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. (i) the occurrence of any Event of Default of which Administrative Agent has given notice thereof to the Lenders pursuant to Section 10.3.1 or (ii) the receipt by Administrative Agent of a notice of an Event of Default from any Lender pursuant to Section 10.3.1.
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Examples of Special Servicing Event in a sentence

  • 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.


More Definitions of Special Servicing Event

Special Servicing Event the meaning set forth in Section 10.3.11.
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Special Servicing Event. With respect to the Mortgage Loan, (i) Borrower has not made two consecutive Monthly Payments (and has not cured at least one such delinquency by the next Payment Date); (ii) Servicer has received notice that Borrower has become the subject of any bankruptcy, insolvency or similar proceeding, admitted in writing the inability to pay its debts as they come due or made an assignment for the benefit of creditors; (iii) Servicer has received notice of a foreclosure or threatened foreclosure of the property; (iv) Borrower has expressed in writing either to Note Holders or to Servicer an inability to pay the Notes issued by Borrower in a timely manner or, in the judgment of Servicer (consistent with Accepted Servicing Practices), a material default under the Mortgage Loan (and, accordingly, a default on the Notes) has occurred or is imminent and not likely to be cured within sixty (60) days; (v) a material default under the Mortgage Loan (and, accordingly, a default on the Notes) of which Servicer has notice (other than a failure by Borrower to pay principal or interest) and which materially and adversely affects the interests of the Note Holders has occurred and remains unremedied for the applicable grace period specified in the Mortgage Loan Documents (or, if no grace period is specified, sixty (60) days); or (vi) a failure by Borrower to repay the Notes in full on their scheduled maturity date unless Borrower has provided Servicer a firm commitment to refinance the Mortgage Loan which is closed within sixty (60) days of such scheduled maturity date (unless previously paid in full); provided, that a Special Servicing Event will cease (a) with respect to the circumstances described in clause (i) above, when Borrower has brought the Notes current and thereafter made three consecutive full and timely Monthly Payments, including pursuant to the workout of the Mortgage Loan, (b) with respect to the circumstances described in clauses (ii), (iii) and (iv) above, when such circumstances cease to exist in the judgment of Servicer in accordance with Accepted Servicing Practices, and (c) with respect to the circumstances described in clause (v) above, when such default is cured; provided, in any case, that at that time no other circumstance exists (as described above) that would constitute a Special Servicing Event.
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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.

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

  • 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.

  • 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.

  • 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.