Defaulted Timeshare Loan is any Timeshare Loan for which any of the earliest following events may have occurred: (i) any payment or part thereof has been delinquent more than 180 days as of the end of the related Due Period (as determined by the Servicer in accordance with the Servicing Standard), (ii) the Servicer has initiated cancellation or foreclosure or similar proceedings with respect to the related Timeshare Property or has received the related mutual release agreement, assignment or deed in lieu of foreclosure, or (iii) provided that such Timeshare Loan is at least one day delinquent, the Servicer has determined that such Timeshare Loan should be fully written off in accordance with the Credit and Collection Policy.
Defaulted Timeshare Loan means a Timeshare Loan: (i) for which, on the last day of any Collection Period, any payment then due and payable in respect thereof has remained unpaid for more than one-hundred twenty (120) days from the original due date for such payment, (ii) which the Servicer has deemed uncollectible, (iii) which has been written off in the normal course of the Servicer’s business prior to becoming the number of days past due under clause (i) hereof, or which otherwise should be written off pursuant to the requirements of the Collection Policy, (iv) as to which foreclosure or similar proceedings with respect to the related Timeshare Interest have been initiated by the Servicer or as to which the Servicer has received a deed-in-lieu of foreclosure or (v) as to which the Servicer has received notice that the Obligor thereof is subject to an Event of Bankruptcy.
Defaulted Timeshare Loan means a Timeshare Loan (other than a Force Majeure Loan) (i) for which, the Servicer has commenced cancellation or termination proceedings on the related Timeshare Loan after collection efforts have failed in accordance with its collection policies, (ii) for which, all or part of a scheduled payment under the Timeshare Loan is more than 120 days delinquent from the due date, provided, that with respect to this clause (iii), if a Timeshare Loan is not more than 120 days delinquent as of the last day of the Due Period, it shall not be a Defaulted Timeshare Loan as of that date, (iv) that otherwise ceases to be an Eligible Timeshare Loan, or (v) provided that such Timeshare Loan is at least 31 days delinquent from the due date, the Servicer has determined that such Timeshare Loan should be defaulted in accordance with its collection policies.
Examples of Defaulted Timeshare Loan in a sentence
On any date, the Seller shall have the option, but not the obligation, to either (i) repurchase a Defaulted Timeshare Loan from the Issuer for a price equal to the related Repurchase Price, or (ii) substitute one or more Qualified Substitute Timeshare Loan for a Defaulted Timeshare Loan and pay the related Substitution Shortfall Amount, if any.
More Definitions of Defaulted Timeshare Loan
Defaulted Timeshare Loan means any Timeshare Loan for which any of the following events may have occurred: (a) as of the last day of any Due Period, the Servicer has commenced cancellation or termination proceedings on the related Timeshare Loan after collection efforts have failed in accordance with its Collection Policy or (b) as of the last day of any Due Period, all or part of a scheduled payment under the Timeshare Loan is more than 90 days delinquent from the related due date.
Defaulted Timeshare Loan means any Timeshare Loan for which any of the earliest following events may have occurred: (i) any payment or part thereof has been delinquent more than 150 days as of the end of the related Due Period (as determined by the Servicer in accordance with the Servicing Standard), (ii) the Servicer has initiated foreclosure or similar proceedings with respect to the related Timeshare Property or has received the related deed or assignment in lieu of foreclosure, or (iii) provided that such Timeshare Loan is at least one day delinquent, the Servicer has determined that such Timeshare Loan should be fully written off in accordance with the Credit and Collection Policy.
Defaulted Timeshare Loan means any Timeshare Loan sold to the Buyer for which any of the earliest following events may have occurred: (i) any scheduled payment or part thereof has been delinquent more than 180 days from its original due date as of the last day of the related Due Period, (ii) the Servicer has actual knowledge of a bankruptcy event that has occurred with respect to the related Obligor or has initiated cancellation, foreclosure or similar proceedings with respect to the related Points or has received the related deed or assignment in lieu of foreclosure, or (iii) provided that a scheduled payment or portion thereof for such Timeshare Loan is at least one day delinquent, the Servicer has determined that such Timeshare Loan should be written off in accordance with the Credit and Collection Policy.
Defaulted Timeshare Loan is any Timeshare Loan for which any of the earliest following events may have occurred: (i) the Servicer has commenced cancellation or forfeiture or deletion actions on the related Timeshare Loan after collection efforts have failed in accordance with its credit and collection policies, (ii) as of the last day of any Due Period, all or part of a scheduled payment under the Timeshare Loan is more than 120 days delinquent from the due date, (iii) the related Timeshare Loan otherwise ceases to be an Eligible Timeshare Loan or (iv) the Servicer obtains actual knowledge that a bankruptcy event has occurred with respect to the related Obligor.
Defaulted Timeshare Loan means a Timeshare Loan (a) for which, the Servicer has commenced cancellation or termination proceedings on the related Timeshare Loan after collection efforts have failed in accordance with its credit and collection policies, (b) for which, all or part of a scheduled payment under the Timeshare Loan is more than one hundred twenty (120) days delinquent from the due date, provided, that with respect to this clause (b) if a Timeshare Loan is not more than one hundred twenty (120) days delinquent as of the last day of the Due Period, it shall not be a Defaulted Timeshare Loan as of that date or (c) that otherwise ceases to be an Eligible Timeshare Loan.
Defaulted Timeshare Loan means any Timeshare Loan or Silverleaf Serviced Timeshare Loan for which any of the earliest following events may have occurred: (i) the Servicer has commenced cancellation or forfeiture actions on the related Timeshare Loan or Silverleaf Serviced Timeshare Loan after collection efforts have failed in accordance with its credit and collection policies, (ii) all or part of a scheduled payment under the Timeshare Loan or Silverleaf Serviced Timeshare Loan is more than 90 days delinquent from the due date, or (iii) the Receivable or Silverleaf Serviced Receivable under such Timeshare Loan or Silverleaf Serviced Timeshare Loan, respectively, has been or should be written off by the Servicer as uncollectible in accordance with the Servicer’s credit and collection policies or as a result of the occurrence of a bankruptcy event with respect to the related Obligor.
Defaulted Timeshare Loan means (i) any Initial Defaulted Timeshare Loan and (ii) any Timeshare Loan with respect to which any payment installment becomes more than 180 days contractually past due after the Effective Date.