Repossessed Property definition

Repossessed Property means items of Related Property taken in the name of the Issuer or a subsidiary thereof as a result of legal action enforcing the Lien on the Related Property resulting from a default on the related Loan.
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Examples of Repossessed Property in a sentence

  • The Servicer shall, either itself or through an agent selected by the Servicer, manage, conserve, protect and operate the Foreclosed Property or other Repossessed Property in a manner consistent with the Credit and Collection Policy and the Servicing Standard.

  • The Servicer shall, either itself or through an agent selected by the Servicer, manage, conserve, protect and operate the Foreclosed Property or other Repossessed Property in a manner consistent with the Operating Guidelines and the Servicing Standard.

  • The Servicer shall, either itself or through an agent selected by the Servicer, manage, conserve, protect and operate the Repossessed Property in a manner consistent with the Servicer’s Risk Policy and Procedures and the Servicing Standard.

Related to Repossessed Property

  • Assessed Property means any Parcel within the District against which an Assessment is levied.

  • Foreclosed Property The Property or other Collateral securing the Mortgage Loan, title to which has been acquired by the Special Servicer on behalf of the Trust and the Companion Loan Holders through foreclosure, deed in lieu of foreclosure or otherwise in the name of the Trustee or its nominee.

  • Mortgaged Property shall have the meaning assigned to such term in the recitals.

  • Leased Property shall have the meaning given such term in Section 2.1.

  • Improved Property means any property upon which there is erected a structure intended for continuous or periodic habitation, occupancy or use by human beings or animals and from which structure Sanitary Sewage and/or Industrial Wastes shall be or may be discharged.