Corrected Unit definition

Corrected Unit. Any Property or Mortgage Loan that had been a Specially Managed Unit but with respect to which (a) as of the date of determination, no circumstance identified in clauses (i) through (v) of the definition of the term “Specially Managed Unit” then exists and (b) one or more of the following as are applicable occur:
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Corrected Unit. Any Property that had been a Specially Managed Unit but with respect to which (a) as of the date of determination, no circumstance identified in clauses (i) through (v) of the definition of the term “Specially Managed Unit” then exists and (b) one or more of the following as are applicable occur:
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Corrected Unit. As defined in the Property Management Agreement.
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Examples of Corrected Unit in a sentence

  • The Special Servicing Fee with respect to any Specially Managed Unit shall cease to accrue if (i) the related Property or Mortgage Loan is sold or otherwise released from the lien of the related Mortgage, or (ii) such Specially Managed Unit becomes a Corrected Unit.

  • The Special Servicing Fee with respect to any Specially Managed Unit shall cease to accrue if (i) the related Property is sold or exchanged for a Qualified Substitute Property or (ii) such Specially Managed Unit becomes a Corrected Unit.

  • The Special Servicing Fee with respect to any Specially Managed Unit shall cease to accrue if (i) the related Property is sold or otherwise released from the lien of the related Mortgage, or (ii) such Specially Managed Unit becomes a Corrected Unit.

  • The Special Servicing Fee with respect to any Specially Managed Unit shall cease to accrue if (i) the related Property or Loan is sold or otherwise released from the lien of the related Mortgage, or (ii) such Specially Managed Unit becomes a Corrected Unit.