Liquidated Asset definition

Liquidated Asset means (i) a Purchased Mortgage Loan or Contributed Mortgage Loan that has been sold or refinanced or was subject to a short sale or with respect to which the Mortgaged Property has been sold or (ii) a Contributed REO Property that has been sold.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Liquidated Asset. A Defaulted Contract or defaulted Mortgage Loan as to which all amounts that the Servicer expects to recover through the date of disposition of the related Manufactured Home or Mortgaged Property have been received.

Liquidated Asset means any Asset included in the Collateral (i) that is owed by an Obligor which has suffered an Insolvency Event, (ii) that any Servicer has determined in good faith should be charged-off in accordance with its Operating Policies and Practices or (iii) that has been liquidated through its sale (such Asset shall become a Liquidated Asset as of the earliest date on which any of the foregoing has occurred).

Examples of Liquidated Asset in a sentence

• Provided that no Default, Event of Default or Margin Deficit shall have occurred and be continuing, Buyer will be deemed to have released the Liquidated Asset from the Mortgage Subsidiary or the REO Subsidiary, as applicable, concurrently with receipt by the Seller from Repo Agent of confirmation that the Optional Prepayment has been received by Buyer.

• Any transfer of any Liquidated Asset and related Underlying REO Property shall, in all cases, be made subject to the Lien of Buyer and, if a G▇▇▇▇▇▇ Affiliate Repo is in effect, G▇▇▇▇▇▇ Affiliate Buyer until released as provided in this Agreement.

• With respect to any Liquidated Asset, the Seller agrees to (i) provide Repo Agent with a copy of a report from the applicable Servicer indicating that such Underlying Mortgage Loan or Underlying REO Property has been liquidated, (ii) cause the applicable Servicer to remit the Optional Prepayment in accordance with Section 4(b) and (iii) provide Repo Agent a notice specifying each Underlying Mortgage Loan or Underlying REO Property that has been liquidated.

More Definitions of Liquidated Asset

Liquidated Asset means with respect to any Financed Asset, such Financed Asset has been sold or refinanced, was subject to a short sale or any other extinguishment of the Lien securing the Financed Asset.

Liquidated Asset means (i) a Trust Mortgage Loan that has been sold, refinanced or prepaid in full or was subject to a short sale or (ii) a REO Property that has been sold.

Liquidated Asset means an Asset for which all amounts expected to be recovered (exclusive of the possibility of recovery from deficiency judgments or default judgment) have been recovered by the servicer, whether by way of disposition of an REO Property, refinance, offer and compromise, charge-off or other means of liquidation.

Liquidated Asset means (i) a Contributed Mortgage Loan that has been sold or refinanced or was subject to a short sale or with respect to which the Mortgaged Property has been

Liquidated Asset means (i) a Trust Mortgage Loan that has been sold or refinanced or was subject to a short sale or with respect to which the Mortgaged Property has been sold or (ii) a REO Property that has been sold.

Liquidated Asset means, as the context may require, a Liquidated Defaulted Asset, a Liquidated Non-Defaulted Asset or an Asset Held for Sale or Lease with respect to which a Disposition has occurred (and has not resulted in a SPRA).

Liquidated Asset. Any defaulted Asset as to which the Servicer has determined that all amounts which it expects to recover from or on account of such Asset have been recovered; provided that any defaulted Asset in respect of which the related Manufactured Home or Mortgaged Property, have been realized upon and disposed of and the proceeds of such disposition have been received shall be deemed to be a Liquidated Asset.