Recovery Expenses means, for any Recovery Quarter, the amount of actual, reasonable and necessary out-of-pocket expenses (other than Capitalized Expenditures) paid to third parties (other than Affiliates of the Assuming Bank) by or on behalf of the Assuming Bank, as limited by Sections 3.2(c) and (d) of Article III to this Commercial Shared-Loss Agreement, to recover amounts owed with respect to (i) any Shared-Loss Asset as to which a Charge-Off was effected prior to the end of the final Shared-Loss Quarter (provided that such amounts were incurred no earlier than the date the first Charge-Off on such Shared-Loss Asset could have been reflected on the Accounting Records of the Assuming Bank), and (ii) Failed Bank Charge-Offs/Write-Downs (including, in each case, all costs and expenses related to an Environmental Assessment and any other costs or expenses related to any environmental conditions with respect to the Shared-Loss Assets (it being understood that any remediation expenses for any such pollutant or contaminant are not recoverable if in excess of $200,000 per Shared-Loss Asset, without the Assuming Bank having obtained the prior consent of the Receiver for such expenses); provided, that, so long as income with respect to a Shared-Loss Loan is being prorated pursuant to the arithmetical formula in subsection (II) of the definition of “Recoveries”, the term “Recovery Expenses” shall not include that portion of any such expenses paid during such Recovery Quarter to recover any amounts owed on that Shared-Loss Loan that is derived by: subtracting (1) the product derived by multiplying:
Recovery Expenses means, for any Recovery Quarter, the amount of actual, reasonable and necessary out-of-pocket expenses (other than Capitalized Expenditures) paid to third parties (other than Affiliates of the Assuming Institution) by or on behalf of the Assuming Institution, as limited by Sections 3.2(c) and (d) of Article III to this Commercial Shared-Loss Agreement, to recover amounts owed with respect to:
Recovery Expenses means, for any Recovery Quarter, the amount of actual, reasonable and necessary out-of-pocket expenses (other than Capitalized Expenditures) paid to third parties (other than Affiliates of the Assuming Bank) by or on behalf of the Assuming Bank, as limited by Sections 3.2(c) and (d) of Article III to this Commercial Shared-Loss Agreement, to recover amounts owed with respect to (i) any Shared-Loss Asset as to which a Charge-Off was effected prior to the end of the final Shared-Loss Quarter (provided that such amounts were incurred no earlier than the date the first Charge-Off on such Shared-Loss Asset could have been reflected on the Accounting Records of the Assuming Bank), and (ii) Failed Bank Charge-Offs/Write-Downs (including, in each case, all costs and expenses related to an Environmental Assessment and any other costs or expenses related to any environmental conditions with respect to the Shared-Loss Assets (it being understood that any remediation expenses for any such pollutant or contaminant are not recoverable if in excess of $200,000 per Shared-Loss Asset, Module 1 — Whole Bank w/ Loss Share — P&A Version 1.12 November 17, 0000 XXXXXXX XXXXXXXX XXXX XXXXX, XXXXXXX without the Assuming Bank having obtained the prior consent of the Receiver for such expenses); provided, that, so long as income with respect to a Shared-Loss Loan is being prorated pursuant to the arithmetical formula in subsection (II) of the definition of “Recoveries”, the term “Recovery Expenses” shall not include that portion of any such expenses paid during such Recovery Quarter to recover any amounts owed on that Shared-Loss Loan that is derived by: subtracting (1) the product derived by multiplying:
Examples of Recovery Expenses in a sentence
If, at the end of the final Recovery Quarter the amount of Aggregate Recovery Expenses exceeds the amount of Aggregate Recovery Period Recoveries, the Receiver shall have no obligation to pay to the Assuming Bank all or any portion of such excess.
Property held under lien in these terms and conditions shall be deemed to be held as security for the Facility, up to an amount equivalent to the aggregate of the outstanding principal on your Facility and the Recovery Expenses.
If, at the end of the final Recovery Quarter the amount of Aggregate Recovery Expenses exceeds the amount of Aggregate Recovery Period Recoveries, the Receiver shall have no obligation to pay to the Assuming Institution all or any portion of such excess.
Should the amount of the recovery under this paragraph not be sufficient to pay 100% of the Recovery Expenses, then the allocation hereunder shall be adjusted on a pro-rata basis in proportion to the relative amounts of Recovery Expenses incurred by each of Licensor and Licensee.
Section 1.03(b) is hereby amended to provide that Recoveries in respect of the PBI Loan or the Southern Loan shall be applied first to reimburse the Reserve Account for any Recovery Expenses allocable to such PBI Loan or Southern Loan and previously withdrawn from the Reserve Account.
More Definitions of Recovery Expenses
Recovery Expenses include any costs incurred by us to recover Overdue Amounts.
Recovery Expenses include any costs incurred by PCUL to recover Overdue Amounts;
Recovery Expenses for any period, the amount of actual, reasonable and necessary out-of-pocket expenses (including Capitalized Expenditures) paid to third parties (other than Citigroup or any of its Affiliates) by any Citigroup Ring-Fence Entity as permitted by the Governance and Asset Management Guidelines to recover amounts owed with respect to any Covered Asset as to which a Loss was incurred prior to the relevant Termination Date with respect to the Covered Asset (provided that such amounts were incurred no earlier than the date the Loss on such Covered Asset was reflected on the accounting records of such Citigroup Ring-Fence Entity); provided that “Recovery Expenses” shall not include for the relevant Covered Asset any expenses in excess of $200,000 related to environmental conditions, including but not limited to, remediation, storage or disposal of any hazardous or toxic substance or any pollutant or contaminant (but excluding costs incurred in order to assess the presence, storage or release of any hazardous or toxic substance, or any pollutant or contaminant with respect to the collateral securing a Covered Asset that has been fully or partially charged-off (including the costs of consultants retained in connection with such assessment)), unless such expenses are specifically authorized, with prior timely notice to and approval by, the U.S. Federal Parties; and provided, further that “Recovery Expenses” shall in no event include any expenses incurred by any Citigroup Ring-Fence Entity prior to the Effective Time or any of the items identified on Exhibit J.
Recovery Expenses means, with respect to a Charged Off Receivable, all (i) Repossession Expenses and (ii) Disposition Expenses.
Recovery Expenses. The meaning specified in the Servicing Agreement.
Recovery Expenses means any expense, including court costs and legal expenses, incurred by the Company for purposes of obtaining a Recovery with respect to Losses, but excluding the expenses or salaries of the officers and employees of the Company or its affiliates or normal overhead expenses of the Company or its affiliates and excluding any expense that would constitute an Allocated Loss Adjustment Expense.
Recovery Expenses. As of any date of determination, the sum of the following: (a) all expenses, if any, incurred by the Servicer, the Special Servicer or the Servicing Advisor, as the case may be, in connection with any Defaulted Loan or Repossessed Collateral (including legal fees and expenses, committee or referee fees, and, if applicable, brokerage commissions and conveyance taxes) provided that, if any of the foregoing expenses are to be -------- retained by the Servicer, the Special Servicer or the Servicing Advisor, as the case may be, and not to be paid or reimbursed to an Independent Person, such expenses shall not constitute "Recovery Expenses" unless such expenses were approved in writing in advance by the Certificateholder Agent; (b) all advances made to an Independent Person by the Servicer, the Special Servicer or the Servicing Advisor, as applicable, with respect to any Defaulted Loan or Repossessed Collateral and not previously reimbursed as provided for herein; and (c) Workout Fees, if any, due to the Special Servicer.