Net Release Price definition
Net Release Price. As defined in Section 3.05(b).
Net Release Price. As defined in Section 3.05(b) . “Nonrecoverable Advance ”: Any Nonrecoverable P&I Advance and/or Nonrecoverable Property Protection Advance, as the context may require. “Nonrecoverable P&I Advance ”: Any P&I Advance previously made or proposed to be made in respect of any Payment Date, that, as determined by the Property Manager (or, if applicable, the Back-Up Manager or Indenture Trustee), in its commercially reasonable, good faith business judgment and (other than with respect to any such determination made by the Indenture Trustee) in accordance with the Servicing Standard, will not be ultimately recoverable by it from the proceeds on the Collateral Pool allocated in accordance with the priority set forth in Section 2.11 of the Indenture with respect to the payment of Collateral Pool Expenses. “Nonrecoverable Property Protection Advance ”: Any Property Protection Advance previously made or proposed to be made in respect of a Mortgaged Property (including any Lease related thereto) or Mortgage Loan that, as determined by the Property Manager (or, if applicable, the Back-Up Manager or Indenture Trustee), in its commercially reasonable good faith business judgment and (other than with respect any such determination made by the Indenture Trustee) in accordance with the Servicing Standard, will not be ultimately recoverable from late payments, Property Insurance Proceeds, Liquidation Proceeds or any other recovery on or in respect of the related Mortgage Loan or Mortgaged Property or related Lease with respect 15 US-DOCS\ 96557504.7 102826315.7
Net Release Price. As defined in Section 3.05(b). “Nonrecoverable Advance”: Any Nonrecoverable P&I Advance and/or Nonrecoverable Property Protection Advance, as the context may require. “Nonrecoverable P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of any Payment Date, that, as determined by the Property Manager (or, if applicable, the Back-Up Manager or Indenture Trustee), in its commercially reasonable, good faith business judgment and (other than with respect to any such determination made by the Indenture Trustee) in accordance with the Servicing Standard, will not be ultimately recoverable by it from the proceeds on the Collateral Pool allocated in accordance with the priority set forth in Section 2.11 of the Indenture with respect to the payment of Collateral Pool Expenses. “Nonrecoverable Property Protection Advance”: Any Property Protection Advance previously made or proposed to be made in respect of a Mortgaged Property (including any Lease related thereto) or Mortgage Loan that, as determined by the Property Manager (or, if applicable, the Back-Up Manager or Indenture Trustee), in its commercially reasonable good faith business judgment and (other than with respect any such determination made by the Indenture Trustee) in accordance with the Servicing Standard, will not be ultimately recoverable from late payments, Property Insurance Proceeds, Liquidation Proceeds or any other recovery on or in respect of the related Mortgage Loan or Mortgaged Property or related Lease with respect to which such Property Protection Advance was (or is proposed to be) made (including any Monthly Lease Payments in respect of any Lease added to the Collateral upon any re-leasing of the related Mortgaged Property).
Examples of Net Release Price in a sentence
If the Like-Kind Exchange Program is established, in connection with the sale or disposition of a Mortgaged Property, the Property Manager may elect to deposit or cause to be deposited the related Net Release Price into an Exchange Account (in lieu of the Release Account) for the purpose of consummating an Exchange pursuant to Section 7.01(d).