Serviced Asset definition
Examples of Serviced Asset in a sentence
If and when the Property Manager or the Special Servicer deems it necessary and prudent for purposes of establishing the Fair Market Value of any Mortgaged Property related to a Specially Serviced Asset, the Special Servicer or the Property Manager; as the case may be, is authorized to have an appraisal done by an Independent MAI-designated appraiser or other expert (the cost of which appraisal shall be paid by the Property Manager and shall constitute a Property Protection Advance).
Subject to all other provisions and limitations set forth herein, the Special Servicer shall take such actions with respect to each Specially Serviced Asset as it determines in accordance with the Servicing Standard, acting in the best interests of the applicable Issuer and the Noteholders.
As to each Specially Serviced Asset, the Special Servicing Fee shall accrue daily from time to time at the Special Servicing Fee Rate on the basis of the Collateral Value of such Specially Serviced Asset and shall be calculated with respect to each Specially Serviced Loan on the same basis as interest accrues on such Specially Serviced Loan and with respect to each Mortgaged Property related to a Specially Serviced Lease on a 30/360 Basis.
In the event that a Successor Special Servicer (including the Back-Up Manager) is appointed, the terminated Special Servicer shall arrange for the delivery to the Successor Special Servicer of all of the Servicing Files for any Specially Serviced Asset, which Servicing Files shall contain sufficient data to permit the Successor Special Servicer to assume the duties of the Special Servicer hereunder without delay on account of the absence of relevant servicing information.
With respect to any Lease that is a Defaulted Asset, if such Lease has not been assumed and the related Mortgaged Property has not been sold or re-leased within 24 months of such Defaulted Asset becoming a Specially Serviced Asset, the Series 2005-1 Insurer may, upon written notice and subject to the Tax Required Condition, require the Property Manager or Special Servicer to sell such Mortgaged Property.
Within a reasonable period after bank failure, the Bridge Bank will provide to the Receiver an initial calculation of allocated fixed and variable costs and a proposed Fee for each Serviced Asset.
The Bridge Bank must notify the Receiver of any Claims asserted in connection with or related to any Serviced Asset pursuant to Section 7.02.
The Bridge Bank may not move any Serviced Asset off of the servicing platform or other system that was used by the Failed Bank for each such Serviced Asset without the prior consent of the Receiver, that must be obtained by the Bridge Bank no less than sixty (60) days prior to the Bridge Bank taking any action.
If the Lease has not been assumed and the related Mortgaged Property has not been sold or re-leased within 24 months of the related Lease becoming a Specially Serviced Asset, the Series 2005-1 Insurer may, upon written notice, require the Special Servicer to sell such Mortgaged Property in accordance with Section 3.18 and the cash proceeds will be applied pursuant to Section 3.05.
Servicer shall keep satisfactory books and records in accordance with generally accepted accounting principles, consistently applied, pertaining to each Serviced Asset which reflect the interest of Company therein.