U.S. Treasury securities, or (iii) securities issued or fully guaranteed by an agency or instrumentality of the United States, in each case deposited or held in or transferred or credited to or carried in the Securities Account and listed as of such time on the Qualified Collateral Schedule.
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Qualified Substitute Collateral means Collateral added to the Pledged Collateral List in the following order:
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Qualified Substitute Collateral means Collateral added to the Pledged Collateral List in the following order: first, Eligible Assets then available to be pledged from the Listed Eligible Assets (in the order in which such assets are ranked, from highest to lowest); second, remaining Eligible Assets other than Non-Performing Loan Assets; and thereafter, Non-Performing Loan Assets.
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Examples of Qualified Substitute Collateral in a sentence

  • If, after the repayment in full of all loans and other obligations under the Secured Credit Facilities and the termination of the commitments thereunder, the Company or any Grantor pledges any additional Collateral in order to comply with Section 4.11 or otherwise, such additional collateral shall be comprised of Qualified Substitute Collateral.

  • Scheduled Payments received with respect to such Qualified Substitute Collateral on or before the date of substitution will be retained by the Originator.

  • To the extent that any such Net Available Cash or Net Event of Loss Proceeds remain on deposit with the Collateral Agent after the Qualified Substitute Collateral has been duly tendered, such amounts will be retained in the Cash Collateral Account as additional “Collateral Excess Proceeds” and disposed of in the manner specified in Section 4.11.

  • On the date of such substitution, the Collateral Custodian (at the written direction of the Servicer) shall release the Deleted Collateral from the lien of the Guarantee and Security Agreement and the Servicer will cause such Qualified Substitute Collateral to be pledged to the Collateral Custodian under the Guarantee and Security Agreement as part of the Collateral.

  • The Servicer shall deposit in the Collection Account all payments received in connection with each item of Qualified Substitute Collateral after the date of such substitution.

  • As to any Deleted Collateral for which the Originator substitutes Qualified Substitute Collateral, the Originator shall effect such substitution by delivering to the Administrative Agent an Officer’s Certificate of the Originator to the effect that the Substitution Adjustment has been remitted to the Servicer for deposit in the Collection Account.

  • Upon such substitution, such Qualified Substitute Collateral shall be subject to the terms of this Agreement in all respects, and the Originator shall be deemed to have made with respect to such Qualified Substitute Collateral, as of the date of substitution, the covenants, representations and warranties set forth in Section 3.03, 3.04 or 3.05, as applicable.

  • Within 30 days following the receipt of Collateral Proceeds, if necessary in order to comply with this Section 4.11, the Company will have the option to (i) pledge Qualified Substitute Collateral or (ii) identify in an Officers’ Certificate delivered to the Trustee the Collateral Proceeds therefrom as “Designated Collateral Proceeds” or (iii) implement any combination of clauses (i) and (ii) sufficient to maintain compliance with this Section 4.11.

  • The Originator shall give written notice to the Depositor, the Borrower, the Servicer and the Administrative Agent that such substitution has taken place and the Servicer shall amend the Collateral Schedule to reflect (i) the removal of such Deleted Collateral or substituted Collateral from the terms of this Agreement and (ii) the substitution of the Qualified Substitute Collateral.


More Definitions of Qualified Substitute Collateral

Qualified Substitute Collateral. Eligible Loan(s) and Eligible Asset(s) substituted for Deleted Collateral or other Collateral pursuant to Section 3.06, which complies or comply as of the date of substitution with each representation and warranty set forth in Sections 3.03, 3.04 and 3.05, as applicable.
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Qualified Substitute Collateral is defined to mean, as of any date, with respect to any Removed Mortgaged Vessel, one or more Vessels or Specialized Equipment, which:
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Qualified Substitute Collateral has the meaning assigned to such term in Section 1.01 of the Sale and Servicing Agreement.
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Related to Qualified Substitute Collateral

  • Qualified Substitute Mortgage Loan A Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement which must, on the date of such substitution, (i) have an outstanding principal balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution, not in excess of and not more than 5% less than the Stated Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) have a Mortgage Rate not less than (and not more than one percentage point in excess of) the Mortgage Rate of the Deleted Mortgage Loan, (iii) with respect to each Adjustable Rate Mortgage Loan have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) with respect to each Adjustable Rate Mortgage Loan have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (v) with respect to each Adjustable Rate Mortgage Loan have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (vi) with respect to each Adjustable Rate Mortgage Loan, adjust in accordance with the Index and have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, and have the same intervals between Adjustment Dates as the Deleted Mortgage Loan, (vii) have a remaining term to maturity not greater than (and not more than one year less than) that of the Deleted Mortgage Loan, (viii) have the same Due Date as the Due Date on the Deleted Mortgage Loan, (ix) have a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (x) have a risk grading certified by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xi) have been underwritten or reunderwritten by the Originator in accordance with the same underwriting criteria and guidelines as the Mortgage Loans being replaced, (xii) be of the same or better credit quality as the Mortgage Loan being replaced, (xiii) have a lien priority equal to or superior to that of the Deleted Mortgage Loan, (xiv) be secured by the same property type as the Deleted Mortgage Loan and (xv) conform to each representation and warranty in the applicable Mortgage Loan Purchase Agreement. In the event that one or more Mortgage Loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate principal balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the Loan-to-Value Ratios described in clause (ix) hereof shall be satisfied as to each such Mortgage Loan, the risk gradings described in clause (x) hereof shall be satisfied as to each such Mortgage Loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

  • Qualified Subsidiary means a Subsidiary that meets the definition of “a company controlled by its parent company” as defined in Rule 3a-5 under the 1940 Act.

  • Specified Subsidiary means, at any date of determination (a) any Material Subsidiary or (b) any Unrestricted Subsidiary (i) whose total assets at the last day of the Test Period ending on the last day of the most recent fiscal period for which Section 9.1 Financials have been delivered were equal to or greater than 10% of the Consolidated Total Assets of the Borrower and the Subsidiaries at such date, or (ii) whose revenues during such Test Period were equal to or greater than 10% of the consolidated revenues of the Borrower and the Subsidiaries for such period, in each case determined in accordance with GAAP, and (c) each other Unrestricted Subsidiary that is the subject of an Event of Default under Section 11.5 and that, when such Subsidiary’s total assets or revenues are aggregated with the total assets or revenues, as applicable, of each other Subsidiary that is the subject of an Event of Default under Section 11.5 would constitute a Specified Subsidiary under clause (b) above.

  • qualified supplier means a supplier that a procuring entity recognises as having satisfied the conditions for participation;

  • Collateral Substitution has the meaning specified in Section 3.13.