Defaulted Note Receivable definition
Defaulted Note Receivable means any Note Receivable with respect to which (a) any payment thereunder remains outstanding and unpaid, in whole or in part, for more than ninety (90) days past the date it became due and payable according to the original face and tenor of such Note Receivable or as extended in accordance with Borrower’s Required Procedures, (b) with respect to which foreclosure proceedings have been initiated against any property securing such Note Receivable, or (c) that Borrower or Agent in its Permitted Discretion deems to be non-collectible.
Defaulted Note Receivable. Has the meaning set forth in the Loan Agreement.
Defaulted Note Receivable means any Note Receivable with respect to which (a) any payment owing thereunder remains outstanding and unpaid, in whole or in part, for more than ninety (90) days past the date it became due and payable according to the original face and tenor of such Note Receivable, (b) with respect to which foreclosure proceedings have been initiated against any property securing such Note Receivable, or (c) that Borrower deems to be non-collectible.
Examples of Defaulted Note Receivable in a sentence
The Servicer will use its reasonable efforts to repossess or otherwise comparably convert the ownership of any Related Property with respect to a Defaulted Note Receivable and will act as sales and processing agent for Related Property that it repossesses.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can access our website or call us at ▇-▇▇▇-▇▇▇-▇▇▇▇ to find out whether or not the deposit has been made.
The Servicer will remit to the Collection Account the Recoveries received in connection with the sale or disposition of Related Property with respect to a Defaulted Note Receivable.
More Definitions of Defaulted Note Receivable
Defaulted Note Receivable means any Note Receivable (a) with respect to which any payment thereunder remains outstanding and unpaid, in whole or in part, for more than ninety (90) days past the date it became due and payable according to the original face and tenor of such Note Receivable, (b) that is secured by Collateral that is subject to judicial or non-judicial proceedings for the foreclosure of Borrower’s lien therein, or has been foreclosed or conveyed or transferred by deed-in-lieu-of-foreclosure or assignment-in-lieu-of-foreclosure, (c) with respect to which the Account Debtor is subject to an Insolvency Proceeding or is not Solvent, (d) that has been charged-off or deemed non-collectible by Borrower or (e) that has been extended, amended, modified or supplemented in any manner not in accordance with the Required Procedures or which a provision therein has been waived in any manner not in accordance the Required Procedures.
Defaulted Note Receivable means any Note Receivable (a) with respect to which any payment thereunder remains outstanding and unpaid, in whole or in part, for more than ninety (90) days past the date it became due and payable according to the original face and tenor of such Note Receivable or as extended in accordance with the Required Procedures, (b) that is secured by Collateral that is subject to judicial or non-judicial proceedings for the foreclosure of Borrower’s lien therein, or has been foreclosed or conveyed or transferred by deed-in-lieu-of-foreclosure or assignment-in-lieu-of-foreclosure,
Defaulted Note Receivable means any Note Receivable (a) with respect to which any payment thereunder remains outstanding and unpaid, in whole or in part, more than fifteen (15) days past the date it became due and payable according to the original face and tenor of such Note Receivable or as extended in accordance with the Required Procedures, (b) with respect to which the Account Debtor is subject to an Insolvency Proceeding or is generally unable to meet its financial obligations as and when they become due or (c) that has been charged-off or deemed non-collectible by the Borrower or the Servicer, in accordance with the Required Procedures.
Defaulted Note Receivable means any Note Receivable (a) with respect to which any payment owing thereunder remains outstanding and unpaid, in whole or in part, for more than 60 days past the date it became due and payable, only to the extent that, the aggregate amount of all such overdue payments with respect to Notes Receivable described under this clause (a) exceeds the lesser of (i) $2,500,000 or (ii) 5% of the Borrowing Base then in effect, (b) with respect to which foreclosure and/or repossession proceedings have been initiated against the applicable Note Receivable Property, (c) which the Borrower or a Subsidiary Guarantor does not have a Statement of Ownership (or other evidence of title reasonably satisfactory to the Administrative Agent) on the Note Receivable Property related to such Note Receivable for a period greater than one hundred and fifty (150) days, or (d) which the Borrower deems to be non-collectible.
Defaulted Note Receivable means any Note Receivable (a) with respect to which any payment thereunder remains outstanding and unpaid, in whole or in part, for more than ninety (90) days past the date it became due and payable according to the original face and tenor of such Note Receivable or as extended in accordance with the Required Procedures, (b) that is secured by Collateral that is subject to judicial or non-judicial proceedings for the foreclosure of Borrower’s lien therein, or has been foreclosed or conveyed or transferred by deed-in-lieu-of-foreclosure or assignment-in-lieu-of-foreclosure, (c) with respect to which the Account Debtor is subject to an Insolvency Proceeding or is not Solvent, or (d) that has been charged-off or deemed non-collectible by Borrower.
Defaulted Note Receivable means any Note Receivable (a) with respect to which any payment owing thereunder remains outstanding and unpaid, in whole or in part, for more than 60 days past the date it became due and payable, only to the extent that, the aggregate amount of all such overdue payments with respect to Notes Receivable described under this clause (a) exceeds the lesser of (i) $2,500,000 or (ii) 5% of the Borrowing Base then in effect, (b) with respect to which foreclosure and/or repossession proceedings have been initiated against the applicable Note Receivable Property, (c) which the Borrower or a Subsidiary