Nonfinancial Asset definition
Nonfinancial Asset means the underlying asset in this rule specifically the control of the right to use the underlying assets not limited to capital assets such as buildings, land, vehicles and equipment. However, the definition of nonfinancial assets does exclude the following: financial assets, intangible assets (other than intangible right-to-use assets), assets financed by conduit debt, biological assets, inventory, supply contracts, service concession arrangements, and licensing contracts for computer software.
Nonfinancial Asset meanss any real property or tangible personal property that may become part of the Trust Estate in connection with the performance by the Servicer of its duties under the Indenture solely as a result of the: (i) foreclosure of any 60-day Plus Delinquent Loan owned by the Issuer or the personal and/or real property constituting security therefor (and the Servicer is authorized to purchase such real and/or personal property upon such foreclosure), (ii) termination of the rights thereunder of any holder of a 60-day Plus Delinquent Loan owned by the Issuer, (iii) receipt by the Issuer of a deed in lieu of the foreclosure of any 60-day Plus Delinquent Loan owned by the Issuer or the personal and/or real property constituting security therefor, or (iv) receipt by the Issuer of an assignment of any 60-day Plus Delinquent Loan owned by the Issuer or the personal and/or real property constituting security therefor.
Nonfinancial Asset shall have the meaning specified in Section 5.7 of the Trust Agreement.
More Definitions of Nonfinancial Asset
Nonfinancial Asset means any real property or tangible personal property that may become part of the Trust Estate in connection with the performance by the Servicer of its duties under the Indenture solely as a result of the: (i) foreclosure of any Defaulted Timeshare Loan owned by the Trust or the personal and/or real property constituting security therefor (and the Servicer is authorized to purchase such real and/or personal property upon such foreclosure), (ii) termination of the rights thereunder of any holder of a Defaulted Timeshare Loan owned by the Trust, (iii) receipt by the Trust of a deed in lieu of the foreclosure of any Defaulted Timeshare Loan owned by the Trust or the personal and/or real property constituting security therefor, or (iv) receipt by the Trust of an assignment of any Defaulted Timeshare Loan owned by the Trust or the personal and/or real property constituting security therefor. Any cash, financial assets or other property that are received from the exercise of the power and authority of the Servicer hereunder shall be part of the Trust Estate.
Nonfinancial Asset meanss any real property or tangible personal property that may become part of the Subject Collateral in connection with the performance by the Servicer of its duties under the CSA solely as a result of the: (i) foreclosure of any 60-day Plus Delinquent Loan owned by the Borrower or the personal and/or real property constituting security therefor (and the Servicer is authorized to purchase such real and/or personal property upon such foreclosure), (ii) termination of the rights thereunder of any holder of a 60-day Plus Delinquent Loan owned by the Borrower, (iii) receipt by the Borrower of a deed in lieu of the foreclosure of any 60-day Plus Delinquent Loan owned by the Borrower or the personal and/or real property constituting security therefor, or (iv) receipt by the Borrower of an assignment of any 60-day Plus Delinquent Loan owned by the Borrower or the personal and/or real property constituting security therefor.