Modified Asset definition

Modified Asset. Any Serviced Loan as to which any Servicing Transfer Event has occurred and which has been modified by the Special Servicer pursuant to Section 3.24 of this Agreement in a manner that:
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Modified Asset shall (I) prior to the Lead Securitization Date, mean the Mortgage Loan if any Servicing Transfer Event has occurred and the Mortgage Loan has been modified by the Lead Special Servicer pursuant to the Servicing Agreement in a manner that:
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Examples of Modified Asset in a sentence

  • The bidder submitting such Successful Bid shall become the “Successful Bidder,” and shall have such rights and responsibilities of the purchaser, as set forth in the applicable Modified Asset Purchase Agreement.

  • All Qualified Bidders shall have the right to submit additional bids and make additional modifications to its Modified Asset Purchase Agreement at the Auction.

  • The Borrower shall maintain (a) an Asset Coverage Ratio of 200% or greater on any day and (b) a Modified Asset Coverage Ratio of 150% or greater on any day (each a “Financial Covenant” and together, the “Financial Covenants”).

  • The Heads of Terms Agreement permits Manx Gas a Target Allowed Turnover which is calculated as (6.99%) x Modified Asset Value (MAV) minus Eligible Financial Costs, this excludes inter-company loans, cash, and inter-company payments.

  • In the event the calculations by the Valuation Adviser result in the Borrower’s breach of one or both of Financial Covenants, the Valuation Adviser shall continue to value the Collateral for purposes of such calculations until (A) the Asset Coverage Ratio exceeds 215% and (B) the Modified Asset Coverage Ratio exceeds 165%.

Related to Modified Asset