Specially Serviced Lease definition

Specially Serviced Lease. As defined in the Property Management Agreement.
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Specially Serviced Lease. Any Mortgaged Property as to which any of the following events has occurred:
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Specially Serviced Lease. Any Lease as to which any of the following events occurs or exists: US-DOCS\96557504.296557504.7
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Examples of Specially Serviced Lease in a sentence

  • 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.

  • As to each Specially Serviced Asset, the Special Servicing Fee shall accrue 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 Mortgage Loan on the same basis as interest accrues on such Specially Serviced Mortgage Loan and with respect to each Mortgaged Property related to a Specially Serviced Lease on a 30/360 Basis.

  • In connection with any such release of a Mortgaged Property related to a Specially Serviced Lease, the Special Servicer shall deliver the related Servicing File to the Property Manager or its designee.


More Definitions of Specially Serviced Lease

Specially Serviced Lease. Any Lease as to which any of the following events occurs or exists:
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Specially Serviced Lease the related Tenant has made three consecutive full and timely Monthly Lease Payments under the terms of such Lease (as such terms may be changed or modified in connection with a bankruptcy or similar proceeding involving the related Tenant or by reason of a modification, waiver or amendment granted or agreed to by the Special Servicer) or such Lease has been terminated and the related Mortgaged Property has been re-leased; (ii) with respect to the circumstances described in clause (b) of the definition of the term “Specially Serviced Lease”, such circumstances cease to exist in the good faith and reasonable judgment of the Special Servicer; (iii) with respect to the circumstances described in clause (c) of the definition of the term “Specially Serviced Lease”, the Special Servicer determines that the applicable Tenant likely will be able to make future Monthly Lease Payments; (iv) with respect to the circumstances described in clause (d) of the definition of the term “Specially Serviced Lease”, such default is cured; and (v) with respect to the circumstances described in clause (e) of the definition of the term “Specially Serviced Lease”, such proceedings are terminated. 6 US-DOCS\ 96557504.7 102826315.7
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Specially Serviced Lease such circumstances cease to exist in the good faith and reasonable judgment of the Special Servicer; (iii) with respect to the circumstances described in clause (c) of the definition of the term “Specially Serviced Lease”, the Special Servicer determines that the applicable Tenant likely will be able to make future Monthly Lease Payments; (iv) with respect to the circumstances described in clause (d) of the definition of the term “Specially Serviced Lease”, such default is cured; and (v) with respect to the circumstances described in clause (e) of the definition of the term “Specially Serviced Lease”, such proceedings are terminated. 6 US-DOCS\ 96557504.7 102826315.7
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Specially Serviced Lease the Special Servicer determines that the applicable Tenant likely will be able to make future Monthly Lease Payments; (iv) with respect to the circumstances described in clause (d) of the definition of the term “Specially Serviced Lease”, such default is cured; and (v) with respect to the circumstances described in clause (e) of the definition of the term “Specially Serviced Lease”, such proceedings are terminated. 6 US-DOCS\ 96557504.7 102826315.7
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Specially Serviced Lease. With respect to any Mortgage Loan, the occurrence of any of the events described in clauses (a) through (e) of the definition of “Specially Serviced Loan.” “Special Servicer ”: Spirit Realty, in its capacity as special servicer under this Agreement, or any successor special servicer appointed as herein provided. “Special Servicer Additional Servicing Compensation ”: As defined in Section 3.11(d) . “Special Servicer Report ”: As defined in Section 4.01(b) . “Special Servicing Fee ”: With respect to each Specially Serviced Asset, the fee designated as such and payable to the Special Servicer pursuant to the first paragraph of Section 3.11(c) . “Special Servicing Fee Rate ”: With respect to each Specially Serviced Asset, a fixed percentage rate equal to 0.75% per annum. “Specially Serviced Asset ”: A Specially Serviced Lease or a Specially Serviced Loan. “Specially Serviced Lease ”: Any Lease as to which any of the following events occurs or exists: 29 US-DOCS\ 96557504.7 102826315.7
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Specially Serviced Lease. “Specially Serviced Loan” : Any Mortgage Loan as to which any of the following events has occurred: (i) any Monthly Loan Payment becomes delinquent for 60 or more consecutive days; (ii) the Property Manager determines in its good faith and reasonable judgment that a default in making a Monthly Loan Payment is likely to occur within 30 days and is not likely to be remedied for 60 days; (iii) the Property Manager receives written notice from the Borrower indicating that such Borrower cannot make future Monthly Loan Payments or requesting a reduction in the amount of its payment; (iv) a default (other than as described in clause (a) above) occurs that materially and adversely affects the interests of the Issuers and that continues unremedied for the applicable grace period under the terms of the Mortgage Loan (or, if no grace period is specified, for 30 days); or (v) the related Borrower becomes insolvent, readjusts its debt, is subject to marshaling of assets and liabilities, or similar proceedings in respect of the related Borrower occur, or as to which the related Borrower (in the good faith and reasonable judgment of the Property Manager) takes actions indicating its 30 US-DOCS\ 96557504.7 102826315.7
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Related to Specially Serviced Lease

  • Specially Serviced Loan Any Serviced Loan (including a related REO Mortgage Loan or REO Companion Loan) as to which any of the following events has occurred:

  • Specially Serviced Mortgage Loan means the Mortgage Loan during the period it is serviced by the Special Servicer following a Servicing Transfer Event.

  • Serviced Loan A Serviced Mortgage Loan or Serviced Companion Loan.

  • Performing Serviced Mortgage Loan A Serviced Mortgage Loan that is not, and is not part of, a Specially Serviced Loan or REO Loan.

  • Serviced Loan Combination A Loan Combination that is being serviced pursuant to this Agreement. The only Serviced Loan Combinations related to the Trust as of the Closing Date are the Loan Combinations as to which “Serviced” is set forth in the Loan Combination Table under the column heading “Servicing Type,” together with any Servicing Shift Loan Combinations. A Servicing Shift Loan Combination will no longer be a Serviced Loan Combination on and after the related Servicing Shift Date.

  • Serviced Companion Loan A Companion Loan that is part of a Serviced Loan Combination. With respect to each Servicing Shift Mortgage Loan and the related Servicing Shift Loan Combination, each related Companion Loan will no longer be a Serviced Companion Loan on and after the related Servicing Shift Date.

  • Specially Designated Mortgage Loan Documents With respect to any Mortgage Loan, subject to Section 1.04, the following documents on a collective basis:

  • Subserviced Mortgage Loan Any Mortgage Loan that, at the time of reference thereto, is subject to a Subservicing Agreement.

  • High Cost Home Mortgage Loan as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 or (iv) a "High-Cost Home Loan" as defined by the Indiana High Cost Home Loan Law effective January 1, 2005.

  • Serviced Mortgage Loan A Mortgage Loan that is not an Outside Serviced Mortgage Loan.

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

  • 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.

  • Postpartum recovery means (a) the entire period a woman or

  • Non-Serviced Mortgage Loan means a Mortgage Loan included in the Trust but serviced under another agreement. There are no Non-Serviced Mortgage Loans in the Trust.

  • Serviced Pari Passu Companion Loan A Pari Passu Companion Loan that is part of a Serviced Loan Combination. With respect to each Servicing Shift Mortgage Loan and the related Servicing Shift Loan Combination, each related Pari Passu Companion Loan will cease to be a Serviced Pari Passu Companion Loan on and after the related Servicing Shift Date.

  • Regulated motor vehicle surface means any of the following, alone or in combination:

  • Flood-related erosion area management means the operation of an overall program of corrective and preventive measures for reducing flood-related erosion damage, including but not limited to emergency preparedness plans, flood-related erosion control works and floodplain management regulations.

  • Other Loans Specially Mentioned Special Mention", "Substandard", "Doubtful", "Loss", "Classified", "Criticized", "Watch list" or words of similar import, together with the principal amount of and accrued and unpaid interest on each such Loan and the identity of the obligor thereunder, (4) where a reasonable doubt exists as to the timely future collectibility of principal and/or interest, whether or not interest is still accruing or the loans are less than 90 days past due, (5) where the interest rate terms have been reduced and/or the maturity dates have been extended subsequent to the agreement under which the loan was originally created due to concerns regarding the borrower's ability to pay in accordance with such initial terms, or (6) where a specific reserve allocation exists in connection therewith, and (G) all assets classified by Innes Street or Citizens Bank as real estate acquired through foreclosure or in lieu of foreclosure, including in-substance foreclosures, and all other assets currently held that were acquired through foreclosure or in lieu of foreclosure.

  • Nonsubserviced Mortgage Loan Any Mortgage Loan that, at the time of reference thereto, is not subject to a Subservicing Agreement.

  • Additional Servicer Each affiliate of each Servicer that services any of the Mortgage Loans and each Person who is not an affiliate of the any Servicer, who services 10% or more of the Mortgage Loans. For clarification purposes, the Master Servicer and the Securities Administrator are Additional Servicers.

  • Medically stationary means that no further material improvement would reasonably be expected from medical treatment or the passage of time.

  • Serviced Duty means all duties and obligations of the Sellers in a Corporate Trust Capacity under the Serviced Corporate Trust Contract related to each Serviced Appointment, in each case, other than any Retained Duty.

  • Collection site means the location of waste containers on collection day.

  • 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.

  • Securitization Property means the property described in section 10j.

  • Wastewater collection system means the sewer and pumping system used for the collection and conveyance of domestic, commercial and industrial wastewater; and