Defaulted Asset definition

Defaulted Asset means any asset (a) that is thirty (30) or more days (other than in the case of payments due at maturity) delinquent in the payment of principal, interest, fees or other amounts payable under the terms of the related Purchased Asset Documents, in each case, without regard to any waivers or modifications of, or amendments to, the related Purchased Asset Documents, other than those that were disclosed in writing to Purchaser prior to the Purchase Date of the related Purchased Asset by inclusion thereof in the related Purchased Asset File, or any other amendment consented to by Purchaser in writing in accordance with the terms of this Agreement after the Purchase Date, (b) as to which an Act of Insolvency shall have occurred with respect to the related Mortgagor, Mezzanine Borrower or guarantor or (c) as to which a material non-monetary default shall have occurred and been continuing under the terms of the related Purchased Asset Document beyond any applicable notice and cure periods set forth therein.
Defaulted Asset means any Purchased Asset as to which any of the following has occurred and, solely with respect to clauses (i) through (iii), has continued for thirty-one (31) consecutive days: (i) there is a breach beyond any applicable notice and cure period of a representation or warranty by Seller under Exhibit III attached hereto (without regard to any knowledge qualifier therein), (ii) a default has occurred and is continuing beyond any applicable notice and cure period under the related Purchased Asset Documents in the payment when due of any scheduled payment of interest or principal or any other amounts due under the Purchased Asset Documents, (iii) the occurrence and continuance of any other “event of default” as defined under the related Purchased Asset Documents, (iv) to the extent that the related Transaction is deemed to be a loan under federal, state or local law, Buyer ceases to have a first priority perfected security interest in the related Purchased Asset, (v) a Significant Modification has been made without the consent of Buyer in accordance with the provisions of this Agreement, (vi) the related Purchased Asset File or any portion thereof is subject to a continuing Bailee Delivery Failure or has been released from the possession of Custodian under the Custodial Agreement to anyone other than Buyer or any Affiliate of Buyer except in accordance with the terms of the Custodial Agreement or (vii) an Act of Insolvency has occurred with respect to any co-participant or any other person having an interest in such Purchased Asset or any related Mortgaged Property and such person acts as the “lead lender,” “administrative agent” or in any similar role, including, without limitation, if such person collects payments or administers the Purchased Asset.
Defaulted Asset means Initial Assets any part of which, disregarding any notice or grace period (i) unless the Trustee otherwise agrees, are the subject of a payment default; or (ii) have become repayable prior to their stated date of maturity otherwise than in accordance with their scheduled repayment profile or as a result of the exercise of an issuer option or a holder option unless such option arises as a result of an event of default, a tax event or other similar event (as determined by the Calculation Agent in its sole discretion) or (iii) (unless the Notes are Rated Notes) are capable of being declared repayable on such terms.

Examples of Defaulted Asset in a sentence

Each Scheduled Distribution receivable with respect to a Pledged Asset (other than a Defaulted Asset or PIKing Asset) shall be assumed to be received on the applicable Due Date, and each such Scheduled Distribution shall be assumed to be immediately deposited in the Collection Account to earn interest at the Assumed Reinvestment Rate.

From December 2019, the time series underlying the estimate of the LGD Performing, ELBE and Defaulted Asset parameters was updated.

Effective as of the date hereof, the term "Defaulted Asset" in Appendix B of the Indenture is hereby amended to delete the bold, stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold, double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in Exhibit A hereto.

This authorisation includes, in addition to the updated PD model, a new EAD retail model, and the ELBE and LGD Defaulted Asset model.

An audit phase is still in progress, which began in the last quarter of 2019, for purposes of validating the new PD, LGD (Performing, ELBE and Defaulted Asset) and EAD models containing significant methodological changes with respect to the risk parameters currently used by the Group for Corporate and Retail customers, in compliance with new regulatory requirements and in resolution of specific ECB commitments.


More Definitions of Defaulted Asset

Defaulted Asset means a Reference Entity in respect of which an event described as Credit Event, which in the opinion of the Portfolio Manager, acting in good faith and in a commercially reasonable manner, has occurred but no Credit Event Notice has been delivered.
Defaulted Asset. As defined in the Master Contract, any Loan, (a) that is thirty (30) or more days (or, in the case of payments due at maturity, one (1) day) delinquent in the payment of principal, interest, fees, distributions or any other amounts payable under the related Loan Documents, (b) for which there is a non-monetary default under the related Loan Documents beyond any applicable notice or cure period, (c) as to whose underlying obligor an “Insolvency Event” (as defined in the Master Contract) has occurred, or (d) for which Seller, Servicer or Sub-Servicer has received notice of the foreclosure or proposed foreclosure of any lien on the related Mortgaged Property; provided that with respect to any B Interest, Senior Interest or Mezzanine Participation Interest, in addition to the foregoing such B Interest, Senior Interest or Mezzanine Participation Interest will also be considered a Defaulted Asset to the extent that the related Underlying Whole Loan (as defined in the Master Contract) would be considered a Defaulted Asset as described in this definition. A Loan may be determined to be a Defaulted Asset by the Seller, the Buyer, the Servicer (with respect to monetary default only) or the Sub-Servicer, as applicable; provided however, in the event of any conflicting determination the decision of the Buyer shall govern.
Defaulted Asset. Any Asset (a) that is thirty (30) or more days (or, in the case of payments due at maturity, one (1) day) delinquent in the payment of principal, interest, fees, distributions or any other amounts payable under the related Mortgage Loan Documents, (b) for which there is a Representation Breach with respect to such Asset, other than an Approved Representation Exception, (c) for which there is a material non—monetary default under the related Mortgage Loan Documents beyond any applicable notice or cure period, (d) as to whose Underlying Obligor an Insolvency Event has occurred, or (e) that is in foreclosure or proposed foreclosure or in respect of which Seller or Servicer has made a determination to foreclose with respect to any Lien on the related Underlying Mortgaged Property.
Defaulted Asset. Any Mortgage Loan or Mortgaged Property included in the Collateral Pool, with respect to which a default occurs under the applicable Mortgage Loan or Lease, respectively, that materially and adversely affects the interestinterests of the applicable Issuer and that continues unremedied for the applicable grace period under the terms of such Mortgage Loan or Lease (or, if no grace period is specified, for 30 days).
Defaulted Asset means any Asset as to which one or more of the following has occurred:
Defaulted Asset means any asset (a) that is thirty (30) days or more delinquent in the payment of scheduled principal or interest or any other amounts (other than de minimis amounts) payable under the terms of the related Purchased Asset Documents, (b) for which there is a breach of the applicable representations and warranties made by Seller under the Transaction Documents that has not been cured (other than MTM Representations), (c) as to which an Act of Insolvency shall have occurred with respect to the related borrower or guarantor, (d) as to which any other material non-monetary event of default shall have occurred under the terms of the related Purchased Asset Documents or (e) that has been accelerated.
Defaulted Asset any Borrowing Base Asset (a) that is 30 days or more delinquent in the payment of principal, interest, fees or other amounts payable under the terms of the related loan documents or other asset documentation or, with respect to a senior or pari passu co-lender interest or participation in a commercial mortgage loan, the underlying commercial mortgage loan is 30 days or more delinquent in the payment of principal, interest, fees or other amounts payable under the terms of the related loan documents or other asset documentation, (b) for which there is a breach of the applicable representations and warranties set forth on Annex B (except as has been disclosed to the Administrative Agent in an Exception Report prior to approval of such Borrowing Base Asset pursuant to Section 4.3) that results in a determination by Administrative Agent in its sole and absolute discretion, exercised in good faith, that such breach could reasonably be expected to have a material adverse effect on the market value of a Borrowing Base Asset or the underlying Real Property, (c) to which an Act of Insolvency shall have occurred with respect to the Underlying Obligor, (d) as to which a material non-monetary event of default shall have occurred beyond any applicable notice or cure period under any related Borrowing Base Asset Documents, including, without limitation, with respect to any senior or pari passu co-lender interest or participation in a commercial mortgage loan, any document related to the underlying commercial mortgage loan, or (e) for which the related Borrowing Base Asset Documents have been amended in a manner which does not constitute a Permitted Modification, in each case, without regard to any waivers or modifications of, or amendments to, the related Borrowing Base Asset Documents, other than those that were disclosed in writing to the Administrative Agent prior to the date such Borrowing Base Asset was approved for inclusion in the Borrowing Base or which are otherwise entered into in accordance with this Agreement.