Loss asset definition
Loss asset means:
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.
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.
Examples of Loss asset in a sentence
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.
More Definitions of Loss asset
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.
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...