Delinquent Asset. An Asset (that is not a Charged-Off Asset) as to which either of the following first occurs: (a) all or any portion of one or more principal or interest payments (other than in respect of default rate interest) remain unpaid for at least 60 days from the original due date for such payment (without giving effect to any Servicer Advance thereon) or (b) consistent with the Credit and Collection Policy such Asset would be classified as delinquent by the Servicer.
Delinquent Asset. Any Mortgage Loan or Lease and Property included in the Collateral Pool (other than a Defaulted Asset), with respect to which any Monthly Loan Payment or Monthly Lease Payment, as applicable, is overdue for more than 60 consecutive days (without taking into account the required giving of notices under such Lease or Mortgage Loan), and which Lease or Mortgage Loan has not been rejected in any bankruptcy, insolvency or similar proceeding.
Delinquent Asset. As defined in the Property Management Agreement.
Examples of Delinquent Asset in a sentence
The Servicer may subcontract with any other Person for administering, servicing or collection any Delinquent Asset or Defaulted Asset and, with the prior consent of the Deal Agent, which consent shall not be unreasonably withheld, subcontract with any other Person for servicing, administering or collecting the Purchased Assets, provided that the Servicer shall remain liable for the performance of the duties and obligations of the Servicer pursuant to the terms hereof.
With respect to Defaulted Assets and Delinquent Assets, on any date, the Depositor shall have the option, but not the obligation, to either (i) repurchase a Defaulted Asset or Delinquent Asset, as the case may be, from SPE 1 for a price equal to the related Repurchase Price or (ii) substitute one or more Qualified Substitute Assets for a Defaulted Asset or Delinquent Asset, as the case may be, and pay the related Substitution Shortfall Amount, if any.
The Depositor shall, on each Transfer Date, be deemed to certify to SPE 1 and the Agent on behalf of the Lenders that (i) each Asset substituted for a Defective Asset, a Defaulted Asset or a Delinquent Asset, in each case in accordance with the terms of this Section 7, meets all the criteria of the definition of "Qualified Substitute Asset," and (ii) the Custodian File for each Qualified Substitute Asset has been delivered to the Custodian.
The Asset is not a Defaulted Asset and on the Purchase Date thereof is not a Delinquent Asset and has not been specifically reserved against by the Initial Servicer or its Affiliates or classified by any of them as uncollectible or charged off.
More Definitions of Delinquent Asset
Delinquent Asset means a Loan Asset that is not a Charged-Off Asset and as to which either of the following has occurred: (i) the Servicer has classified such Loan Asset, as “delinquent” pursuant to the criteria set forth in the Risk and Collection Policies, or (ii) all or any portion of one or more principal or interest payments (other than in respect of default rate interest) under such Loan Asset remains unpaid for at least 60 days from the original due date for such payment (without giving effect to any Servicer Advances thereon).
Delinquent Asset. A Loan Asset that is not a Charged-Off Asset and as to which either of the following has occurred: (i) the Servicer has classified such Loan Asset, as “delinquent” pursuant to the criteria set forth in the Credit and Collection Policy, or (ii) all or any portion of one or more principal or interest payments (other than in respect of default rate interest) under such Loan Asset remains unpaid for at least 60 days from the original due date for such payment (without giving effect to any Servicer Advances thereon).
Delinquent Asset. An Asset (that is not a Charged-Off Asset) as to which any of the following first occurs: (a) all or any portion of one or more principal or interest payments (other than in respect of default rate interest) remain unpaid for (i) at least thirty (30) days but less than sixty (60) days from the original due date for such payment (without giving effect to any Servicer Advance thereon), in which case not less than fifty percent (50%) of the Outstanding Asset Balance of such Asset shall be deemed to be “delinquent” for purposes of this Agreement, (ii) at least sixty (60) days from the original due date for such payment (without giving effect to any Servicer Advance thereon), in which case, for the avoidance of doubt, one hundred percent (100%) of the Outstanding Asset Balance of such Asset shall be deemed to be “delinquent” for purposes of this Agreement, or (b) consistent with the Credit and Collection Policy such Asset would be classified as delinquent by the Servicer.
Delinquent Asset means, as of any date of determination, a Loan Asset that is not a Charged-Off Asset and as to which either (i) the Borrower has classified (and continues, as of such date of determination, to classify) such Loan Asset, as “delinquent” pursuant to criteria consistent with the Servicing Standard, or (ii) all or any portion of one or more principal or interest payments (other than in respect of default rate interest) under such Loan Asset remain, as of such date of determination, unpaid for at least 30 days from the original due date for such payment.
Delinquent Asset means any Purchased Asset as to which any related obligor has, at any time after the related Purchase Date, failed to pay in full when due any payment required to be made in favor of the holder of such Purchased Asset.
Delinquent Asset. Any Mortgage Loan or Mortgaged Property included in the Collateral Pool (other than a Defaulted Asset), with respect to which any Monthly Loan Payment or Monthly Lease Payment, as applicable, becomes delinquent for 60 or more consecutive days. “Determination Date ”: With respect to any Payment Date, the 7 th day of the month in which such Payment Date occurs or, if such 7 th day is not a Business Day, the Business Day immediately succeeding such 7 th day. “Determination Date Report ”: As defined in Section 4.01(a) . “Due Date ”: With respect to any Mortgage Loan or Lease, the day of each calendar month on which the Monthly Loan Payment or Monthly Lease Payment, as applicable, with respect thereto is due. “Early Amortization Event ”: As defined in the Indenture. “Early Refinancing Prepayment ”: As defined in the Series 2017-1 Supplement. “Eligible Account ”: As defined in the Indenture. “Eligible Successor ”: An entity which, at the time it is appointed as Successor Property Manager or Successor Special Servicer, (i) is legally qualified and has the capacity to carry out the duties and obligations hereunder of the Property Manager or Special Servicer, as applicable, and (ii) has demonstrated the ability to administer professionally and competently a portfolio of leases, mortgaged properties and mortgage loans that are similar to the Leases, Mortgaged Properties and Mortgage Loans with high standards of skill and care. “Emergency Property Expenses ”: As defined in Section 3.03(e) . “Environmental Condition Mortgaged Property ”: Any Mortgaged Property (i) on which a gasoline station or other gasoline pumping facility is operated, (ii) on which, to the Property Manager’s knowledge, oil or other hazardous materials are stored in underground storage tanks, (iii) in the Manufacturing Business Sector or (iv) any other Mortgaged Property that the Property Manager believes, in its reasonable discretion exercised in accordance with the Servicing Standard (including based on the review of any Environmental Report), has a material risk of declining in value due to environmental conditions existing on or in respect of such Mortgaged Property; provided that no Mortgaged Property described in clauses (i) through (iv) 8 US-DOCS\ 96557504.7 102826315.7
Delinquent Asset. Any Lease in the Collateral Pool with respect to which any Monthly Lease Payment becomes delinquent more than 60 consecutive days (without taking into account the required giving of notices under such Lease) and which Lease has not been rejected in any bankruptcy, insolvency or similar proceeding.