Performing Loans. The Participation Interest is a performing participation interest in a performing Commercial Mortgage Loan evidenced by a Participation Certificate. Each Participation Interest is (a) a senior or pari passu senior interest in a whole mortgage loan or (b) a junior or pari passu interest in a whole mortgage loan, with the respective senior or pari passu interest in such whole mortgage loan also subject to a Transaction under the Agreement.
Performing Loans. Upon boarding, Servicer will classify loans as "Performing" or "Non-Performing" at its sole discretion, notifying Client within five days. Classification criteria includes: payments within 60 days pre-boarding, default date/nature, payment history, impound balance, and non-payment defaults. Servicer must notify Client of re- classifications, with Client having five days to object; failure to object constitutes consent and waiver of future challenges to classification and related fees. Performing loans become subject to collections after 60 days without payment. If required information and fees are provided, Servicer shall: notify Client of known insurance ineffectiveness for non-Impound loans; inform Client of tax delinquencies for non-Impound loans if Tax Service is active and notices are set up (without responsibility for non-payment consequences); and attempt one contact with delinquent Mortgagor at known numbers (unless arrangements made).
Performing Loans. The Component Interest is either (i) a performing participation interest in a performing Commercial Mortgage Loan evidenced by a Participation Certificate or (ii) performing promissory note related to a performing Commercial Mortgage Loan evidenced by a Component Interest Note. Each Component Interest is (a) a senior or pari passu senior interest in a whole mortgage loan or (b) a junior or pari passu interest in a whole mortgage loan.
Performing Loans
