Defaulted Loan Asset definition

Defaulted Loan Asset means a Loan Asset which has become subject to a Value Adjustment Event of the type described in clauses (i) or (ii) of the definition thereof. If the Value Adjustment Event which gave rise to a Defaulted Loan Asset is cured, the Borrower may submit such Loan Asset for review by the Administrative Agent (in its sole discretion) for the purpose of re-classifying such Loan Asset as a Loan Asset which is no longer a Defaulted Loan Asset.
Defaulted Loan Asset means a Loan Asset which has become subject to a Value Adjustment Event of the type described in clauses (i), (ii) or (iii) in the definition thereof (but, with respect to clause (iii), solely pursuant to a Material Modification pursuant to clause (a) of such definition). If the Value Adjustment Event which gave rise to a Defaulted Loan Asset is cured, the Borrower may submit such Loan Asset for review by the Administrative Agent (in its sole discretion) for the purpose of re-classifying such Loan Asset as a Loan Asset which is no longer a Defaulted Loan Asset.
Defaulted Loan Asset means a Loan Asset which has become subject to a Value Adjustment Event of the type described in clauses (ii), (iii), (iv) or (vi) in the definition thereof (but, with respect to clause (vi), solely pursuant to a Material Modification pursuant to clause (a) of such definition). If the Value Adjustment Event (or, if applicable, the circumstances that gave rise to the need for the Material Modification pursuant to clause (a) of such definition) which gave rise to a Defaulted Loan Asset is cured, the Borrower may submit such Loan Asset for review by the Administrative Agent (in its sole discretion) for the purpose of re-classifying such Loan Asset as a Loan Asset which is no longer a Defaulted Loan Asset.

Examples of Defaulted Loan Asset in a sentence

  • The Servicer will use reasonable efforts consistent with the Servicing Standard to foreclose upon or repossess, as applicable, or otherwise comparably convert the ownership of any Underlying Collateral relating to a Defaulted Loan Asset as to which no satisfactory arrangements can be made for collection of delinquent payments.

  • The Servicer will remit to the Principal Collection Account the Recoveries received in connection with the sale or disposition of Underlying Collateral relating to a Defaulted Loan Asset.

  • The Servicer will remit to the Collection Account the Recoveries received in connection with the sale or disposition of Underlying Collateral relating to a Defaulted Loan Asset.

  • In respect of each Defaulted Loan Asset, an amount equal to the Notional Amount corresponding to such Defaulted Loan Asset as at the Event Determination Date.

  • In relation to each Defaulted Loan Asset, an amount equal to the Notional Amount of that Defaulted Loan Asset as at the Event Determination Date.

  • Because the results are based on past operations, projecting the results over the upcoming year is accomplished by adjusting line item expenses to calculate the operating margin during the current year.

  • The minutes of the TRA Board of Directors have been distributed to the Board and are not repeated here.General Manager VINK reported to the Board on the status of the Success Power Project in terms of generation and also the partnership status.

  • For the avoidance of doubt, with effect from the relevant Event Determination Date, a Defaulted Loan Asset shall be deemed no longer to form part of the Reference Portfolio.

  • The Servicer will use reasonable efforts to exercise available remedies, if any, relating to a Defaulted Loan Asset in order to maximize recoveries thereunder in accordance with the Servicing Standard.

  • For the avoidance of doubt each Defaulted Loan Asset shall be deemed no longer to form part of the Reference Portfolio as from the corresponding Event Determination Date.


More Definitions of Defaulted Loan Asset

Defaulted Loan Asset means any Loan Asset (i) as to which there has occurred and is continuing a default with respect to the payment of interest or principal; provided, that any such default may continue for a period of up to the lesser of (a) the length of any applicable grace period or waiver set forth for the underlying Loan Asset and (b) 10 days from the date of such default (in the case of a Loan Asset other than a Secured Bond or Unsecured Bond) or 30 days from the date of such default (in the case of a Loan Asset consisting of a Secured Bond or an Unsecured Bond), (ii) in respect of which the Manager or Performance Guarantor (or the applicable agent on behalf of the lenders under the Loan Asset Documents related to such Loan Asset) shall have taken (and not rescinded or otherwise terminated) any of the following actions: acceleration of the Loan Asset or exercising rights and remedies against the collateral for the Loan Asset, (iii) for which an Insolvency Event has occurred with respect to the related Obligor (other than in the case of (x) a pre-packaged bankruptcy of the related Obligor approved by the Administrative Agent in its sole discretion or (y) a DIP Loan), or (iv) if such Loan Asset is a PIK Loan Asset, for which the related Obligor has not paid current interest on the two most recent payment dates therefor.
Defaulted Loan Asset means any Loan Asset (i) as to which there has occurred and is continuing a default with respect to the payment of interest or principal; provided, that any such default may continue for a period of up to the lesser of (a) the length of any applicable grace period or waiver set forth for the underlying Loan Asset and (b) 10 days from the date of such default (in the case of a Loan Asset other than a Secured Bond or Unsecured Bond) or30 days from the date of such default (in the case of a Loan Asset consisting of a Secured Bond or an Unsecured Bond), (ii) in respect of which the Manager or Performance Guarantor (or the applicable agent on behalf of the lenders under the Loan Asset Documents related to such Loan Asset) shall have taken (and not rescinded or otherwise terminated) any of the following actions: acceleration of the Loan Asset or exercising rights and remedies against the collateral for the Loan Asset, (iii) for which an Insolvency Event has occurred with respect to the related Obligor (other than in the case of (x) a pre-packaged bankruptcy of the related Obligor approved by the Administrative Agent in its sole discretion or (y) a DIP Loan), or (iv) if such Loan Asset is a PIK Loan Asset, for which the related Obligor has not paid current interest on the two most recent payment dates therefor.
Defaulted Loan Asset means a Loan Asset which has become subject to a Value Adjustment Event of the type described in clauses (i) or
Defaulted Loan Asset means any Loan Asset as to which any one of the following events has occurred:
Defaulted Loan Asset means any Loan Asset subject to, or reasonably expected to become subject to, clauses (ii), (iv) or (vi) of the definition ofValue Adjustment Event” set forth in the Loan and Servicing Agreement.

Related to Defaulted Loan Asset

  • Defaulted Loan shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement

  • Defaulted Mortgage Loan means the Mortgage Loan in the event that the Mortgage Loan is delinquent at least 60 days in respect of its Monthly Payments or more than 60 days in respect of its balloon payment, in either case to be determined without giving effect to any grace period permitted by the Mortgage Loan Documents and without regard to any acceleration of payments under the Mortgage Loan Documents.

  • Defaulted Lender means, so long as such failure shall remain in existence and uncured, any Lender which shall have failed to make any Loan or other credit accommodation, disbursement, settlement or reimbursement required pursuant to the terms of any Financing Document.

  • Defaulted Mortgage Loan Purchase Price means, in connection with the purchase of the A Notes by the Note B Holder, the sum, without duplication, of each of the following to the extent that such amounts have not been previously paid or reimbursed pursuant to Section 3 or Section 4 of this Agreement: (a) the Note A Principal Balance, (b) accrued and unpaid interest, on the Note A Principal Balance at the Note A Rate from the date as to which interest was last paid in full by Mortgage Loan Borrower up to and including the end of the interest accrual period relating to the Monthly Payment Date next following the date the purchase occurred, (c) any other amounts due under the Mortgage Loan to the Note A Holders, other than Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, provided that if a Borrower Party is the purchaser, the Defaulted Mortgage Loan Purchase Price shall include Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, (d) without duplication of amounts under clause (c), any unreimbursed Advances and any expenses incurred in enforcing the Mortgage Loan Documents (including, without limitation, Property Protection Advances payable or reimbursable to any Servicer, and special servicing fees incurred by or on behalf of the Note A Holders), (e) without duplication of amounts under clause (c), any accrued and unpaid Advance Interest Amount with respect to an Advance made by or on behalf of the Note A Holders, (f) (x) if a Borrower Party is the purchaser, or (y) if the Mortgage Loan is purchased more than ninety (90) days after such option first becomes exercisable pursuant to Section 12 of this Agreement, any liquidation or workout fees payable under the Servicing Agreement with respect to the Mortgage Loan and (g) any Recovered Costs not reimbursed previously to the Note A Holders pursuant to this Agreement. Notwithstanding the foregoing, if the purchasing Noteholder is purchasing from a Borrower Party, the Defaulted Mortgage Loan Purchase Price shall not include the amounts described under clauses (d) through (f) of this definition. If the Mortgage Loan is converted into a Foreclosure Property, for purposes of determining the Defaulted Mortgage Loan Purchase Price, interest will be deemed to continue to accrue on Note A at the Note A Default Rate as if the Mortgage Loan were not so converted. In no event shall the Defaulted Mortgage Loan Purchase Price include amounts due or payable to the Purchasing Noteholder under this Agreement.

  • Defaulted Asset Any Asset, Purchased Asset or Mortgage Loan, as applicable, (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, in each case, without regard to any waivers or modifications of, or amendments to, the related Mortgage Loan Documents, other than those that were disclosed in writing to Buyer prior to the Purchase Date of the related Purchased Asset, unless consented to by Buyer in accordance with the terms of this Agreement, (b) for which there is a Representation Breach with respect to such Asset or Purchased Asset, other than an Approved Representation Exception, (c) for which there is a non-monetary default under the related Mortgage Loan Documents beyond any applicable notice or cure period in each case, without regard to any waivers or modifications of, or amendments to, the related Mortgage Loan Documents, other than those that were disclosed in writing to Buyer prior to the Purchase Date of the related Purchased Asset, (d) as to whose Underlying Obligor an Insolvency Event has occurred, (e) with respect to which there has been an extension, amendment, waiver or other modification to the terms of, or any collateral, guaranty or indemnity for, or the exercise of any material right or remedy of a holder (including all lending, corporate and voting rights, remedies, consents, approvals and waivers) of any related loan or participation document that has a material adverse effect on the value in such asset, as determined by Buyer, or (f) for which Seller or a Servicer has received notice of the foreclosure or proposed foreclosure of any Lien on the related Mortgaged Property; provided that with respect to any Senior Interest, in addition to the foregoing such Senior Interest will also be considered a Defaulted Asset to the extent that the Mortgage Loan would be considered a Defaulted Asset as described in this definition provided, however, in each case, without regard to any waivers or modifications of, or amendments to, the related Mortgage Loan Documents.

  • Defaulted Receivables means any Receivable (a) on which any installment is unpaid more than sixty (60) days past its original due date or (b) where the Servicer’s records show that the Obligor has suffered an Insolvency Event.

  • Defaulted Receivable means a Receivable:

  • Defaulted Advance means, with respect to any Lender Party at any time, the portion of any Advance required to be made by such Lender Party to the Borrower pursuant to Section 2.01 or 2.02 at or prior to such time that has not been made by such Lender Party or by the Administrative Agent for the account of such Lender Party pursuant to Section 2.02(e) as of such time. In the event that a portion of a Defaulted Advance shall be deemed made pursuant to Section 2.15(a), the remaining portion of such Defaulted Advance shall be considered a Defaulted Advance originally required to be made pursuant to Section 2.01 on the same date as the Defaulted Advance so deemed made in part.

  • Defaulted Lease means any Lease that (a) by its terms, is delinquent more than 120 days, (b) by its terms is delinquent less than 120 days and the Servicer has (i) determined, in accordance with the Credit and Collection Policy, that eventual payment in full is unlikely or (ii) repossessed the related Leased Vehicle (including, but not limited to, as a result of the Lessee’s failure to maintain insurance coverage required by the Lease, the failure of the Lessee to timely or properly perform any obligation under the Lease, or any other act by the Lessee constituting a default under applicable law), or (c) the Servicer has received notification that the related Lessee is subject to bankruptcy proceedings under Chapter 13 under the Bankruptcy Code.

  • Defaulted Obligation means any Investment in Indebtedness (i) as to which, (x) a default as to the payment of principal and/or interest has occurred and is continuing for a period of thirty two (32) consecutive days with respect to such Indebtedness (without regard to any grace period applicable thereto, or waiver thereof) or (y) a default not set forth in clause (x) has occurred and the holders of such Indebtedness have accelerated all or a portion of the principal amount thereof as a result of such default; (ii) as to which a default as to the payment of principal and/or interest has occurred and is continuing on another material debt obligation of the Portfolio Company under such Indebtedness which is senior or pari passu in right of payment to such Indebtedness; (iii) as to which the Portfolio Company under such Indebtedness or others have instituted proceedings to have such Portfolio Company adjudicated bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or such Portfolio Company has filed for protection under Chapter 11 of the United States Bankruptcy Code (unless, in the case of clause (ii) or (iii), such debt is a DIP Loan, in which case it shall not be deemed to be a Defaulted Obligation under such clause); (iv) as to which a default rate of interest has been and continues to be charged for more than 120 consecutive days, or foreclosure on collateral for such debt has been commenced and is being pursued by or on behalf of the holders thereof; or (v) as to which the Borrower has delivered written notice to the Portfolio Company declaring such Indebtedness in default or as to which the Borrower otherwise exercises significant remedies following a default.

  • Defaulted Contract means a Contract with respect to which the Servicer commenced repossession or foreclosure procedures, made a sale of such Contract to a third party for repossession, foreclosure or other enforcement, or as to which there was a payment delinquent 180 or more days (excluding any Contract deemed delinquent solely because the Obligor's required monthly payment was reduced as a result of bankruptcy or similar proceedings).

  • Defaulted Account means an Account in which there are Defaulted Receivables.

  • Defaulted Note Purchase Date shall have the meaning assigned to such term in Section 12.

  • Defaulted Amount means, with respect to any Lender Party at any time, any amount required to be paid by such Lender Party to the Administrative Agent or any other Lender Party hereunder or under any other Loan Document at or prior to such time which has not been so paid as of such time, including, without limitation, any amount required to be paid by such Lender Party to (a) the Swing Line Bank pursuant to Section 2.02(b) to purchase a portion of a Swing Line Advance made by the Swing Line Bank, (b) the Issuing Bank pursuant to Section 2.03(c) to purchase a portion of a Letter of Credit Advance made by the Issuing Bank, (c) the Administrative Agent pursuant to Section 2.02(e) to reimburse the Administrative Agent for the amount of any Advance made by the Administrative Agent for the account of such Lender Party, (d) any other Lender Party pursuant to Section 2.13 to purchase any participation in Advances owing to such other Lender Party and (e) the Administrative Agent or the Issuing Bank pursuant to Section 7.05 to reimburse the Administrative Agent or the Issuing Bank for such Lender Party's ratable share of any amount required to be paid by the Lender Parties to the Administrative Agent or the Issuing Bank as provided therein. In the event that a portion of a Defaulted Amount shall be deemed paid pursuant to Section 2.15(b), the remaining portion of such Defaulted Amount shall be considered a Defaulted Amount originally required to be paid hereunder or under any other Loan Document on the same date as the Defaulted Amount so deemed paid in part.

  • Related Loan Group For Group 1, Loan Group 1; for Group 2, Loan Group 2; for Group 3, Loan Group 3; and for Group 4, Loan Group 4.

  • Defaulted Payment has the meaning specified in the definition of “Defaulting Lender”.

  • Defaulter means any person who owes arrears to the Municipality;

  • Collateral Senior Additional Interest shall have the meaning specified in subsection 4.02(d).

  • Related Loan means any loan or extension of credit to an Obligor of a Shared-Loss Loan held by the Assuming Institution at any time on or prior to the end of the Final Shared-Loss Month.

  • Ineligible Loan shall have the meaning provided in Section 11.01.

  • Defaulted Amounts means any amounts on any Note (including, without limitation, the Redemption Price, the Fundamental Change Repurchase Price, principal and interest) that are payable but are not punctually paid or duly provided for.

  • Whole Loan As defined in the Introductory Statement.

  • Whole Loan Custodial Account means the “Whole Loan Custodial Account” established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Companion Loan As defined in the Preliminary Statement.

  • Mortgage Loan shall have the meaning assigned to such term in the recitals.

  • REO Companion Loan Any Serviced Companion Loan if the related Mortgaged Property has become an REO Property.