Secured Member definition
Secured Member means
i) as of April 1 of any year after 2010, a Vested Member as of April 1 of that year, and includes an Eligible Member who will become a Vested Member on or before September 30 of that year; and
ii) as of October 1 of any year after 2010, a Vested Member as of October 1 of that year, and includes an Eligible Member who will become a Vested Member on or before March 31 of the immediately following year.
Examples of Secured Member in a sentence
In addition, notwithstanding the foregoing, the Collateral does not include (a) any Borrower Member Note, (b) the Trust Account, (c) the Borrower Account, (d) any Borrower Securities, (e) any Secured Member Payment Dependent Note Collateral or (f) proceeds of any of the foregoing items (a), (b), (c), (d), or (e) except to the extent that they are proceeds of Financed Loans or otherwise deposited in a Collateral Account (which amounts shall at all times be part of the Collateral).