Componentized definition

Componentized has meaning correlative thereto). “Componentization Notice” has the meaning set forth in Section 1.1(c). “Condemnation” means a taking or voluntary conveyance of all or part of any of the Properties or any interest therein or right accruing thereto or use of any of the Properties, as the result of, or in settlement of, any condemnation or other eminent domain proceeding by any Governmental Authority. “Contest Procedures” means, with respect to any contested obligation of Borrower, that Borrower is contesting in good faith and with due diligence the amount, validity or application thereof by appropriate proceedings at Borrower’s sole cost and expense, provided in each case that (i) such proceedings are conducted in accordance with all applicable Legal Requirements and contractual obligations and have the effect of suspending collection and enforcement; (ii) no part of or interest in the Property is in danger of being sold, forfeited, terminated, cancelled or lost; (iii) Borrower has notified Lender of such proceedings in writing, keeps Lender reasonably apprised of the status thereof, and promptly responds to any reasonable informational requests from Lender with respect thereto; (iv) promptly upon final determination thereof, Borrower pays any amount determined to be payable and complies with any obligation determined to be valid or applicable; and (v) Borrower furnishes to Lender such security as may be reasonably requested by Lender to insure compliance with the contested obligations, together with all interest and penalties payable in connection therewith (and Lender may apply any such security as necessary to cause compliance with such obligations at any time when, in the reasonable judgment of Lender, the amount determined to be payable or the validity, applicability or violation of such obligations is finally established or the Property, or any part thereof or interest therein, is in danger of being sold, forfeited, terminated, cancelled or lost). “Contingent Obligation” means, with respect to any Person, any obligation of such Person directly or indirectly guaranteeing any Debt of any other Person in any manner and any contingent obligation to purchase, to provide funds for payment, to supply funds to invest in any other Person or otherwise to assure or indemnify a creditor against loss. “Control” of any entity means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, w...
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Examples of Componentized in a sentence

  • In addition, all amounts of Mortgage Deferred Interest on a Componentized Mortgage Loan allocated to the respective Pooled Component and Non-Pooled Component will reduce the amount of interest entitlement distributable pursuant to the allocations described above.

  • If a Loan-Specific Control Appraisal Period exists, or if 50% or more of the outstanding Certificate Balance of the related Loan-Specific Certificates is held by the related borrower or an affiliate of the related borrower, the Directing Certificateholder will (prior to the occurrence and continuance of a Control Event) be entitled to appoint a replacement Special Servicer of the related Componentized Mortgage Loan.

  • With respect to a Componentized Mortgage Loan, the Senior Trust Advisor Annual Report shall not include an analysis of the Special Servicer’s performance in respect of such Componentized Mortgage Loan until after the occurrence and during the continuance of a related Loan-Specific Control Appraisal Period.

  • Notwithstanding the foregoing, the Senior Trust Advisor will not be permitted to recommend the replacement of the Special Servicer with respect to a Componentized Mortgage Loan for which no Loan-Specific Control Appraisal Period exists.

  • So long as no Loan-Specific Control Appraisal Period exists, the Loan-Specific Class Representative (on behalf of Holders of a majority of the related Loan-Specific Certificates) will be entitled to terminate, at their expense, the Special Servicer with respect to the related Componentized Mortgage Loan at any time, with or without cause, and to appoint a replacement Special Servicer for the Componentized Mortgage Loan.

  • For so long as no Loan-Specific Control Appraisal Period exists with respect to a Componentized Mortgage Loan, the applicable Loan-Specific Certificate Representative shall have control, consent, disapproval and consultation rights with respect to such Componentized Mortgage Loan in accordance with the terms of this Agreement, including, without limitation, Section 3.35(c).

  • Notwithstanding anything set forth herein to the contrary, with respect to a Componentized Mortgage Loan, unless a Loan-Specific Control Appraisal Period exists with respect thereto, the Special Servicer will prepare an Asset Status Report for the related Componentized Mortgage Loan within sixty (60) days after it becomes a Specially Serviced Mortgage Loan and the Directing Certificateholder will have no approval rights over any such Asset Status Report.

  • With respect to any Mortgage Loan other than a Componentized Mortgage Loan, prior to the occurrence of a Consultation Termination Event, the Special Servicer shall consult with the Directing Certificateholder with respect to any Appraisal, valuation or downward adjustment in connection with an Appraisal Reduction.

  • With respect to any Componentized Mortgage Loan, unless a Loan-Specific Control Appraisal Period exists with respect thereto, the Special Servicer shall consult with the Loan-Specific Certificate Representative with respect to any Appraisal, valuation or downward adjustment in connection with an Appraisal Reduction.

  • In addition, all amounts of Mortgage Deferred Interest on the Componentized Mortgage Loan allocated to the respective Pooled Component and Non-Pooled Component will reduce the amount of interest entitlement distributable pursuant to the allocations described above.

Related to Componentized

  • Components means articles, materials, and supplies incorporated directly into end products at any level of manufacture, fabrication, or assembly by the Contractor or any subcontractor.

  • Component means an article, material, or supply incorporated directly into an end product.

  • Interest Component means, at any time of determination for any Conduit Investor, the aggregate Yield accrued and to accrue through the end of the current Rate Period for the Portion of Investment accruing Yield calculated by reference to the CP Rate at such time (determined for such purpose using the CP Rate most recently determined by its Administrator).

  • Subordinate Component Balance For any of Loan Group I, Loan Group II, Loan Group III, Loan Group IV or Loan Group V, as of any date of determination, the then outstanding aggregate Stated Principal Balance of the Mortgage Loans in that Loan Group minus the sum of the then outstanding aggregate Class Principal Balance of the related Classes of Class A Certificates.

  • Corresponding Component As identified in the Preliminary Statement with respect to any Class of Non-Vertically Retained Principal Balance Certificates or Lower-Tier Regular Interest.