Examples of Defaulted Receivable in a sentence
If any Mortgage Receivable does not materially comply with any of the Eligibility Criteria as at the Transfer Date of that Mortgage Receivable or is or becomes a Defaulted Receivable, then such Mortgage Receivables will be excluded from the Asset Cover Test and the Amortisation Test.
Subject to the terms of the Guarantee Support Agreement, if any Transferred Receivable was in material breach of the Receivable Warranties as of the relevant Transfer Date or is or becomes a Defaulted Receivable, then such Transferred Receivable will be excluded from the Asset Cover Test and the Amortisation Test.
The credit risk of a Transferred Receivable becoming a Defaulted Receivable resulting in a shortfall in amounts payable to the Issuer is borne by the Noteholders.
If any Mortgage Receivable does not materially comply with any of the Eligibility Criteria as at the Transfer Date of that Mortgage Receivable or is or becomes a Defaulted Receivable, then such Mortgage Receivables will be excluded from the calculation of the Asset Cover Test and the Amortisation Test.
Upon the termination of a Loan Contract in relation to a Defaulted Receivable, the Servicer is authorised (until it is revoked by the Issuer) and required to exercise the creditor’s rights on behalf of the Issuer and to exercise the mortgage right to sell or otherwise dispose of such Financed Objects in accordance with the Servicer’s customary practices in effect from time to time.