Special Servicing Event definition

Special Servicing Event means (i) the occurrence of any Event of Default of which Administrative Agent has given notice thereof to the Lenders pursuant to Section 9.3(a) or (ii) the receipt by Administrative Agent of a notice of an Event of Default from any Lender pursuant to Section 9.3(a).
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Special Servicing Event has the meaning assigned to such term in Section 9.6(c).
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Special Servicing Event the meaning set forth in Section 10.3.11.
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Examples of Special Servicing Event in a sentence

  • In contrast, some Servicing Agreements will provide that a failure to make, for example, two consecu- tive monthly payments will trigger a Special Servicing Event.

  • Upon the occurrence of a Special Servicing Event, the Property Manager shall use its best efforts to transfer the management and servicing responsibilities with respect to the related Lease and Property to the Special Servicer within five business days.

  • The Workout Fee will cease to be payable if a new Special Servicing Event occurs with respect thereto; provided that a new Workout Fee would become payable if and when the Mortgage Loan again became a Corrected Loan.

  • Similarly, others will provide that if a servicer must make, for example, three consecutive advances to bond holders, a Special Servicing Event will have occurred.Also, the failure to make a balloon pay- ment likely will trigger a Special Servicer Event, but the transfer of the loan to a special servicer may be averted if an acceptable refinancing commitment is approved by the master servicer.

  • Special Servicing Event triggers include, for example, a failure to make a monthly pay- ment, with such failure continuing for a pe- riod of time, such as for 60 days.


More Definitions of Special Servicing Event

Special Servicing Event with respect to any Mortgage Loan means (i) the Mortgage Loan Borrower has failed to make any Balloon Payment when due; or (ii) the Mortgage Loan Borrower has failed (A) to make any other payment due and payable under the Mortgage Loan Documents or (B) to perform any other material covenant or obligation to be performed under the Mortgage Loan Documents, in the case of both the foregoing clause (A) and (B), prior to the expiration of any applicable notice and/or grace period provided in the Mortgage Loan Documents; or (iii) a decree or order of a court or other government agency is entered against such Mortgage Loan Borrower or all or substantially all of its assets under any present or future federal or state laws, rules or regulations relating to bankruptcy, insolvency, readjustment of debt or marshaling of assets, or for the winding up or liquidation of its affairs, and such decree or order shall have remained in force unstayed for a period of ninety (90) days; or (iv) such Mortgage Loan Borrower shall have consented to the appointment of a conservator, receiver or liquidator for all or substantially all of its assets, or shall have filed a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statutes, or shall have made an assignment for the benefit of creditors; provided, however, that in the event the Servicer and/or Participants, as applicable pursuant to Article 3 above, extend deadlines or modify or waive obligations under the Mortgage Loan Documents in accordance with authority provided in Article 3 above, then no Special Servicing Event shall be deemed to have occurred so long as the Mortgage Loan Borrower complies with the terms of the Mortgage Loan Documents, as extended, modified or waived. A "Balloon Payment" with respect to any Mortgage Loan, means all amounts due on the Mortgage Loan as calculated pursuant to the terms of the Mortgage Loan Documents, which are payable on the stated maturity date of such Mortgage Loan.
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Special Servicing Event means, with respect to a Mortgage Loan, when any one of the following has occurred: if (a) any payment of principal due thereunder is in default by more than sixty (60) days, (b) any payment of interest or other amount (other than principal) due thereunder is in default by more than sixty (60) days, (c) the Borrower with respect to such Mortgage Loan is in default with respect to any material financial or other covenants under the Loan Documents for such Mortgage Loan for a period of more than sixty (60) days, or such other criteria as may be identified by the Lender from time to time or (d) the Servicer determines pursuant to Accepted Servicing Practices that a Mortgage Loan is at risk of imminent default; provided, however, that a Mortgage Loan will cease to be a Specially Serviced Loan: (i) with respect to clauses (a) and (b) above, when all past due principal and interest and all late charges, default interest and other amounts due under the Loan Documents have been paid and the applicable Mortgage Loan otherwise becomes a performing Mortgage Loan for at least sixty (60) consecutive days, in accordance with its terms; (ii) with respect to clause (c) above, when such specified event has been remedied, cured or otherwise resolved and (iii) with respect to clause (d) above, when determined by Servicer and approved by Lender.
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Special Servicing Event means each of the following events:
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Special Servicing Event shall have the meaning set forth in Section 2.1(d) of the Agreement.
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Related to Special Servicing Event

  • Special Servicing Fee shall have the meaning given to such term in the Servicing Agreement.

  • Special Servicing Fees shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

  • Special Serviced Mortgage Loan The Mortgage Loans for which the Special Servicer acts as servicer pursuant to Section 3.19.

  • Special Servicer Termination Event shall have the meaning given to such term in the Lead Securitization Servicing Agreement.

  • Note A-1 Special Servicer means the special servicer under the Note A-1 PSA.

  • Special Servicer Decision With respect to any Serviced Loan or Serviced Loan Combination, any of the following (to the extent it is not a Major Decision):

  • Special Servicer Servicing Personnel The divisions and individuals of the Special Servicer who are involved in the performance of the duties of the Special Servicer under this Agreement.

  • Note A-2 Special Servicer means the special servicer under the Note A-2 PSA.

  • Note A-3 Special Servicer means the special servicer under the Note A-3 PSA.

  • Servicing Transfer Date The date on which a Servicing Transfer occurs.

  • Master Servicing Fee As to any Distribution Date, an amount equal to one-twelfth the product of (a) the Master Servicing Fee Rate and (b) the outstanding principal balance of each Mortgage Loan. Master Servicing Fee Rate: 0.00% per annum.

  • Master Servicer Advance Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • Countrywide Servicing Agreement Solely with respect to the Countrywide Mortgage Loans, the Mortgage Loan Purchase and Servicing Agreement, dated as of November 1, 2001, between the Transferor, as purchaser, and Countrywide, as seller and as servicer (as successor to Countrywide Home Loans, Inc. by an assignment dated January 1, 2001, as the same may be amended or supplemented), as the same may be amended from time to time, and any assignments and conveyances related to the Countrywide Mortgage Loans.

  • Mortgage Servicing Rights The rights and responsibilities of Seller with respect to servicing the Mortgage Loans under the Servicing Agreements, including any and all of the following if and to the extent provided therein: (a) all rights to service a Mortgage Loan; (b) all rights to receive servicing fees, Ancillary Income, reimbursements or indemnification for servicing the Mortgage Loan, and any payments received in respect of the foregoing and proceeds thereof; (c) the right to collect, hold and disburse escrow payments or other payments with respect to the Mortgage Loan and any amounts actually collected with respect thereto and to receive interest income on such amounts to the extent permitted by Applicable Law; (d) all accounts and other rights to payment related to any of the property described in this paragraph; (e) possession and use of any and all Credit Files pertaining to the Mortgage Loan or pertaining to the past, present or prospective servicing of the Mortgage Loan; (f) to the extent applicable, all rights and benefits relating to the direct solicitation of the related Mortgagors for refinance or modification of the Mortgage Loans and attendant right, title and interest in and to the list of such Mortgagors and data relating to their respective Mortgage Loans; and (g) all rights, powers and privileges incident to any of the foregoing.

  • 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.

  • Master Servicing Agreement means the master servicing agreement entered into on 20 May 2013 between the Guarantor, the Issuer and the Master Servicer.

  • Subsequent Mortgage Loan A Mortgage Loan sold by the Depositor to the Trust Fund pursuant to Section 2.08, such Mortgage Loan being identified on the Mortgage Loan Schedule attached to a Subsequent Transfer Instrument.

  • Outside Special Servicer With respect to an Outside Serviced Mortgage Loan, the special servicer under the applicable Outside Servicing Agreement.

  • Other Servicer Mortgage Loan Any of the Mortgage Loans, if any, identified in Exhibit F-2 hereto, as such Exhibit may be amended from time to time in connection with a substitution pursuant to Sections 2.02 or 2.06, which Mortgage Loan is serviced under an Other Servicing Agreement.

  • Special Servicing Fee Rate With respect to each Specially Serviced Mortgage Loan and each REO Loan, 0.25% per annum.

  • Initial Mortgage Loan A Mortgage Loan conveyed to the Trust Fund on the Closing Date pursuant to this Agreement as identified on the Mortgage Loan Schedule delivered to the Trustee on the Closing Date.

  • Permitted Special Servicer/Affiliate Fees Any commercially reasonable treasury management fees, banking fees, title insurance and/or other insurance commissions and fees, title agency fees, and appraisal review fees received or retained by the Special Servicer or any of its Affiliates in connection with any services performed by such party with respect to any Serviced Loan or REO Property, in each case, in accordance with Article III of this Agreement.

  • CMSA Special Servicer Loan File format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved from time to time by the CMSA for commercial mortgage securities transactions generally and, insofar as it requires the presentation of information in addition to that called for by the form of the "CMSA Special Servicer Loan File" available as of the Closing Date on the CMSA website, is reasonably acceptable to the Special Servicer.

  • Subsequent Mortgage Loans means, for purposes of this Agreement, the Subsequent Mortgage Loans listed in the Subsequent Mortgage Loan Schedule attached hereto as Schedule I.

  • National City Servicing Agreement Solely with respect to the National City Mortgage Loans, the Master Seller’s Warranties and Servicing Agreement, dated as of October 1, 2001, between the Transferor and National City, as the same may be amended from time to time, and any assignments and conveyances related to the National City Mortgage Loans.

  • Collateral Servicing Fee shall have the meaning set forth in Section 3.01.