Distressed Asset means an asset (i) the obligor of which is the subject of a bankruptcy, insolvency, liquidation or other similar action or proceeding, (ii) which is in default (unless cured or waived) beyond the applicable grace periods, if any, as to payment of principal or interest or other amount owing under the applicable loan documents; provided, however, that if such asset is past due as to the payment of principal or interest or otherwise for a period of time equal to or greater than forty-five (45) consecutive days, such loan asset shall be deemed to constitute a Distressed Asset regardless of whether or not the applicable grace period in respect of such asset has expired, (iii) which is otherwise classified by the Investment Manager or the Borrower as “non-performing” pursuant to Generally Accepted Accounting Principles, or (iv) in respect of which the related obligor is rated “Caa” or lower by Xxxxx’x or “CCC” or lower by S&P or which, if unrated, are in the reasonable judgment of the Investment Manager, of equivalent credit quality.
Distressed Asset means any asset if (a) the obligor thereof is subject to a bankruptcy, insolvency, liquidation or other similar action or proceeding, (b) the obligor thereof shall have failed to make any payment of principal or interest in respect of such asset when due (whether at scheduled maturity or any accelerated date of maturity or any other date fixed for payment or prepayment thereof or otherwise) beyond any period of grace provided with respect thereto, or (c) such asset is classified by the Borrower as “non-performing” pursuant to Generally Accepted Accounting Principles.
Distressed Asset means a Mortgage Loan as to which the Mortgagor is subject to a proceeding under the Bankruptcy Code, a foreclosure or receiver proceeding has been commenced, the mortgage debt has been charged off, or any similar facts apply.
Examples of Distressed Asset in a sentence
Notices regarding this Note shall be sent to the parties at the following addresses, unless a party notifies the other parties, in writing, of a change of address: If to the Company, to: Distressed Asset Acquisitions, Inc.
Distressed Asset Management is responsible for early warning system and portfolio monitoring, pre-workout, restruc- turing, collection and workout to all non-Retail customer segments i.e. SME, Corporate, Public Finance, Sovereigns and Sub sovereigns and Financial institutions.
Mass sell-off of properties to investors does not meet that mission or fair housing obligation.FHA is also engaging in sell-offs under its Distressed Asset Stabilization Program (DASP).
In particular, the recovery rates for the Distressed Asset Stabilization Program (DASP) improved to 64 percent in FY 2014 from 49 percent in FY 2013.
He has a successful track record of managing the asset identification processes, enforcement strategies and settlement negotiations for multiple prominent (sovereign) awards and judgments.In addition, Mr van Hulst has established two institutionally backed funds aimed at funding legal disputes and enforcement matters, including in joint venture with the International Finance Corporation, part of the World Bank for the Distressed Asset Recovery Program.
More Definitions of Distressed Asset
Distressed Asset means assets of the Borrower which (a) are the subject of a bankruptcy or insolvency, (b) are in default beyond the applicable grace period as to payment, (c) have a market value less than 40% of par, (d) are rated “Caa2” or lower by Xxxxx’x, or “CCC” or lower by S&P, or which, if unrated, are in the judgment of the Investment Manager of equivalent credit quality, (e) if any such asset is otherwise an Eligible Loan Asset, is in payment default under the related loan documents or is otherwise classified as “non-performing” by the Borrower; provided, however, that if principal or interest in respect of such asset is past due for a period of time equal to or greater than thirty (30) consecutive days, such asset shall be deemed to constitute a Distressed Asset regardless of whether or not the applicable grace period in respect of such asset has expired, or (f) are otherwise classified by the Investment Manager or the Borrower as a distressed asset.
Distressed Asset means any Asset which is (i) the subject of a bankruptcy, insolvency, liquidation or other similar proceedings, (ii) in default (after giving effect to applicable grace periods) as to payment of principal or interest or otherwise under the instruments or agreements under which they were issued or otherwise evidenced, (iii) rated “Caa” or lower by Moody’s or “CCC” or lower by S&P or which, if unrated, are in the reasonable judgment of the Borrower of equivalent credit quality, or (iv) otherwise categorized as “distressed assets” by the Borrower.
Distressed Asset means any security or Loan Obligation (i) an obligor or issuer of which is the subject of a bankruptcy, insolvency, liquidation or other similar proceeding, (ii) which is in default beyond the applicable grace period, if any, as to payment (including by reason of acceleration) of any principal, interest, dividend or other distribution thereon, (iii) that is rated, subject to Section 1.04, CCC+ or lower by S&P or Caa2Caa1 or lower by Mxxxx’x, or (iv) which is otherwise classified by the Borrower or the Investment Adviser (or any sub-adviser) as “distressed” or “non-performing”.
Distressed Asset means an Asset (i) which is, or the Obligor of which, is the subject of a bankruptcy, insolvency, liquidation or other similar proceedings, (ii) which is in default (unless cured or waived) beyond the applicable grace periods, if any, as to payment of principal or interest or other amount owing under the under the instruments or agreements under which they were issued or otherwise evidenced, including the applicable Loan Documents with respect to a Loan Asset; provided, however, that if such Asset is past due as to the payment of principal or interest or otherwise for a period of time equal to or greater than forty-five (45) consecutive days, such Asset shall be deemed to constitute a Distressed Asset regardless of whether or not the applicable grace period in respect of such Asset has expired, (iii) which is otherwise classified by the Adviser or the Borrower as "non-performing", (iv) which is rated "Caa2" or lower by Moody's or "CCC" or lower by S&P or which, if unrated, is in the reasonable judgment of the Adviser, of equivalent credit quality or (v) which is otherwise classified by the Adviser or the Borrower as a "Distressed Asset".
Distressed Asset means as determined by the Manager at the time of acquisition by the Company, a real estate asset that is not performing as intended at origination and as a result the current market value/price has been discounted. A Distressed Asset may be a debt instrument secured in whole or in part by the related real estate or the actual real estate itself.
Distressed Asset means an Asset (i) which is, or the Obligor of which is, the subject of a bankruptcy, insolvency, liquidation or other similar proceedings, (ii) which is in default (unless cured or waived) beyond the applicable grace periods, if any, as to payment of principal or interest or other amount owing under the instruments or agreements under which they were issued or otherwise evidenced, including the applicable Loan Documents with respect to a Loan Asset; provided, however, that if such Asset is past due as to the payment of principal or interest or otherwise for a period of time equal to or greater than forty-five (45) consecutive days, such Asset shall be deemed to constitute a Distressed Asset regardless of whether or not the applicable grace period in respect of such Asset has expired, (iii) which has an Asset Value which is less than thirty-seven and one-half percent (37.5%) of its par value, (iv) which is otherwise classified by the Adviser or the Borrower as “non-performing”, (v) which is rated “Caa2” or lower by Moody’s or “CCC” or lower by S&P or which, if unrated, are in the reasonable judgment of the Adviser, of equivalent credit quality, or (vi) which is otherwise classified by the Adviser or the Borrower as a “Distressed Asset”.
Distressed Asset means either a Fundamental Distressed Asset or a Non-Fundamental Distressed Asset, as applicable.