Repossessed Collateral definition

Repossessed Collateral means items of Collateral taken in the name of the Issuer as a result of legal action enforcing the Lien on the Collateral resulting from a default on the related Loan.
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Repossessed Collateral. Items of Collateral taken in the name of the Trustee on behalf of the Trust Fund for the benefit of the Certificateholders and the SBA as a result of legal action enforcing the lien on the Collateral resulting from a default on the related Obligor's SBA Loan.
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Repossessed Collateral. The meaning specified in the Servicing Agreement.
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Examples of Repossessed Collateral in a sentence

  • The Servicer shall, either itself or through an agent selected by the Servicer, manage, conserve, protect and operate the Foreclosed Property or other Repossessed Collateral in the same manner that it manages, conserves, protects and operates other foreclosed or repossessed property for its own account, and in the same manner that similar property in the same locality as the Foreclosed Property or other Repossessed Collateral is managed.

  • The Servicer shall cause to be deposited in the Principal and Interest Account, no later than five Business Days after the receipt thereof, the Unguaranteed Percentage of all revenues received with respect to the conservation and disposition of the related Foreclosed Property or other Repossessed Collateral net of Servicing Advances.

  • The Unguaranteed Percentage of the proceeds of sale of the Foreclosed Property or other Repossessed Collateral shall promptly, but in no event later than two Business Days after receipt, be deposited in the Principal and Interest Account as received from time to time and, as soon as practicable thereafter, the expenses of such sale shall be paid.

  • In the event any Mortgaged Property or other Repossessed Collateral is acquired as aforesaid or otherwise in connection with a default or imminent default on an SBA Loan, the Servicer shall dispose of such Mortgaged Property or other Repossessed Collateral within two years after its acquisition unless the Servicer and the Trustee shall have received an Opinion of Counsel also addressed to the SBA to the effect that such longer retention will not cause the Trust Fund to be subject to Federal income tax.

  • In the event that title to a Mortgaged Property or other Collateral is acquired in foreclosure, by deed in lieu of foreclosure or by other legal process(a "Foreclosed Property"), the deed or certificate of sale or the Repossessed Collateral may be taken in the name of the Trustee on behalf of the Trust for the benefit of the Certificateholders and the SBA, as their interests may appear under the Multi-Party Agreement dated the date of this Agreement.

  • Unless the servicing of a Foreclosed Property or item of Repossessed Collateral relating to an SBA Loan is assumed by the SBA pursuant to the SBA Rules and Regulations, the Servicer, subject to Sections 4.01 and 4.02 hereof, shall manage, conserve, protect and operate each Foreclosed Property or other Repossessed Collateral for the SBA, the Noteholders, the Certificateholders and any Hedge Counterparty solely for the purpose of its prudent and prompt disposition and sale.

  • The disposition of Foreclosed Property or other Repossessed Collateral shall be carried out by the Servicer at such price, and upon such terms and conditions, as the Servicer, with SBA concurrence (if required by the SBA Rules and Regulations), deems to be in the best interest of the SBA and the Certificateholders.

  • Unless the servicing of a Foreclosed Property or item of Repossessed Collateral relating to an SBA Section 7(a) Loan is assumed by the SBA pursuant to the SBA Rules and Regulations, the Servicer, subject to Sections 5.01 and 5.02 hereof, shall manage, conserve, protect and operate each Foreclosed Property or other Repossessed Collateral for the SBA and the Certificateholders solely for the purpose of its prudent and prompt disposition and sale.

  • The Special Servicer shall accept the highest bid received from any Person for any Defaulted Loan or any Repossessed Collateral in an amount at least equal to the Repurchase Price therefor.

  • Notwithstanding anything to the contrary herein: (i) neither the Trustee, in its individual capacity, nor any of its Affiliates may bid for or purchase any Defaulted Loan or any Repossessed Collateral; and (ii) any sale to an Interested Person must be consented to in writing in advance by the Controlling Holders (which consent may not be unreasonably withheld).


More Definitions of Repossessed Collateral

Repossessed Collateral. Loan Collateral related to a Defaulted Loan that has been repossessed.
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Related to Repossessed Collateral

  • As-Extracted Collateral means “as-extracted collateral” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York.

  • ABL Collateral means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any ABL Obligations.

  • UCC Collateral is defined in Section 3.03.

  • Possessory Collateral means any Shared Collateral in the possession of a Collateral Agent (or its agents or bailees), to the extent that possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes, without limitation, any Certificated Securities, Promissory Notes, Instruments, and Chattel Paper, in each case, delivered to or in the possession of the Collateral Agent under the terms of the First-Lien Security Documents.

  • Swap Collateral means all right, title and interest of Party B in this Agreement, each Transaction hereunder, and all present and future amounts payable by Party A to Party B under or in connection with this Agreement or any Transaction governed by this Agreement, including, without limitation, any transfer or termination of any such Transaction.

  • Senior Collateral means any “Collateral” as defined in any Credit Agreement Loan Document or any other Senior Debt Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Senior Collateral Document as security for any Senior Obligations.

  • Collateral has the meaning set forth in Section 2.

  • Second Lien Collateral means all “Collateral”, as defined in any Second Lien Document, and any other assets of any Grantor now or at any time hereafter subject to Liens which secure, but only to the extent securing, any Second Lien Obligations.

  • Combined Collateral LLC: Combined Collateral LLC, a Delaware limited liability company.

  • Patent Collateral means all Patents, whether now owned or hereafter acquired by the Company that are associated with the Business.

  • U.S. Collateral means any and all property owned, leased or operated by a Person covered by the U.S. Collateral Documents and any and all other property of any U.S. Loan Party, now existing or hereafter acquired, that may at any time be or become subject to a security interest or Lien in favor of the Administrative Agent to secure the Secured Obligations.

  • Underlying Collateral means, with respect to a Loan Asset, any property or other assets designated and pledged or mortgaged as collateral to secure repayment of such Loan Asset, as applicable, including, without limitation, mortgaged property and/or a pledge of the stock, membership or other ownership interests in the related Obligor and all proceeds from any sale or other disposition of such property or other assets.

  • Contested Collateral Lien Conditions means, with respect to any Permitted Lien of the type described in clauses (a), (b), (e) and (f) of Section 6.02, the following conditions:

  • Receivables Collateral That portion of the Collateral which consists of Accounts, Accounts Receivable, General Intangibles, Chattel Paper, Instruments, Documents of Title, Documents, Investment Property, Payment Intangibles, Letter-of-Credit Rights, bankers' acceptances, and all other rights to payment.

  • First Lien Collateral means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any First Lien Obligations.

  • Excess Collateral has the meaning set forth in Section 5.7.

  • Pledged Collateral has the meaning assigned to such term in Section 2.01.

  • Mortgage Collateral the “Collateral” as defined in the Mortgage Loan Agreement.

  • Guarantor Collateral all of the property (tangible or intangible) purported to be subject to the lien or security interest purported to be created by any mortgage, deed of trust, security agreement, pledge agreement, assignment or other security document heretofore or hereafter executed by any Guarantor as security for all or part of the Obligations or the Guarantees.

  • Shared Collateral means, at any time, Collateral in which the holders of Senior Obligations under at least one Senior Facility and the holders of Second Priority Debt Obligations under at least one Second Priority Debt Facility (or their Representatives) hold a security interest at such time (or, in the case of the Senior Facilities, are deemed pursuant to Article II to hold a security interest). If, at any time, any portion of the Senior Collateral under one or more Senior Facilities does not constitute Second Priority Collateral under one or more Second Priority Debt Facilities, then such portion of such Senior Collateral shall constitute Shared Collateral only with respect to the Second Priority Debt Facilities for which it constitutes Second Priority Collateral and shall not constitute Shared Collateral for any Second Priority Debt Facility which does not have a security interest in such Collateral at such time.

  • Permitted Collateral Liens means any Lien on the Collateral:

  • Personal Property Collateral means all Collateral other than Real Property.

  • Pledged or Controlled Collateral has the meaning assigned to such term in Section 5.05(a).

  • First Priority Collateral means all assets, whether now owned or hereafter acquired by the Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any First Priority Secured Party as security for any First Priority Obligation.

  • Control Collateral means any Collateral consisting of any Certificated Security (as defined in Section 8-102 of the Uniform Commercial Code), Investment Property, Deposit Account, Instruments and any other Collateral as to which a Lien may be perfected through possession or control by the secured party, or any agent therefor.

  • Priority Collateral means the ABL Priority Collateral or the Term Priority Collateral, as applicable.