credit bid

credit bid

The amount a lender can bid at a foreclosure sale under one of its mortgages, representing the total of all amounts due under the promissory note.

References in periodicals archive ?
ARCUS foreclosed on the property, and it was sold at a trustee's sale on March 11, 2011, where ARCUS credit bid successfully for $1,502,686.
As Arkansas Business recently reported, the Treasury had a potential credit bid of up to $47.
The company said that it tried to find a going concern buyer before filing but no offers emerged, and was planning to run a bankruptcy auction with SportsDirect putting up a stalking horse credit bid based on $29 million of second-lien debt and bridge loan the company had acquired before Eastern Outfitters filed for Chapter 11 protection.
9 December 2016 - US-based iron ore concentrate and pellet producer Magnetation LLC has filed a motion with the US Bankruptcy Court seeking authority to enter into an asset purchase agreement that provides for the sale and transfer of substantially all of its remaining assets and certain liabilities along with the assumption and assignment of certain executory contracts and leases in connection with a sale to ERP Iron Ore, LLC through a credit bid by the company's post-petition lenders.
Even the three hedge funds that made that offer backed down to a $125 million credit bid, and for Relativity Television alone.
There can be no deficiency when the lender has credit bid the full amount of the underlying obligation, and a lender who sues for a deficiency after making a full credit bid will be held liable for the borrower's attorney fees if such an action is brought.
Secured Party reserves the right to adjourn the sale from time to time, reject all bids, terminate the sale or to effectuate a private sale instead of a public sale, without written notice or further publication, and further reserves the right to bid for the Collateral at the sale and to credit bid by applying some or all of its secured debt to the purchase price.
5 million, Roswell could instead, through a credit bid, take title to the property itself, but then Roswell would have to pay various costs contained in the agreement out of its pocket.
In an 8-0 decision from which Justice Anthony Kennedy abstained, the Supreme Court on May 29 agreed that a cramdown plan must allow a secured creditor to credit bid.
When neither the daughter nor her parents made payments, Downey foreclosed on the property in April 2008, making a credit bid of the unpaid mortgage balance and leaving an alleged deficiency of $220,000.
In addition, Neff said federal law notes that the use of the word "or" in one of the clauses guiding bankruptcy actions says the sale can go on without the right of a credit bid if the "indubitable equivalent" of their claim is realized.
Meanwhile, the Atlanta Business Chronicle has reported that the buyer had placed an USD235m credit bid, and was advised by LNR Partners Llc, the special service provider that previously took control of an USD363m mortgage on the property.