Defaulted Loan definition

Defaulted Loan shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Defaulted Loan means “Specially Serviced Mortgage Loan” as defined in the Lead Securitization Servicing Agreement.

Defaulted Loan. A Serviced Loan (i) that is delinquent at least sixty days in respect of its Monthly Payments or delinquent in respect of its Balloon Payment, if any, in either case such delinquency to be determined without giving effect to any grace period permitted by the related Mortgage or Note and without regard to any acceleration of payments under the related Mortgage and Note or (ii) as to which the Master Servicer or Special Servicer has, by written notice to the related Mortgagor, accelerated the maturity of the indebtedness evidenced by the related Note.

Examples of Defaulted Loan in a sentence

Upon the Mortgage Loan becoming a Defaulted Loan, each Non-Lead Securitization Note Holder hereby acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder) to sell the Non-Lead Securitization Notes together with the Lead Securitization Note as notes evidencing one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement.
In the absence of a cash offer at least equal to the Purchase Price, the Special Servicer may purchase the Defaulted Loan for the Purchase Price or may accept the first cash offer received from any Person that constitutes a fair price for the Defaulted Loan.
In determining whether any offer received from an Interested Person represents a fair price for any such Defaulted Loan, the Trustee shall rely on the most recent Appraisal (or update of such Appraisal) of the related Mortgaged Property conducted in accordance with this Agreement within the preceding nine-month period or, in the absence of any such Appraisal, on a new Appraisal.
Neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any Defaulted Loan.
Each Non-Lead Securitization Note Holder hereby acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder), upon the Mortgage Loan becoming a Defaulted Loan, to sell the Non-Lead Securitization Notes together with the Lead Securitization Note(s) as notes evidencing one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement.

More Definitions of Defaulted Loan

Defaulted Loan as defined in Section 2.22.

Defaulted Loan means any Collateral Loan as to which:

Defaulted Loan as defined in Section 2.18.

Defaulted Loan. As of any Determination Date, any Loan for which any payment of principal of or interest on such Loan is more than 89 days past due, determined without giving effect to any grace period permitted by the related Mortgage or Mortgage Note or any other document in the Mortgage File.

Defaulted Loan shall have the meaning assigned to such term in Section 2.16(c).

Defaulted Loan shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

Defaulted Loan means any Loan that a Defaulting Lender has failed to make.