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
The Committee recommends for the creation of a Distressed Asset Fund, with a corpus of ₹ 5000 crore, structured to assist units in clusters where a change in the external environment, e.g. a ban on plastics or ‘dumping’ has led to a large number of MSMEs becoming NPA.
The strategy proposes the creation of a national asset management company (the Second Distressed Asset Fund or DAF-2) and private (bank specific) asset management companies that would operate as special purpose vehicles (SPV) through which banks would separate the non-performing assets.5 The financial sector is closely intertwined with the domestically oriented non-resource Kazakh economy, whereas the resource sector is funded from abroad and traded internationally.
As part of the Distressed Asset Sales Program (DASP), HUD worked with servicers and state and local governments to identify REO properties in at-risk and hard hit communities to create pools of loans for sale at auction.
Defendant’s debt purportedly had been transferred to two other intermediary debt buyers, Pilot Receivables Management, LLC(“Pilot”) and Distressed Asset Portfolio IV, LLC (“DAP”) before Unifund obtained the right to collect it.
Equipment, which by law requires an operator to possess a driver’s license37 to operate on a public highway, shall be licensed.
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 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 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 an asset (i) the obligor of which is the subject of a Insolvency 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 thirty (30) 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 Ultimate Parent or Borrower as “non-performing” under GAAP, or (iv) in respect of which the related obligor is rated “Caa” or lower by Moody’s or “CCC” or lower by S&P.
Distressed Asset means any Asset (i) which is the subject of a bankruptcy, insolvency, liquidation or other similar proceedings or in the case of any Loan Asset the related Obligor is the subject of any such proceeding, (ii) which is to the actual knowledge of the Adviser or the Borrower, in default as to payment of principal or interest or otherwise under the instruments or agreements under which they were issued or in the case of any Loan Asset under the applicable Loan Documents, (iii) if such Asset is a Loan Asset (x) in respect of which there is a breach of a material provision of the related Loan Documents or a "default" or "event of default" has occurred and is continuing under the Related Loan Documents, or (y) which is otherwise classified by the Borrower as "non-performing" pursuant to GAAP, or (iv) which is rated lower than "Caa3" by Moody's or lower than "CCC-" by S&P or which, if unrated, are in txx xxxxonable judgment of the Adviser of equivalent credit quality.
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 Pool Asset (i) which is the subject of a bankruptcy, insolvency, liquidation or other similar proceedings or in the case of any Loan Asset, the related Obligor is the subject of any such proceeding, (ii) which is in default beyond the applicable grace period, if any, as to payment of principal or interest under the instruments or agreements under which they were issued or otherwise evidenced, (iii) if such Asset is a Loan Asset (x) in respect of which the Obligor thereof shall have failed to make any payment when due (whether by scheduled maturity, required prepayment, accelerated demand or otherwise) beyond any period of grace provided with respect thereto, or (y) which is otherwise classified by the Borrower as “non-performing” pursuant to GAAP, or (iv) which is rated lower than “Caa2” by Moody’s or lower than “CCC” by S&P or which, if unrated, is in the reasonable judgment of the Investment Manager of equivalent credit quality.