Specially Serviced Loan definition

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 Loan. Any Serviced Loan (including a related REO Mortgage Loan or REO Companion Loan) as to which any of the following events has occurred (taking into account any cure rights of any related Serviced Subordinate Companion Loan Holder under the related Co-Lender Agreement.):

Specially Serviced Loan shall have the meaning assigned to the term “specially serviced loan” or “specially serviced mortgage loan” in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

Examples of Specially Serviced Loan in a sentence

• The servicing of the Mortgage Loan shall be carried out by the Master Servicer and, if the Mortgage Loan is a Specially Serviced Loan (or to the extent otherwise provided in the Lead Securitization Servicing Agreement), by the Special Servicer, in each case pursuant to the Lead Securitization Servicing Agreement.

• The foregoing provisions of this paragraph shall only apply to Performing Serviced Loans and, subject to the other terms of this Agreement, shall not prohibit any waiver or reduction by the Special Servicer of any fee payable by the Mortgagor with respect to any Specially Serviced Loan.

• On the fourth Business Day before each Distribution Date, the Special Servicer shall report to the Master Servicer the Special Servicer’s determination as to whether any Property Advance previously made with respect to a Specially Serviced Loan is a Nonrecoverable Advance promptly after making such determination.

• The Master Servicer shall forward any notices it would otherwise send to the Mortgagor of such a Specially Serviced Loan to the Special Servicer who shall send such notice to the related Mortgagor.

• In addition, if the related Mortgagor has been instructed, pursuant to the preceding paragraph, to make payments to the Special Servicer, upon such determination, the Special Servicer shall instruct the related Mortgagor to remit all payments in respect of such Specially Serviced Loan directly to the Master Servicer.

More Definitions of Specially Serviced Loan

Specially Serviced Loan shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

Specially Serviced Loan. The Whole Loan during the occurrence of a Special Servicing Loan Event.

Specially Serviced Loan shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or such other analogous term used in the Lead Securitization Servicing Agreement.

Specially Serviced Loan. (other than by reason of a Liquidation Event occurring in respect of such Serviced Loan or a related Mortgaged Property becoming an REO Property).

Specially Serviced Loan. Any Serviced Loan as to which there then exists a Servicing Transfer Event. Upon the occurrence of a Servicing Transfer Event with respect to any Serviced Loan, such Serviced Loan shall remain a Specially Serviced Loan until the earliest of (i) its removal from the Trust Fund (in the case of a Mortgage Loan), (ii) an REO Acquisition with respect to the related Mortgaged Property, and (iii) the cessation of all existing Servicing Transfer Events with respect to such Serviced Loan.

Specially Serviced Loan shall (I) prior to the Lead Securitization Date, mean the Mortgage Loan (including a related REO Loan if any of the following events has occurred (taking into account any cure rights of the Note B-1 Holder and Note B-2 Holder hereunder):

Specially Serviced Loan 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 Loan”, the Special Servicer determines that the applicable Borrower likely will be able to make future Monthly Loan Payments; (iv) with respect to the circumstances described in clause (d) of the definition of the term “Specially Serviced Loan”, such default is cured; and (v) with respect to the circumstances described in clause (e) of the definition of the term “Specially Serviced Loan”, such proceedings are terminated. “Cure Party ”: (i) With respect to any Mortgaged Property, Mortgage Loan, Qualified Substitute Mortgage Loan or Qualified Substitute Mortgaged Property acquired by the applicable Issuer from an Originator, such Originator; (ii) with respect to any Mortgage Loan, Mortgaged Property, Qualified Substitute Mortgaged Property or Qualified Substitute Mortgage Loan acquired by the applicable Issuer from a third party unaffiliated with Spirit Realty, such Issuer; and (iii) in the case of either of (i) or (ii), the Support Provider under the Performance Undertaking. “Custodian ”: As defined in the Indenture. “Custodian Inventory List ”: As defined in the Custody Agreement. “Custody Agreement ”: The Second Amended and Restated Custody Agreement, dated as of the Applicable Closing Date, among the Issuers, the Indenture Trustee and the Custodian, as the same may be amended or supplemented from time to time. “Default Interest ”: With respect to any (i) Lease, any amounts collected thereon (other than late payments, late payment charges or amounts representing the Third Party Option Price (without giving effect to clause (ii) in the definition thereof) paid by the related the Tenant) that represent penalty interest accrued at the rate specified in the related lease agreement and (ii) Mortgage Loan, any amounts collected thereon (other than late payments, late payment charges 7 US-DOCS\ 96557504.7 102826315.7