Loss asset definition

Loss asset means:
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Loss asset means a borrowal account which has remained a Non-performing asset for more than three years or where in the opinion of the Board, a shortfall in the recovery of the loan account is expected because the documents executed may become invalid if subjected to legal process or for any other reason.
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Loss asset means an Asset which has been classified as NPA as per norms and has completed seasoning of six months as NPA OR any asset which has been identified as Loss Asset by the delegated authority of the NBFC and for which NBFC has initiated the process of repossession of asset/legal action against the borrower.
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Examples of Loss asset in a sentence

  • Loss asset has certain characteristics, for example, the lease payments have been overdue for more than 270 days.

  • A pattern of charge-offs in the wrong year, however, may result in revocation of the bank’s election by the Commissioner pursuant to para- graph (d)(3)(iv)(D) of this section.(C) Loss asset defined.

  • In cases of serious credit impairment, such assets should be straightway classified as doubtful (where value is more than 10% of liability) or Loss asset (where realizable value of the security is less than 10% of outstanding liability) as appropriate.

  • A Loss asset is one where loss has been identified by the Bank or its internal or external auditors or during RBI inspection but the amount has not been written off fully.

  • A p a tt e rn of c har ge- offs i n t h e w r o n g y e ar , h oweve r , m ay r es u l t i n r evoc a t io n of t h e b an k’s elec t io n b y t h e Co mm issio n e r p ur s uan t t o p ara- g ra p h ( d)(3)( iv)(D) of t h is sec t io n .(C) Loss asset defined.

  • Except as otherwise provided herein, responsibility for all losses, liabilities and expenses incurred by the Partnership shall, as among the Partners, be allocated among the Partners in accordance with the procedures for allocating Net Income (Loss), asset forth in Section 6.1.

  • Interest on NPA should be classified under MOI, without vouching.Prudential norms application should be borrower wise and not facility or account wise, hence all credit facilities of a borrower is having uniform asset classification.An asset may be straight away classified as Doubtful / Loss asset, depending upon the erosion in the value of securities or non-availability of security.

  • As a result,2 cases were identified as outliers and then eliminated; therefore, 514 cases remained.Subsequently, linear regression assumption tests were carried out to check the accuracy of the findings derived from the model.

  • Loss asset - an asset where loss has been identified by the Company but the amount has not been written off wholly.

  • Timer T2 now counts for 12 months and after 12 months, it records it in the blockchain and recategorizes it as Doubtful asset and runs till the bank categorizes it as a Loss asset.


More Definitions of Loss asset

Loss asset means (a) an asset which has been identified as loss asset by the applicable NBFC or its internal or external auditor or by the RBI during the inspection of the applicable NBFC, to the extent it is not written off by the applicable NBFC; and (b) an asset which is adversely affected by a potential threat of non-recoverability due to either erosion in the value of security or non- availability of security or due to any fraudulent act or omission on the part of the borrower.Provisioning: The NBFC would make provisions in the non performing accounts (NPAs) based on the guidelines issued by RBI.Every applicable NBFC shall, after taking into account the time lag between an account becoming non- performing, its recognition as such, the realisation of the security and the erosion over time in the value of security charged, make provision against sub-standard assets, doubtful assets and loss assets as provided hereunder:-The provisioning requirement in respect of loans, advances and other credit facilities including bills purchased and discounted shall be as under:i. Standard asset - Every applicable NBFC shall make provisions for standard assets at 0.40 per cent of the outstanding, which shall not be reckoned for arriving at net NPAs.ii. Sub-standard assets - A general provision of 15 percent of total outstanding shall be made.iii. Doubtful Assets –
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Loss asset means -(i) an asset which has been identified as loss asset by the housing finance company or its internal or external auditor or by the National Housing Bank, to the extent it is not written off by the housing finance company; and(ii) an asset which is adversely affected by a potential threat of non recoverability due to any one of the following, namely:- (a) non-availability of security, either primary or collateral, in case of secured loans and advances;(b) erosion in value of security, either primary or collateral, is established;(c) insurance claim, if any, has been denied or settled in part;(d) fraudulent act or omission on the part of the borrower;(e) the debt becoming time barred under Limitation Act, 1963 (36 of 1963);(f) inchoate or defective documentation.Explanation- For the removal of doubt, it is clarified that mere right of the housing finance company to file suit against the borrower/guarantor for recovery of dues does not debar the National Housing Bank or the auditors to consider the asset or part thereof as loss asset due to aforesaid reasons;(s) “net asset value” means the latest declared net asset value by the concerned mutual fund in respect of that particular scheme;(t) “net book value” means -(i) in the case of hire purchase asset, the aggregate of overdue and future installments receivable as reduced by the balance of the unmatured finance charges and further reduced by the provisions made as per paragraph 24(2)(i) of these directions;(ii) in the case of leased assets, aggregate of capital portion of overdue lease rentals accounted as receivable and depreciated book value of the lease asset as adjusted by the balance of lease adjustment account; (u) “net owned fund” means net owned fund as defined under section 29A of the National Housing Bank Act, 1987 including paid up preference shares which are compulsorily convertible into equity capital. (v) “non-performing asset” (referred to in these directions as “NPA”) means:-(i) a loan asset, in respect of which, interest has remained past due for six months;(ii) a term loan (other than the one granted to an agriculturist or to a person whose income is dependent on the harvest of crops) inclusive of unpaid interest, when the installment is overdue for more than six months or on which interest amount remained past due for six months;(iii) a bill of exchange which remains over due for six months;(iv) the interest in respect of a debt or the income on a receivable under the head ‘other curr...
Sample 1
Loss asset means an Asset at any time: (i) which arises under a ------------ Lease with respect to which more than the greater of (A) ten percent (10%) of any individual payment thereunder, or (B) $10.00 remains unpaid for more than one hundred and eighty (180) days from the original due date for such payment (regardless of whether such Asset becomes current at some future date), (ii) as to which the Obligor thereof has taken any action, or suffered any event to occur, of the type described in Section 7.01(f), (iii) as to which foreclosure proceedings have been initiated and are continuing, or (iv) which, consistent with the Credit and Collection Policy, has been or should be written off as uncollectible; provided, that neither the Servicer nor the Seller shall be required to include an Asset which becomes a Loss Asset during a given calendar month as a "Loss Asset" for the purposes of this Agreement until the earlier of (x) the date on which the Asset Report in respect of such month is required to be delivered pursuant to Section 2.06(a) and (y) the date on which such Asset Report is actually delivered to the Deal Agent.
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Related to Loss asset

  • Mortgage Loan Group Either Group I or Group II.

  • Servicer Mortgage Loan File As defined in each of the Servicing Agreements.

  • Class P Mortgage Loan Any of the Class I-P, Class II-P or Class III-P Mortgage Loans.

  • Mortgage Loan File As defined in Section 2.1(b) and any additional documents required to be added to the Mortgage Loan File pursuant to this Agreement.

  • Group 4 Mortgage Loan Each Mortgage Loan listed on Exhibit D-4 hereto.

  • Owner Mortgage Loan File A file maintained by the Custodian for each Mortgage Loan that contains the documents specified in Section 2.01(a) and any additional documents required to be added to the Owner Mortgage Loan File pursuant to this Agreement.

  • Retained Mortgage Loan File A file for each Mortgage Loan maintained by the Servicer prior to any Document Transfer Date and by the Custodian after any Document Transfer Date that contains the documents specified in Section 2.01(b) of the Pooling and Servicing Agreement and any additional documents required to be added to the Retained Mortgage Loan File pursuant to the Pooling and Servicing Agreement.

  • Group 2 Mortgage Loan Each Mortgage Loan listed on Exhibit D-2 hereto.

  • Other Servicer Mortgage Loan Any of the Mortgage Loans, if any, identified in Exhibit F-2 hereto, as such Exhibit may be amended from time to time in connection with a substitution pursuant to Sections 2.02 or 2.06, which Mortgage Loan is serviced under an Other Servicing Agreement.

  • Buydown Mortgage Loan Any Mortgage Loan as to which a specified amount of interest is paid out of related Buydown Funds in accordance with a related buydown agreement.

  • Group II Mortgage Loan A Mortgage Loan assigned to Loan Group II with a Stated Principal Balance at origination that may or may not conform to Xxxxxx Mae and Xxxxxxx Mac loan limits.

  • Group I Mortgage Loan A Mortgage Loan assigned to Loan Group I. All Group I Mortgage Loans have a principal balance at origination that conforms to Xxxxxxx Mac loan limits.

  • Group II Mortgage Loans The Mortgage Loans identified on the Mortgage Loan Schedule as Group II Mortgage Loans.

  • Group 1 Mortgage Loan Each Mortgage Loan listed on Exhibit D-1 hereto.

  • Wet-Ink Mortgage Loan means a Mortgage Loan which any Seller is selling to Buyer simultaneously with the origination thereof and for which the Mortgage Loan Documents have not been delivered to the Custodian.

  • Group I Mortgage Loans The Mortgage Loans identified on the Mortgage Loan Schedule as Group I Mortgage Loans.

  • Group 2 Mortgage Loans Those Mortgage Loans identified on the Mortgage Loan Schedule as Group 2 Mortgage Loans.

  • Group III Mortgage Loans and "Group IV Mortgage Loans," respectively), formed by Wells Fargo Asset Securities Corporation (hereinafter called the "Depxxxxxr," which term includes any successor entity under the Agreement referred to below). The Trust Estate was created pursuant to a Pooling and Servicing Agreement dated as of February 27, 2006 (the "Agreement") among the Depositor, Wells Fargo Bank, N.A., as master servicer (the "Master Servicer") anx X.X. Bank National Association, as trustee (the "Trustee"), a summary of certain of the pertinent provisions of which is set forth hereinafter. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to such terms in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. Pursuant to the terms of the Agreement, a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately following (the "Distribution Date"), commencing on the first Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the Record Date, in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the Group II-A Distribution Amount for the Class II-A-7 Certificates required to be distributed to Holders of the Class II-A-7 Certificates on such Distribution Date, subject to adjustment in certain events as specified in the Agreement. Distributions in reduction of the Principal Balance of certain Classes of Class A Certificates may not commence on the first Distribution Date specified above. Distributions of principal will be allocated among the Classes of Group II-A Certificates in accordance with the provisions of the Agreement. The pass-through rate on the Class II-A-7 Certificates applicable to each Distribution Date will be 5.500% per annum. The amount of interest which accrues on this Certificate in any month will be subject to reduction with respect to any Non-Supported Interest Shortfall, any Relief Act Shortfall and the interest portion of certain Realized Losses allocated to the Class II-A-7 Certificates, as described in the Agreement. Distributions on this Certificate will be made by the Paying Agent by check mailed to the address of the Person entitled thereto, as such name and address shall appear on the Certificate Register, unless such Person is entitled to receive payments by wire transfer in immediately available funds in accordance with the Agreement and such Person has notified the Paying Agent pursuant to the Agreement that such payments are to be made by wire transfer of immediately available funds. Notwithstanding the above, the final distribution in reduction of the Principal Balance of this Certificate will be made after due notice of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency of the Paying Agent specified for that purpose in the notice of final distribution. Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. This Certificate constitutes a "regular interest" in a "real estate mortgage investment conduit" as those terms are defined in Section 860G(a)(1) and Section 860D, respectively, of the Internal Revenue Code of 1986, as amended. Unless this Certificate has been countersigned by an authorized officer of the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement or be valid for any purpose.

  • EMC Mortgage Loans Those Mortgage Loans serviced by the Company pursuant to the terms of this Agreement.

  • BAseries Servicer Interchange means, with respect to any Monthly Period, an amount equal to the product of (a) the Servicer Interchange (as such term is defined in the Series 2001-D Supplement) with respect to such Monthly Period and (b) a fraction the numerator of which is the Weighted Average Available Funds Allocation Amount for the BAseries for such Monthly Period and the denominator of which is the Weighted Average Available Funds Allocation Amount for all series of Notes for such Monthly Period.

  • Subsequent Mortgage Loan A Mortgage Loan sold by the Depositor to the Trust Fund pursuant to Section 2.08, such Mortgage Loan being identified on the Mortgage Loan Schedule attached to a Subsequent Transfer Instrument.

  • Mortgage Pool Assets (i) The Mortgage Loans (including all Substitute Mortgage Loans) identified on the Mortgage Loan Schedule, and all rights pertaining thereto, including the related Mortgage Notes, Mortgages, Cooperative Stock Certificates, Cooperative Leases, Security Agreements, Assignments of Proprietary Lease, and Recognition Agreements, and all Monthly Payments due after the Cut-Off Date and all other payments and distributions collected with respect to the Mortgage Loans on or after the Cut-Off Date; (ii) the Certificate Account, the Investment Account, and all money, instruments, investment property, and other property credited thereto, carried therein, or deposited therein (except amounts constituting the Servicing Fee); (iii) the Custodial Accounts for P&I and any Buydown Fund Account (to the extent of the amounts on deposit or other property therein attributable to the Mortgage Loans), and all money, instruments, investment property, and other property credited thereto, carried therein, or deposited therein (except amounts constituting the Servicing Fee); (iv) all property that secured a Mortgage Loan and that has been acquired by foreclosure or deed in lieu of foreclosure or, in the case of a Cooperative Loan, a similar form of conversion, after the Cut-Off Date; and (v) each FHA insurance policy, Primary Insurance Policy, VA guaranty, and other insurance policy related to any Mortgage Loan, and all amounts paid or payable thereunder and all proceeds thereof.

  • Group 3 Mortgage Loan Each Mortgage Loan listed on Exhibit D-3 hereto.

  • ARM Mortgage Loan A Mortgage Loan pursuant to which the interest rate shall be adjusted from time to time in accordance with the related Mortgage Note.

  • Group 1 Mortgage Loans Those Mortgage Loans identified on the Mortgage Loan Schedule as Group 1 Mortgage Loans.

  • Subsequent Mortgage Loans means, for purposes of this Agreement, the Subsequent Mortgage Loans listed in the Subsequent Mortgage Loan Schedule attached hereto as Schedule I.