Loan Expense Reserves. If Servicer determines, in its reasonable judgment, that Borrower has defaulted or is reasonably likely to default in its payment or other obligations under the Loan Documents and that Loan Expenses are reasonably likely to be incurred to enforce the rights of the Lenders thereunder, Servicer shall have the right (in addition to the Servicer’s right to include adequate reserves as part of a Loan Expense Request) to retain in the Trust Account an amount not to exceed three months’ interest under the Secured Note in order to pay for such enforcement costs (“Loan Expense Reserves”).
Appears in 5 contracts
Samples: L Oan Servicing and Equity Interest Agreement, Loan Servicing and Equity Interest Agreement, Loan Servicing and Equity Interest Agreement
Loan Expense Reserves. If Servicer determines, in its reasonable judgment, that Borrower has defaulted or is reasonably likely to default in its payment or other obligations under the Loan Documents and that Loan Expenses costs are reasonably likely to be incurred to enforce the rights of the Lenders thereunder, Servicer shall have the right (in addition to the Servicer’s right to include adequate reserves as part of a Loan Expense Request) to retain in the Trust Account an amount not to exceed three months’ interest under the Secured Note in order to pay for such enforcement costs (“Loan Expense Reserves”).
Appears in 3 contracts
Samples: Loan Servicing and Equity Interest Agreement, Loan Servicing and Equity Interest Agreement, Loan Servicing and Equity Interest Agreement