RC Asset definition

RC Asset means, at any time, any asset of any Credit Party that satisfies each of the following requirements at such time: (a) such asset shall be of a class set forth as an “Eligible Asset Class” on Schedule 1.01(d), (b) such asset shall be owned exclusively by a Credit Party, (c) such asset shall be subject to a perfected first-priority security interest in favor of the Collateral Agent (other than Permitted RC Asset Liens) pursuant to the Security Documents, (d) such asset shall be free and clear of all other Liens and (e) such asset shall be denominated in Dollars and any real property securing such asset shall be located in the United States. For the avoidance of doubt any cash and Cash Equivalents shall be deemed not to be subject to a perfected first-priority security interest in favor of the Collateral Agent unless such cash and Cash Equivalents are held in a deposit account or a securities account subject to an account control agreement in favor of the Collateral Agent and such account control agreement is satisfactory to the Collateral Agent.
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Examples of RC Asset in a sentence

  • Each asset classified by the Borrower as an RC Asset satisfies the requirements set forth in the definition of “RC Asset” and each asset classified by the Borrower as an Encumbered Asset satisfies the requirements set forth in the definition of “Encumbered Asset”.

  • The Borrower will not permit (a) the Total Asset Coverage Ratio to be less than 2.50:1.00 as of the last day of any month or (b) the RC Asset Coverage Ratio to be less than 1.00:1.00 at any time.

  • Since the date of its organization, there has been no Order to which the Company, the Business, or any Powerdyne RC Asset, is subject.

  • Powerdyne RC is in compliance with each Legal Requirement that is or was applicable to it or to the conduct or operation of the Business or the ownership or use of any Powerdyne RC Asset.

  • There is no pending Proceeding that has been commenced by or against Powerdyne RC or that otherwise relates to or may affect the Business or any Powerdyne RC Asset or challenges, or that may have the effect of preventing, delaying, making illegal, or otherwise interfering with, any Transaction, and no such Proceeding has been Threatened, and no event has occurred or circumstance exists, that may give rise to or serve as a basis for the commencement of any such Proceeding.

Related to RC Asset

  • Portfolio Asset means an asset of an investment fund;

  • Underlying Asset means the object or underlying asset in a CFD which may be Currency Pairs (for FX Contracts), Equity Indices, base or precious Metals, Forwards, Commodities, Stocks, Shares Indices and Futures. It is understood that the list is subject to change and Clients must refer each time on the Trading Platform.

  • Fixed Asset means a tangible non-current asset, including buildings and equipment, acquired not for sale but for use for the Project during the Eligible Expenditure Period;

  • Excluded Asset means any asset of any Grantor excluded from the security interest hereunder by virtue of Section 2.2 hereof but only to the extent, and for so long as, so excluded thereunder.

  • Purchased Asset means (i) with respect to any Transaction, the Eligible Asset sold by Seller to Buyer in such Transaction and (ii) with respect to the Transactions in general, all Eligible Assets sold by Seller to Buyer (other than Purchased Assets that have been repurchased by Seller).