Common use of Loss Mitigation Alternative Clause in Contracts

Loss Mitigation Alternative. Any action or series of actions (x) pursuant to one or more agreements between the Borrower and the Trustee or the Master Servicer (or, if permitted by the related Servicing Contract, the Primary Servicer) or (y) as a result of any concessions to the Borrower by the Trustee or the Master Servicer (or, if permitted by the related Servicing Contract, the Primary Servicer) that, in each case, satisfy the requirements set forth in this definition and in Subsection 5.3(3) and under which the parties may agree to refrain from pursuing remedies for default under the Mortgage Documents while attempts to resolve the default are continuing. The agreement(s) may include whatever loss mitigation alternatives are considered by the Master Servicer (or, if permitted under the related Servicing Contract, by the Primary Servicer) to be appropriate to that Borrower under the applicable facts, consistent with Accepted Servicing Practices, including providing for a period of forbearance, reduced payments, loan modifications or any other actions that, taken as a whole, would have the effect of curing the default on the Mortgage Loan, require the Borrower to cure the default on the Mortgage Loan during the combined term of all such actions, or result in satisfaction of the Mortgage Loan. MALA: A multiple asset lending arrangement with one or more primary obligors (which may include Borrowers) consisting of one or more loans (which may be funded as separate advances at different times) secured by one or more Mortgages on Multifamily Properties, Defeasance Securities or Supplemental Collateral pursuant to which (i) all liens secure all outstanding loans, and (ii) a default under any such loan constitutes a default under all such loans. A MALA may include any combination of Mortgage Loans and other mortgage loans that are not Mortgage Loans under this Trust Agreement.

Loss Mitigation Alternative. Any action or series of actions (x) pursuant to one or more agreements between the Borrower and the Trustee or the Master Servicer (or, if permitted by the related Servicing Contract, the Primary Servicer) or (y) as a result of any concessions to the Borrower by the Trustee or the Master Servicer (or, if permitted by the related Servicing Contract, the Primary Servicer) that, in each case, satisfy the requirements set forth in this definition and in Subsection Subsections 5.3(3) and 5.3(4) and under which the parties may agree to refrain from pursuing remedies for default under the Mortgage Documents while attempts to resolve the default are continuing. The agreement(s) may include whatever loss mitigation alternatives are considered by the Master Servicer (or, if permitted under the related Servicing Contract, by the Primary Servicer) to be appropriate to that Borrower under the applicable facts, consistent with Accepted Servicing Practices, including providing for a period of forbearance, reduced payments, loan modifications or any other actions that, taken as a whole, would have the effect of curing the default on the Mortgage Loan, require the Borrower to cure the default on the Mortgage Loan during the combined term of all such actions, or result in satisfaction of the Mortgage Loan. MALA: A multiple asset lending arrangement with one or more primary obligors (which may include Borrowers) consisting of one or more loans (which may be funded as separate advances at different times) secured by one or more Mortgages on Multifamily Properties, Defeasance Securities or Supplemental Collateral pursuant to which (i) all liens secure all outstanding loans, and (ii) a default under any such loan constitutes a default under all such loans. A MALA may include any combination of Mortgage Loans and other mortgage loans that are not Mortgage Loans under this Trust Agreement.

Loss Mitigation Alternative. Any action or series of actions (x) pursuant to one or more agreements between the Borrower and the Trustee or the Master Servicer (or, if permitted by the related Servicing Contract, the Primary Servicer) or (y) as a result of any concessions to the Borrower by the Trustee or the Master Servicer (or, if permitted by the related Servicing Contract, the Primary Servicer) that, in each case, satisfy the requirements set forth in this definition and in Subsection 5.3(3) and under which the parties may agree to refrain from pursuing remedies for default under the Mortgage Documents while attempts to resolve the default are continuing. The agreement(s) may include whatever loss mitigation alternatives are considered by the Master Servicer (or, if permitted under the related Servicing Contract, by the Primary Servicer) to be appropriate to that Borrower under the applicable facts, consistent with Accepted Servicing Practices, including providing for a period of forbearance, reduced payments, loan modifications or any other actions that, taken as a whole, would have the effect of curing the default on the Mortgage Loan, require the Borrower to cure the default on the Mortgage Loan during the combined term of all such actions, or result in satisfaction of the Mortgage Loan. MALA: A multiple asset lending arrangement with one or more primary obligors (which may include Borrowers) consisting of one or more loans (which may be funded as separate advances at different times) secured by one or more Mortgages on Multifamily Properties, Defeasance Securities or Supplemental Collateral pursuant to which (i) all liens secure all outstanding loans, and (ii) a default under any such loan constitutes a default under all such loans. A MALA may include any combination of Mortgage Loans and other mortgage loans that are not Mortgage Loans under this Trust Agreement.

Loss Mitigation Alternative. Any action Following a default on a Mortgage Loan or series the Primary Servicer’s receipt of actions (x) pursuant information indicating that the Borrower will be unable in a timely manner to make scheduled payments or otherwise comply with one or more agreements of the material covenants in the Mortgage Documents, an agreement between the Borrower and the Trustee or the Master Servicer (or, if permitted by the related Servicing Contract, the Primary Servicer) or (y) as a result of any concessions to the Borrower by the Trustee or the Master Servicer (or, if permitted by the related Servicing Contract, the Primary Servicer) that, in each case, satisfy the requirements set forth in this definition and in Subsection 5.3(3) and under which the parties may agree to refrain from pursuing remedies for following a default under the Mortgage Documents by the Borrower while attempts to resolve the default are continuing. The agreement(s) agreement may include whatever loss mitigation alternatives measures are considered by the Master Servicer (or, if permitted under the related Servicing Contract, by the Primary Servicer) to be appropriate to that Borrower under the applicable facts, consistent with Accepted Servicing Practices, including providing for a period of forbearance, reduced payments, loan modifications or any other actions that, taken as a whole, would have the effect of curing the default on the Mortgage Loan, require under which the Borrower to will cure the default on and reinstate the Mortgage Loan during within a period of not more than 18 months from the combined term effective date of all such actionsmeasure; and provided further, or result in satisfaction that such measure does not include any Mortgage Loan modification of the types prohibited by Subsection 5.3(4) while the Mortgage LoanLoan remains in the Pool. MALA: A multiple asset lending arrangement with one or more primary obligors (which may include Borrowers) consisting of one or more loans (which may be funded as separate advances at different times) secured by one or more Mortgages on Multifamily Properties, Defeasance Securities or Supplemental Collateral pursuant to which (i) all liens secure all outstanding loans, and (ii) a default under any such loan constitutes a default under all such loans. A MALA may include any combination of Mortgage Loans and other mortgage loans that are not Mortgage Loans under this Trust Agreement.