Servicing Transfer Event means any of the events specified in the Servicing Agreement, whereby the servicing of the Mortgage Loan is required to be transferred to the Special Servicer from the Master Servicer.
Servicing Transfer Event shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.
Servicing Transfer Event. With respect to any Serviced Mortgage Loan or any Serviced Loan Combination, the occurrence of any of the events described in clauses (a) through (g) of the definition of “Specially Serviced Loan.”
Examples of Servicing Transfer Event in a sentence
Following the occurrence of a Special Servicing Transfer Event, the Servicer's duties will continue with respect to certain administrative functions.
Following the occurrence of a Special Servicing Transfer Event, the Servicer’s duties will continue with respect to certain administrative functions.
Following the occurrence (if any) of a Special Servicing Transfer Event, the Special Servicer will formally assume special servicing duties in respect of the Securitised Loan and the Securitised Loan will become a Specially Serviced Loan.
Servicing of the Securitised Loan The Issuer will appoint the Servicer to service and administer the Securitised Loan until the occurrence of a Special Servicing Transfer Event.
Following the occurrence (if any) of a Special Servicing Transfer Event, the Special Servicer will formally assume special servicing duties in respect of the Senior Loan and the Senior Loan will become a Specially Serviced Loan.
More Definitions of Servicing Transfer Event
Servicing Transfer Event. With respect to any Mortgage Loan, the occurrence of any of the following events:
Servicing Transfer Event. With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or related Companion Loan, the occurrence of any of the following events:
Servicing Transfer Event means the occurrence of any of the following events: (i) any Mortgage Loan as to which a Balloon Payment is past due, and the Master Servicer has determined, in its good faith reasonable judgment in accordance with the Servicing Standard, that payment is unlikely to be made on or before the 60th day succeeding the date the Balloon Payment was due, or any other payment is more than 60 days past due or has not been made on or before the second Due Date following the due date such payment was due; (ii) any Mortgage Loan as to which, to the Master Servicer's knowledge, the Mortgagor has consented to the appointment of a receiver or conservator in any insolvency or similar proceeding of, or relating to, such Mortgagor or to all or substantially all of its property, or the Mortgagor has become the subject of a decree or order issued under a bankruptcy, insolvency or similar law and such decree or order shall have remained undischarged or unstayed for a period of 30 days; (iii) any Mortgage Loan as to which the Master Servicer shall have received notice of the foreclosure or proposed foreclosure of any other lien on the Mortgaged Property; (iv) any Mortgage Loan as to which the Master Servicer has knowledge of a default (other than a failure by the related Mortgagor to pay principal or interest) which in the good faith reasonable judgment of the Master Servicer materially and adversely affects the interests of the Certificateholders and which has occurred and remains unremedied for the applicable grace period specified in such Mortgage Loan (or, if no grace period is specified, 60 days); (v) any Mortgage Loan as to which the Mortgagor admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors or voluntarily suspends payment of its obligations; and (vi) any Mortgage Loan as to which, in the good faith reasonable judgment of the Master Servicer, (a) a payment default is imminent or is likely to occur within 60 days, or (b) any other default is imminent or is likely to occur within 60 days and such default, in the judgment of the Master Servicer, is reasonably likely to materially and adversely affect the interests of the Certificateholders.
Servicing Transfer Event means, with respect to any Serviced Loan, the occurrence of any of the events described in clauses (a) through (h) of the definition of "Specially Serviced Loan," except in the case of a Loan Group, if the related Subordinate Companion Loan Noteholder is exercising its cure rights under the related Co-Lender Agreement.
Servicing Transfer Event shall have the meaning (i) prior to the Note A-1 Securitization Date, assigned to such term or an analogous term in the Model PSA and (ii) from and after the Note A-1 Securitization Date, assigned to such term or an analogous term in the Securitization Servicing Agreement.
Servicing Transfer Event means an event under the Lead Note A PSA that results in servicing of the Mortgage Loan being transferred from the Master Servicer to the Special Servicer.
Servicing Transfer Event shall have the meaning assigned to such term (or such other analogous term) used in the Lead Securitization Servicing Agreement, except that, as provided in Section 32(a)(iii), a Servicing Transfer Event shall be deemed not to have occurred for so long as a Note A-B Holder is exercising its cure right hereunder.