Repossessed definition

Repossessed means that, with respect to any Related Equipment, the applicable Originator or its agent has obtained possession, control and dominion of such Related Equipment from the related Obligor.
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Repossessed and “Repossession” mean the acquisition of physical possession of the collateral by the Lender or on the Lender’s behalf through lawful exercise of a legal right to such possession.
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Repossessed means that you or someone on your behalf has physical care, custody and control of the property used as collateral on a loan.
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Examples of Repossessed in a sentence

  • Net Losses are the sum of (a) the estimated realizable loss at the time of repossession, (b) full charge-off if written off without a repossession and (c) adjustment to the estimated realizable loss for proceeds from the liquidation of Repossessed Receivables.

  • Repossessed Contract items shall include only those items that were purchased under the Installment Purchase.

  • Repossessed Leased Property shall include only those items that were leased or lease/purchased under the Lease.

  • Legally Repossessed Collateral represents Non-Financial Assets acquired by the Bank in settlement of the overdue loans.

  • Repossessed assets are measured at the lower of cost and fair value less costs to sell.

  • Repossessed equipment that might be of use to another client may be stored locally or in a regional storage area or in the purchasing section of the state office.

  • Repossessed properties are sold as soon as practicable, with the proceeds used to reduce the outstanding indebtedness.

  • Repossessed properties are measured at the lower of carrying amount and fair value less costs to sell and reported within ‘Other assets’.

  • Repossessed assets In certain circumstances, assets are repossessed following the foreclosure on loans that are in default.

  • Foreclosed assets that you reported on SC405 through SC430 (Repossessed Assets).


More Definitions of Repossessed

Repossessed means that you or someone on your behalf has physical care, custody and control of the property.
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Repossessed means the date in which YOU or YOUR assigned third party takes possession and care, custody and control of the COVERED EQUIPMENT.
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Repossessed or "Repossession" means that an asset has been recovered on behalf of a Lien Holder through the services of the RSP that accepted the Order, and is therefore subject to the Transaction Fees set forth in this Agreement.
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Related to Repossessed

  • Financed Vehicle means an automobile or light-duty truck van or minivan, together with all accessions thereto, securing an Obligor’s indebtedness under the respective Receivable.

  • Abandoned vehicle means any of the following:

  • Reconstructed vehicle means every vehicle of a type required to be registered under this title

  • Merchandise means any personal property offered or sold for use in connection with the funeral, final disposition, memorialization, or interment of human remains, but which is exclusive of interment rights.

  • Warranty Receivable means a Receivable which the Seller is required to repurchase pursuant to Section 3.02.

  • Mortgage Receivable means a promissory note secured by a Mortgage of which the Borrower or a Subsidiary is the holder and retains the rights of collection of all payments thereunder.

  • Low-speed vehicle means any four-wheeled electrically-powered vehicle, except a motor vehicle or

  • Administrative Receivable means a Receivable which the Servicer is required to purchase pursuant to Section 3.08 or which the Servicer has elected to purchase pursuant to Section 8.01.

  • Receivable any right to payment for goods sold or leased or for services rendered, whether or not such right is evidenced by an Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account).

  • Manufactured home means a structure, transportable in one or more sections, which is built on a permanent chassis and is designed for use with or without a permanent foundation when attached to the required utilities. The term "manufactured home" does not include a "recreational vehicle".

  • Salvage vehicle means any vehicle which is within the last ten (10) model years and which has been damaged by collision or other occurrence to the extent that the cost of repairing the vehicle for safe operation on the highway exceeds sixty percent (60%) of its fair market value, as defined by Section 1111 of this title, immediately prior to the damage. For purposes of this section, actual repair costs shall only include labor and parts for actual damage to the suspension, motor, transmission, frame or unibody and designated structural components;

  • Motorized Vehicle means a passenger car, station wagon, van, jeep-type automobile, truck, ambulance or any type of motorized vehicle used by municipal, provincial or federal police forces.

  • Hybrid vehicle (HV) means a vehicle equipped with a powertrain containing at least two different categories of propulsion energy converters and at least two different categories of propulsion energy storage systems.

  • Liquidated Receivable means any Receivable liquidated by the Servicer through the sale or other disposition of the related Financed Equipment or that the Servicer has, after using all reasonable efforts to realize upon the Financed Equipment, determined to charge off without realizing upon the Financed Equipment.

  • Unsaleable liquor merchandise means a container that:

  • Inventory is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above.

  • Review Receivable has the meaning designated in Section 1.02 of the Asset Representations Review Agreement.

  • Government Receivable means any Eligible Receivable, the Obligor of which is a government or a governmental subdivision or agency.

  • Receivables Records means (i) all original copies of all documents, instruments or other writings or electronic records or other Records evidencing the Receivables, (ii) all books, correspondence, credit or other files, Records, ledger sheets or cards, invoices, and other papers relating to Receivables, including, without limitation, all tapes, cards, computer tapes, computer discs, computer runs, record keeping systems and other papers and documents relating to the Receivables, whether in the possession or under the control of Grantor or any computer bureau or agent from time to time acting for Grantor or otherwise, (iii) all evidences of the filing of financing statements and the registration of other instruments in connection therewith, and amendments, supplements or other modifications thereto, notices to other creditors or secured parties, and certificates, acknowledgments, or other writings, including, without limitation, lien search reports, from filing or other registration officers, (iv) all credit information, reports and memoranda relating thereto and (v) all other written or nonwritten forms of information related in any way to the foregoing or any Receivable.

  • Delinquent Receivable means any Receivable that is not a Liquidated Receivable and which the related Obligor fails to make at least 90% of the related Scheduled Receivables Payment by the date on which it is due and remains unpaid for more than sixty (60) days from the original payment due date.

  • Related Property means a parcel of real property, together with improvements thereon and personal property related thereto, that is “related” within the meaning of the definition of Significant Obligor, to the Property.