Modified Loan definition

Modified Loan means any Serviced Mortgage Loan as to which any Servicing Transfer Event has occurred and which has been modified by the Special Servicer pursuant to Section 3.20 in a manner that:

Modified Loan means an Eligible Mortgage Loan that (a) is insured by FHA or guaranteed by the VA, (b) (1) was purchased out of a Xxxxxx Xxx Security or from a third-party whole loan investor solely as a result of modifications to such Eligible Mortgage Loan, or (2) was purchased out of a Xxxxxx Mae Security or from a third-party whole loan investor as a result of delinquent mortgage payments, but, without any loan modifications, subsequently became reperforming and (c) is a Xxxxxx Xxx Mortgage Loan.

Modified Loan means a Mortgage Loan, the terms of which have been modified in accordance with the requirements of the applicable Guide and which Mortgage Loan, as so modified, is eligible to be resold or re-securitized by Seller to the applicable Agency.

Examples of Modified Loan in a sentence

• The Special Servicer shall notify the Master Servicer and the Certificate Administrator of any Collateral Deficiency Amount calculated by the Special Servicer with respect to an Outside Serviced Mortgage Loan that has become an AB Modified Loan.

• Upon any other party to this Agreement obtaining knowledge or receipt of notice that an Outside Serviced Mortgage Loan has become an AB Modified Loan, such party shall promptly notify the Special Servicer thereof.

• The Master Servicer shall notify the Special Servicer and the Certificate Administrator of any Collateral Deficiency Amount calculated by the Master Servicer with respect to an Outside Serviced Mortgage Loan that has become an AB Modified Loan.

• Upon any other party to this Agreement obtaining knowledge or receipt of notice that an Outside Serviced Mortgage Loan has become an AB Modified Loan, such party shall promptly notify the Master Servicer thereof.

• As of the first Determination Date following a Serviced Mortgage Loan becoming an AB Modified Loan, the Special Servicer shall calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal obtained by the Special Servicer with respect to such Serviced Mortgage Loan, and all other information relevant to a Collateral Deficiency Amount determination.

More Definitions of Modified Loan

Modified Loan. A Commercial Real Estate Loan that has been modified (other than pursuant to an Administrative Modification or Criteria-Based Modification) by the Special Servicer pursuant to this Agreement in a manner that:

Modified Loan means an Eligible Mortgage Loan that (a) is insured by FHA, (b) was purchased out of a Xxxxxx Mae Security solely as a result of modifications to such Eligible Mortgage Loan, and (c) is a Xxxxxx Xxx Mortgage Loan.

Modified Loan. Any Loan or Portfolio Loan that has undergone a restructuring as a result of being a Delinquent Loan or Delinquent Portfolio Loan, applicable, as to a payment of interest or that would, in the reasonable judgment of the Servicer, become a Delinquent Loan or Delinquent Portfolio Loan, as applicable, as to a payment of interest but for such restructuring (including restructuring to capitalize any accrued interest onto the principal balance of such Loan or Portfolio Loan); provided, that, so long as such Loan is an Eligible Loan at such time, any such Loan shall cease being classified as a Modified Loan upon the first to occur of (i) the related Obligor making full and timely payment of all interest required to be paid on such Loan at a per annum rate at least equal to the LIBOR Rate plus 3.75% for a period covering six consecutive months or (ii) one or more investors that are not Affiliates of the Obligor acquire equity in or debt of such Obligor (provided that such debt must by its terms be subordinate to the debt evidenced by the Loan or Portfolio Loan) and after giving effect to such equity or debt the loan-to-value ratio of the Loan or Portfolio Loan to such Obligor is in compliance with the Credit and Collection Policy as reasonably determined by the Servicer’s credit committee.

Modified Loan. Any Mortgage Loan as to which the related payment terms have been modified in connection with a default and work-out.

Modified Loan means an Eligible Mortgage Loan that (a) is insured by FHA or guaranteed by the VA, (b)

Modified Loan means the modified loan made by the Agency to the Borrower pursuant to this Agreement in the maximum principal amount set forth in Section 2.1.

Modified Loan. A Commercial Real Estate Loan that has been modified by the Special Servicer pursuant to this Agreement in a manner that: (a) except as expressly contemplated by the related Loan Documents, reduces or delays in a material and adverse manner the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing current monthly payments with respect to such Commercial Real Estate Loan); (b) except as expressly contemplated by the related Loan Documents, results in a release of the lien of the Mortgage on any material portion of the related Mortgaged Property without a corresponding principal prepayment in an amount not less than the fair market value (as is), as determined by an Appraisal delivered to the Special Servicer (at the expense of the related Obligor and upon which the Special Servicer may conclusively rely), of the property to be released; or (c) in the reasonable good faith judgment of the Special Servicer, otherwise materially impairs the value of the security for such Commercial Real Estate Loan or reduces the likelihood of timely payment of amounts due thereon. The Mortgage Loan related to the Collateral Interest referred to on Exhibit A as “Shippan Landing” will not become a Modified Loan solely as a result of the occurrence of a Pre-Approved Modification. “Monthly Operating Advisor Fee”: Means a monthly fee payable to the Operating Advisor on each Remittance Date from amounts received in respect of the Collateral Interests owned by the Issuer, in an amount equal to one-twelfth (1/12th) of $20,000. “Monthly Payment”: With respect to any Commercial Real Estate Loan, the scheduled monthly payment of interest or the scheduled monthly payment of principal and interest, as the case may be, on such Commercial Real Estate Loan which is payable by the related Obligor on the due date under the related Commercial Real Estate Loan. 00000000.