Workout Loans definition

Workout Loans means (a) those Mortgage Loans with respect to which the Mortgage Loan Obligors have had insufficient cash flow and/or negative economic events which have diminished their ability to make timely and/or complete payments and PMC has given its concurrence to an alternative schedule of repayment, and (b) those Mortgage Loans previously classified as Loans in Litigation which have been brought current by the Mortgage Loan Obligors. Workout Loans will be maintained in this category for a minimum of six (6) months and will be designated as performing (and therefore no longer a Workout Loan) if, based upon payment history under the revised plan (or existing payment plan with respect to Mortgage Loans previously classified as Mortgage Loans in Litigation which have been brought current), financial information when available, and PMC’s professional opinion of each situation, it appears that it is no longer a problem loan.

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Workout Loans means (a) those Mortgage Loans with respect to which the Mortgage Loan Obligors have had insufficient cash flow and/or negative economic events which have diminished their ability to make timely and/or complete payments and the applicable Company has given its concurrence to an alternative schedule of repayment, and (b) those Mortgage Loans previously classified as loans in Litigation which have been brought current by the Mortgage Loan Obligors. Workout Loans will be maintained in this category for a minimum of six (6) months and will be designated as performing (and therefore no longer a Workout Loan) if, based upon payment history under the revised plan (or existing payment plan with respect to Mortgage Loans previously classified as Mortgage Loans in Litigation which have been brought current), financial information when available, and PMC’s professional opinion of each situation, it appears that it is no longer a problem loan.

Examples of Workout Loans in a sentence

Notwithstanding anything to the contrary herein, the acquisition of Specified Equity Securities, Workout Loans or Restructured Loans will not be required to satisfy any of the Portfolio Criteria.
All Collateral Obligations, Workout Loans, Restructured Loans and Specified Equity Securities shall be credited to the Custodial Account.
All Collateral Obligations, Workout Loans, Equity Securities, Specified Equity Securities and Restructured Obligations shall be credited to the Custodial Account.
Subject to the satisfaction of the requirements of this Agreement and the Indenture, upon the disposition of any Asset (or any security or property received in exchange therefor), the Collateral Manager shall direct the Collateral Trustee to apply such amounts in accordance with the Indenture to the purchase of one or more Collateral Obligations, Workout Loans, Equity Securities or Eligible Investments or as otherwise permitted by the Indenture.
All Collateral Obligations, Workout Loans and Equity Securities shall be credited to the Custodial Account.
In addition, the Issuer may use Interest Proceeds or Contributions on deposit in the Collection Account to acquire an Equity Security or a Workout Loan, in each case, in accordance with Section 12.2(e) (Equity Securities) or Section 12.2(f) (Acquisitions of Workout Loans).
Notwithstanding any other requirement set forth in this Indenture, Principal Proceeds may be invested in Workout Loans during the Reinvestment Period; provided that with respect to the use of Principal Proceeds (including to exercise a warrant), the Workout Test is satisfied; provided further the aggregate amount of Principal Proceeds applied to purchase Workout Loans, measured cumulatively from the Closing Date onward, may not exceed 5.0% of the Target Initial Par Amount.
The Issuer hereby directs the Collateral Trustee to deposit the amount specified in the Closing Date Certificate into the Revolver Funding Account to be reserved for unfunded funding obligations under any Delayed Drawdown Collateral Obligations, Revolving Collateral Obligations or Workout Loans purchased on or before the Closing Date.
Additionally, at any time during or after the Reinvestment Period, at the direction of the Portfolio Manager, the Issuer may direct the payment from amounts on deposit in the Contribution Account to acquire any Workout Loans.
The Portfolio Manager on behalf of the Issuer may direct the Collateral Trustee to transfer amounts on deposit in the Collection Account representing Principal Proceeds to the Revolver Funding Account to meet funding requirements with respect to Delayed Drawdown Collateral Obligations, Revolving Collateral Obligations, Restructured Loans, Workout Loans and Workout Securities.

More Definitions of Workout Loans

Workout Loans means (a) those Mortgage Loans with respect to which the Mortgage Loan Obligors have had insufficient cash flow and/or negative economic events which have diminished their ability to make timely and/or complete payments and Borrower has given its concurrence to an alternative schedule of repayment, and (b) those Mortgage Loans previously classified as Loans in Litigation which have been brought current by the Mortgage Loan Obligors. Workout Loans will be maintained in this category for a minimum of six (6) months and will be designated as performing (and therefore no longer a Workout Loan) if, based upon payment history under the revised plan (or existing payment plan with respect to Mortgage Loans previously classified as Mortgage Loans in Litigation which have been brought current), financial CREDIT AGREEMENT PMC COMMERCIAL TRUST information when available, and Borrower's professional opinion of each situation, it appears that it is no longer a problem loan. "Year 2000 Compliant" is defined in Section 7.20(a).