Minimum Defaulted Monthly Payment definition
Minimum Defaulted Monthly Payment. With respect to any extension pursuant to Section 3.30(c) of a Mortgage Loan that is delinquent in respect of its Balloon Payment, an amount equal to (a) the principal portion of the Monthly Payment that would have been due on such Mortgage Loan on the related Due Date based on the original amortization schedule thereof, or, if there is no amortization schedule, the principal portion of the constant Monthly Payment that would have been due (in each case calculated with interest at the Mortgage Rate), assuming such Balloon Payment had not become due, after giving effect to any modification, and (b) interest at the applicable Default Rate; provided, however, that the Special Servicer may, in its discretion, agree that the Minimum Defaulted Monthly Payments may include interest at a rate lower than the related Default Rate (but in no event lower than the related Mortgage Rate) (the "Lower Rate"); provided that if, after notice to all Certificateholders, Holders of Certificates evidencing at least 66-2/3% of the Voting Rights of each Class (or, that in the event that the Special Servicer is not the Servicer and the Servicer would not agree to the Lower Rate, Certificateholders representing greater than (a) 50% of the aggregate Voting Rights of all Certificateholders and (b) 66-2/3% of the aggregate Voting Rights of all Certificateholders who respond to such notice within 30 Business Days of the delivery of such notice), direct the Special Servicer not to agree to permit payments to include interest at the Lower Rate, the Special Servicer shall not agree to payments with interest at the Lower Rate, provided, further, that, if the Minimum Defaulted Monthly Payment is to include interest at the Lower Rate, the Special Servicer may agree that interest on such Mortgage Loan accrues at the Lower Rate if, after notice to all Certificateholders, holders of Certificates evidencing at least 66-2/3% of the Voting Rights of each Class direct the Special Servicer that such Mortgage Loan shall accrue interest at the related Default Rate, then such Mortgage Loan will continue to accrue interest at the Default Rate thereof and the excess of interest accrued on such Mortgage Loan over the amount included in the Minimum Defaulted Monthly Payments (i.e., interest at the Lower Rate) shall be added to the outstanding principal balance of such Mortgage Loan. Notwithstanding the foregoing, if the Directing Holders have given Instructions to the Special Servicer to extend, the Specia...
Minimum Defaulted Monthly Payment. With respect to any extension of a Mortgage Loan that is delinquent in respect of its Balloon Payment, an amount equal to (a) the principal portion of the Monthly Payment that would have been due on such Mortgage Loan on the related Due Date based on the original amortization schedule thereof, or, if there is no amortization schedule, the principal portion of the constant Monthly Payment that would have been due (in each case calculated with interest at the Mortgage Rate), assuming such Balloon Payment had not become due, after giving effect to any modification, and (b) interest at the applicable Default Rate; provided, however, that the Special Servicer may, in its discretion, agree that the Minimum Defaulted Monthly Payments may include interest at a rate lower than the related Default Rate (but in no event lower than the related Mortgage Rate) (the "Lower Rate"); provided that if, after notice to all Certificateholders,
Examples of Minimum Defaulted Monthly Payment in a sentence
If the related Borrower fails to make a timely Minimum Defaulted Monthly Payment more than once during any two year period after an extension of a Balloon Loan, no further extensions will be granted.
Notwithstanding the foregoing, neither the Servicer nor the Special Servicer shall modify, amend, waive or otherwise consent to any change of the terms of any Mortgage Loan except under the circumstances described in Sections 3.09, 3.10, 3.28 and 3.30 or the definition of Minimum Defaulted Monthly Payment hereof.
Any extension of a Balloon Loan pursuant to this Section will require monthly payments in an amount equal to or greater than the Minimum Defaulted Monthly Payment.