Serviced Portfolio Defaulted Receivable definition

Serviced Portfolio Defaulted Receivable means, as of any date of determination, any Serviced Portfolio Receivable (i) that has been, or is required to be, treated as "defaulted" in accordance with the Credit and Collection Policy, (ii) with respect to which the Servicer has determined in good faith that payments thereunder have ceased and are not likely to be resumed, (iii) with respect to which the greater of (a) $50 and (b) 10% or more of any Scheduled Payment remains unpaid for more than 120 days from the related due date, or (iv) for which the related Financed Vehicle has been repossessed For purposes of this definition, the "Scheduled Payment" and "Financed Vehicle" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms. "Serviced Portfolio Deferral Ratio" means, as of any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Serviced Portfolio Receivables with respect to which a Deferral was granted during the most recently completed Collection Period and (ii) the denominator of which is the aggregate Principal Balance of all Serviced Portfolio Receivables as of the last day of such Collection Period. For purposes of this definition, the "Principal Balance" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms. "Serviced Portfolio Delinquency Ratio" means, as of any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Serviced Portfolio Delinquent Receivables as of the last day of the most recently completed Collection Period and (ii) the denominator of which is the aggregate Principal Balance of all Serviced Portfolio Receivables as of the last day of such Collection Period. For purposes of this definition, the "Principal Balance" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms. "Serviced Portfolio Delinquent Receivable" means, as of any date of determination, any Serviced Portfolio Receivable, (i) with respect to which the greater of (a) $50 and (b) 10% or more of any Scheduled Payment remains unpaid for 60 or more days from the related due date and (ii) that is not a Defaulted Receivable. For purposes of this definition, the "Sc...
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Serviced Portfolio Defaulted Receivable means any Serviced Portfolio Receivable (i) with respect to which more than 10% of any scheduled monthly payment remains unpaid for more than 120 days after the related due date as of any Determination Date, (ii) with respect to which 90 days have elapsed since the related Financed Vehicle was repossessed and any applicable redemption period has expired or (iii) that is a Charged-off Receivable.
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Serviced Portfolio Defaulted Receivable means, as of any date of determination, any Serviced Portfolio Receivable (i) that has been, or is required to be, treated as "defaulted" in accordance with the Credit and Collection Policy, (ii) with respect to which the Servicer has determined in good faith that payments thereunder have ceased and are not likely to be resumed, (iii) with respect to which the greater of (a) $50 and (b) 10% or more of any Scheduled Payment remains unpaid for more than 120 days from the related due date, or (iv) for which the related Financed Vehicle has been repossessed For purposes of this definition, the "Scheduled Payment" and "Financed Vehicle" for each Serviced Portfolio Receivable that is not a Receivable shall be determined as if it were a "Receivable" for purposes of all related defined terms. "Serviced Portfolio Deferral Ratio" means, as of any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Serviced Portfolio Receivables with respect to which a Deferral was granted during the most recently completed Collection Period and (ii) the denominator of which is the aggregate Principal Balance of all Serviced Portfolio Receivables as of the last day of such Collection Period. For purposes of this definition, the "Principal Balance" for each Serviced Portfolio
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More Definitions of Serviced Portfolio Defaulted Receivable

Serviced Portfolio Defaulted Receivable means, as of any Determination Date, any Serviced Portfolio Receivable (i) with respect to which more than 10% of any Scheduled Payment remains unpaid for more than 120 days after the related due date and for which the related Financed Vehicle has not been repossessed, (ii) with respect to which 90 days have elapsed since the related Financed Vehicle was repossessed and any applicable redemption period has expired or (iii) that is a Charged-off Receivable.
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Related to Serviced Portfolio Defaulted Receivable

  • Defaulted Receivable means a Receivable:

  • Defaulted Receivables means any Receivable (a) on which any installment is unpaid more than sixty (60) days past its original due date or (b) where the Servicer’s records show that the Obligor has suffered an Insolvency Event.

  • Liquidated Receivable means any Receivable liquidated by the Servicer through the sale or other disposition of the related Financed Equipment or that the Servicer has, after using all reasonable efforts to realize upon the Financed Equipment, determined to charge off without realizing upon the Financed Equipment.

  • Principal Receivable means each Receivable other than Finance Charge -------------------- Receivables and Receivables in Defaulted Accounts. A Principal Receivable shall be deemed to have been created at the end of the day on the Date of Processing of such Receivable. In calculating the aggregate amount of Principal Receivables on any day, the amount of Principal Receivables shall be reduced by the aggregate amount of credit balances in the Accounts on such day. Any Principal Receivables which Seller is unable to transfer as provided in Section 2.5(c) of -------------- the Transfer and Servicing Agreement shall not be included in calculating the aggregate amount of Principal Receivables.

  • Collection Period means, with respect to any Payment Date, the period commencing on the first day of the calendar month immediately preceding the month in which such Payment Date occurs (and, in the case of the first Collection Period, the period from (but excluding) the Cutoff Date) and ending on the last day of the calendar month immediately preceding the month in which such Payment Date occurs.

  • Delinquent Receivable means any Receivable that is not a Liquidated Receivable and which the related Obligor fails to make at least 90% of the related Scheduled Receivables Payment by the date on which it is due and remains unpaid for more than sixty (60) days from the original payment due date.

  • Repurchased Receivable means a Receivable purchased by Santander Consumer pursuant to Section 3.4 of the Purchase Agreement or by the Servicer pursuant to Section 3.6 of the Sale and Servicing Agreement.

  • Net Receivables Pool Balance means, at any time: (a) the Outstanding Balance of Eligible Receivables then in the Receivables Pool minus (b) the Excess Concentration.

  • Purchased Receivable means a Receivable purchased as of the close of business on the last day of a Collection Period by the Servicer pursuant to Sections 4.2, 4.4(c) or 4.7 or repurchased by the Seller or the Servicer pursuant to Section 3.2 or Section 10.1(a).

  • Defaulted Mortgage Loan means the Mortgage Loan in the event that the Mortgage Loan is delinquent at least 60 days in respect of its Monthly Payments or more than 60 days in respect of its balloon payment, in either case to be determined without giving effect to any grace period permitted by the Mortgage Loan Documents and without regard to any acceleration of payments under the Mortgage Loan Documents.

  • Excluded Receivable means all indebtedness and other obligations owed to Originator or in which Originator has a security interest or other interest (including, without limitation, any indebtedness, obligation or interest constituting an account, chattel paper, instrument or general intangible) arising in connection with the sale of merchandise or the rendering of services by Originator and further includes, without limitation, the obligation to pay any Finance Charges with respect thereto:

  • Unbilled Receivable means, at any time, any Receivable as to which the invoice or xxxx with respect thereto has not yet been sent to the Obligor thereof.

  • Mortgage Receivable means a promissory note secured by a Mortgage of which the Borrower or a Subsidiary is the holder and retains the rights of collection of all payments thereunder.

  • Permitted Receivables Related Assets means any other assets that are customarily transferred, sold and/or pledged or in respect of which security interests are customarily granted in connection with asset securitization transactions involving receivables similar to Receivables and any collections or proceeds of any of the foregoing (including, without limitation, lock-boxes, deposit accounts, records in respect of Receivables and collections in respect of Receivables).

  • 60-Day Delinquent Receivables means, as of any date of determination, all Receivables (other than Repurchased Receivables and Defaulted Receivables) that are sixty (60) or more days delinquent as of such date (or, if such date is not the last day of a Collection Period, as of the last day of the Collection Period immediately preceding such date), as determined in accordance with the Servicer’s Customary Servicing Practices.

  • Defaulted Mortgage Loan Purchase Price means, in connection with the purchase of the A Notes by the Note B Holder, the sum, without duplication, of each of the following to the extent that such amounts have not been previously paid or reimbursed pursuant to Section 3 or Section 4 of this Agreement: (a) the Note A Principal Balance, (b) accrued and unpaid interest, on the Note A Principal Balance at the Note A Rate from the date as to which interest was last paid in full by Mortgage Loan Borrower up to and including the end of the interest accrual period relating to the Monthly Payment Date next following the date the purchase occurred, (c) any other amounts due under the Mortgage Loan to the Note A Holders, other than Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, provided that if a Borrower Party is the purchaser, the Defaulted Mortgage Loan Purchase Price shall include Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, (d) without duplication of amounts under clause (c), any unreimbursed Advances and any expenses incurred in enforcing the Mortgage Loan Documents (including, without limitation, Property Protection Advances payable or reimbursable to any Servicer, and special servicing fees incurred by or on behalf of the Note A Holders), (e) without duplication of amounts under clause (c), any accrued and unpaid Advance Interest Amount with respect to an Advance made by or on behalf of the Note A Holders, (f) (x) if a Borrower Party is the purchaser, or (y) if the Mortgage Loan is purchased more than ninety (90) days after such option first becomes exercisable pursuant to Section 12 of this Agreement, any liquidation or workout fees payable under the Servicing Agreement with respect to the Mortgage Loan and (g) any Recovered Costs not reimbursed previously to the Note A Holders pursuant to this Agreement. Notwithstanding the foregoing, if the purchasing Noteholder is purchasing from a Borrower Party, the Defaulted Mortgage Loan Purchase Price shall not include the amounts described under clauses (d) through (f) of this definition. If the Mortgage Loan is converted into a Foreclosure Property, for purposes of determining the Defaulted Mortgage Loan Purchase Price, interest will be deemed to continue to accrue on Note A at the Note A Default Rate as if the Mortgage Loan were not so converted. In no event shall the Defaulted Mortgage Loan Purchase Price include amounts due or payable to the Purchasing Noteholder under this Agreement.