Loan REO definition
Examples of Loan REO in a sentence
The Servicing Fee shall be payable monthly, on a loan-by-loan basis, from payments of interest on each Mortgage Loan, REO Revenues allocable as interest on each REO Loan and the interest portion of Delinquency Advances on each Mortgage Loan and REO Loan.
The Master Servicing Fee shall be payable monthly, on a loan-by-loan basis, from payments of interest on each Mortgage Loan, REO Income allocable as interest on each REO Mortgage Loan and the interest portion of P&I Advances on each Mortgage Loan, including without limitation each REO Mortgage Loan.
For purposes of the foregoing, the Pool REO Account and a Whole Loan REO Account correspond to the Certificate Account and the related Whole Loan Custodial Account, respectively.
For purposes of the foregoing, the Pool REO Account and a Serviced Whole Loan REO Account correspond to the Certificate Account and the related Serviced Whole Loan Custodial Account, respectively.
The Special Servicer shall give notice to the Trustee and the Master Servicer (and with respect to any Serviced Whole Loan REO Account, the related Serviced Companion Loan Holders) of the location of any REO Account when first established and of the new location of such REO Account prior to any change thereof.
If such REO Acquisition occurs with respect to any Mortgaged Property securing a Serviced Whole Loan, the Special Servicer shall establish a REO Account solely with respect to such property (a "Serviced Whole Loan REO Account"), which may be a sub-account of the Pool REO Account, to be held for the benefit of the Certificateholders and the related Companion Loan Holder.
The Special Servicer shall be entitled to withdraw for its account any interest or investment income earned on funds deposited in an REO Account or a Serviced Whole Loan REO Account to the extent provided in Section 3.07(b).
If such REO Acquisition occurs with respect to any Mortgaged Property securing a Whole Loan, the Special Servicer shall establish an REO Account solely with respect to such property (a "Whole Loan REO Account"), which may be a sub-account of the Pool REO Account, to be held for the benefit of the Certificateholders and the related Companion Loan Holder.
If the Master Servicer collects any amount payable to the Special Servicer hereunder in connection with a Mortgage Loan, REO Mortgage Loan or Specially Serviced Mortgage Loan, the Master Servicer shall promptly remit such amount to the Special Servicer as provided in Section 5.2. The Master Servicer shall be required to pay all applicable expenses incurred by it in connection with its servicing activities hereunder.
As to each Specially Serviced Mortgage Loan and REO Loan (other than any [Separately Serviced Mortgage Loan] REO Loan), the Special Servicing Fee shall be computed on the same Interest Accrual Basis as is applicable to the accrual or deemed accrual of interest on such Specially Serviced Mortgage Loan or REO Loan, as the case may be.