Excluded Mortgage Loan. A Mortgage Loan or Loan Combination with respect to which, as of any date of determination, the Controlling Class Representative or a Controlling Class Certificateholder (or Controlling Class Certificateholders in the aggregate) of more than 50% of the Controlling Class (by Certificate Balance) is a Borrower Party (or are Borrower Parties, as applicable). For the avoidance of doubt, any Excluded Mortgage Loan is also an Excluded Controlling Class Mortgage Loan.
Excluded Mortgage Loan. If the Controlling Class Representative is or would otherwise be the Directing Holder or a Consulting Party with respect to such Mortgage Loan, a Mortgage Loan or related Whole Loan with respect to which, as of any date of determination, the Controlling Class Representative or a Controlling Class Certificateholder (or Controlling Class Certificateholders in the aggregate) of more than 50% of the Controlling Class (by Certificate Balance) is (or are) a Borrower Party (or are Borrower Parties, as applicable). For the avoidance of doubt, any Excluded Mortgage Loan is also an Excluded Controlling Class Mortgage Loan.
Excluded Mortgage Loan. A Mortgage Loan or Loan Combination with respect to which, as of any date of determination, the Controlling Class Representative or the holder(s) of more than 50% of the Controlling Class (by Certificate Balance) (or, (i) with respect to the Woodlands Mall Loan Combination prior to the continuation of a Woodlands Mall Control Appraisal Period, the Woodlands Mall Controlling Class Representative or the holder(s) of more than 50% of the Woodlands Mall Controlling Class (by Certificate Balance), and (ii) with respect to The Centre Loan Combination prior to the continuation of a Centre Control Appraisal Period, the Centre Controlling Class Representative or the holder(s) of more than 50% of the Centre Controlling Class (by Certificate Balance) is (or are) a Borrower Party (or are Borrower Parties, as applicable). For the avoidance of doubt, any Excluded Mortgage Loan is also an Excluded Controlling Class Mortgage Loan.
Examples of Excluded Mortgage Loan in a sentence
From and after the Closing Date, the Controlling Class Representative shall have no right to receive any Asset Status Report related to an Excluded Mortgage Loan or otherwise to consent or object thereto under this Section 3.21(b) or consult with the Special Servicer with respect to any matter set forth therein.
Any agreement by the Special Servicer with a Mortgage Loan Seller as to any Loss of Value Payment with respect to a Specially Serviced Loan shall be subject to the consent of the Controlling Class Representative (so long as no Control Termination Event has occurred and is continuing and other than with respect to an Excluded Mortgage Loan).
With respect to any material settlements with respect to any Mortgage Loan other than an Excluded Mortgage Loan, the Special Servicer shall be required to obtain the consent or consultation of the Controlling Class Representative prior to the occurrence and continuance of a Control Termination Event or Consultation Termination Event, respectively.
Notwithstanding the foregoing, the Controlling Class Representative shall have no consent or consultation rights with respect to Major Decisions with respect to any Excluded Mortgage Loan.
Any agreement by the Enforcing Servicer with a Mortgage Loan Seller as to any Loss of Value Payment with respect to a Specially Serviced Loan shall be subject to the consent of the Controlling Class Representative (so long as no Control Termination Event has occurred and is continuing and other than with respect to an Excluded Mortgage Loan).
More Definitions of Excluded Mortgage Loan
Excluded Mortgage Loan. A Mortgage Loan or Loan Combination with respect to which, as of any date of determination, the Controlling Class Representative or the holder(s) of more than 50% of the Controlling Class (by Certificate Balance) (or, with respect to the 000 Xxxxx Xxxxxx Loan Combination prior to the continuation of a 000 Xxxxx Xxxxxx Control Appraisal Period, the 000 Xxxxx Xxxxxx Controlling Class Representative or the holder(s) of more than 50% of the 000 Xxxxx Xxxxxx Controlling Class (by Certificate Balance) is (or are) a Borrower Party (or are Borrower Parties, as applicable). For the avoidance of doubt, any Excluded Mortgage Loan is also an Excluded Controlling Class Mortgage Loan.
Excluded Mortgage Loan is a Mortgage Loan or Loan Combination with respect to which the Controlling Class Representative or the holder(s) of more than 50% of the Controlling Class (by Certificate Balance) (or, (i) with respect to the 360 Rxxxxxxx Loan Combination so long as the 360 Rxxxxxxx Controlling Class Representative would otherwise be the related Directing Holder, the 360 Rxxxxxxx Controlling Class Representative or the holder(s) of more than 50% of the 360 Rxxxxxxx Controlling Class (by Certificate Balance), and (ii) with respect to the 100 Xxxxx Xxxxxx Loan Combination so long as the 100 Xxxxx Xxxxxx Controlling Class Representative would otherwise be the related Directing Holder, the 100 Xxxxx Xxxxxx Controlling Class Representative or the holder(s) of more than 50% of the 100 Xxxxx Xxxxxx Controlling Class (by Certificate Balance)) is (or are) a Borrower Party.
Excluded Mortgage Loan. A Mortgage Loan or Loan Combination with respect to which, as of any date of determination, the Controlling Class Representative or a Controlling Class Certificateholder (or Controlling Class Certificateholders in the aggregate) of more than 50% of the Controlling Class (by Certificate Balance) (or, with respect to the 360 Spear Loan Combination so long as a 360 Spear Control Appraisal Period is not continuing, the Loan-Specific Controlling Class Representative or a Loan-Specific Controlling Class Certificateholder (or Loan-Specific Controlling Class Certificateholders in the aggregate) of more than 50% of the Loan-Specific Controlling Class (by Certificate Balance)) is (or are) a Borrower Party (or are Borrower Parties, as applicable). For the avoidance of doubt, any Excluded Mortgage Loan is also an Excluded Controlling Class Mortgage Loan.
Excluded Mortgage Loan means a mortgage loan included in an Excluded Mortgage Pool.
Excluded Mortgage Loan. A Mortgage Loan or Loan Combination with respect to which, as of any date of determination, the Controlling Class Representative or a Controlling Class Certificateholder (or Controlling Class Certificateholders in the aggregate) of more than 50% of the Controlling Class (by Certificate Balance) is (or are) a Borrower Party (or are Borrower Parties, as applicable). For the avoidance of doubt, any Excluded Mortgage Loan is also an Excluded Controlling Class Mortgage Loan. As of the Closing Date, the Mortgage Loan identified on the Mortgage Loan Schedule as “Amazon Seattle” will be an Excluded Mortgage Loan, based on the fact that each of KKR Real Estate Credit Opportunity Partners II L.P. and KKR CMBS II Aggregator Type 1 L.P. is a Borrower Party with respect to such Mortgage Loan.
Excluded Mortgage Loan. A Mortgage Loan which is: (a) delinquent by three (3) or more monthly payments as of the Sale Date, (b) in litigation as of the Sale Date which has a material adverse affect upon the value of the Servicing Rights, (c) in bankruptcy as of the Sale Date, (d) in foreclosure or subject to an assignment of deed in lieu of foreclosure as of the 2 Sale Date, (e) paid in full within sixty (60) days after the Sale Date, or (f) on a case-by-case basis, a HUD Repo or VA Vendee Mortgage Loan .
Excluded Mortgage Loan. Any Mortgage Loan for which the Closing Conditions have not been satisfied or waived by Purchaser in its sole discretion and that has been designated by Purchaser as an Excluded Mortgage Loan.