Definition of Defaulted Mortgage Loan Purchase Price


Defaulted Mortgage Loan Purchase Price means the sum, without duplication, of (a) the Principal Balance of each Senior Note, (b) accrued and unpaid interest thereon at the Note A-1 Rate, the Note A-2 Rate, the Note-A-3 Rate, the Note A-4 Rate, the Note A-5 Rate, the Note A-6 Rate, the Note A-7 Rate, the Note A-8 Rate, the Note A-9 Rate and the Note A-10 Rate, respectively, from the date as to which interest was last paid in full by Mortgage Loan Borrower up to and including the end of the interest accrual period relating to the Monthly Payment Date next following the date the purchase occurred, (c) any other amounts due under the Mortgage Loan, other than Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, provided that if the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser, the Defaulted Mortgage Loan Purchase Price shall include Prepayment Premiums, default interest, late fees, exit fees and any other similar fees, (d) without duplication of amounts under clause (c), any unreimbursed property protection or servicing Advances and any expenses incurred in enforcing the Mortgage Loan Documents (including, without limitation, servicing Advances payable or reimbursable to any Servicer, and earned and unreimbursed special servicing fees), (e) without duplication of amounts under clause (c), any accrued and unpaid Advance Interest Amount, (f) any amounts payable in respect of the Mortgage Loan to the Asset Representations Reviewer, (g) if (i) the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party is the purchaser or (ii) the Mortgage Loan is purchasedafter ninety (90) days after the first such option becomes exercisable pursuant to Section 12 of this Agreement, any liquidation or workout fees payable under the Servicing Agreement with respect to the Mortgage Loan and (h) any Recovered Costs not reimbursed previously to any Senior Note pursuant to this Agreement. Notwithstanding the foregoing, if a Junior Noteholder is purchasing from the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, the Defaulted Mortgage Loan Purchase Price shall not include the amounts described under clauses (d) through (h) of this definition. If the Mortgage Loan is converted into a REO Property, for purposes of determining the Defaulted Mortgage Loan Purchase Price, interest will be deemed to continue to accrue on the Senior Notes at the Note A-1 Rate, the Note A-2 Rate, the Note A-3 Rate, the Note A-4 Rate, the Note A-5 Rate, the Note A-6 Rate, the Note A-7 Rate, the Note A-8 Rate, the Note A-9 Rate and the Note A-10 Rate, as applicable, as if the Mortgage Loan were not so converted. In no event shall the Defaulted Mortgage Loan Purchase Price include amounts due or payable to the Junior Noteholders under this Agreement.


Defaulted Mortgage Loan Purchase Price means the sum of the following, without duplication, the sum of (i) the Note A Principal Balance (as of the date of purchase), (ii) accrued and unpaid interest on the Note A Principal Balance at the Note A Interest Rate, up to (but excluding) the date of purchase and if such date of purchase is not a Monthly Payment Date, up to (but excluding) the Monthly Payment Date next succeeding the date of purchase, provided payment is made in good funds by 3:00 p.m. New York local time, (iii) any Property Advances that have not been reimbursed from collections on the Mortgage Loan and the related Advance Interest Amount (but excluding any portion of such Property Advance that was made by a Note B Holder and any interest thereon), (iv) any interest accrued on any P&I Advance made on any Note A by a party to the Lead Securitization Servicing Agreement or a Non-Lead Securitization Servicing Agreement, as applicable, at the rate specified in the related servicing agreement; (v) any accrued and unpaid Servicing Fees, trustee fees, certificate administrator fees, Special Servicing Fees, Workout Fees, Liquidation Fees and Additional Servicing Compensation, and (vi) any unreimbursed Costs incurred by any Note A Holder or any party acting on its behalf (which are not included in the preceding clauses of this paragraph).Subject to the terms of Section 20(h) of this Agreement, the Defaulted Mortgage Loan Purchase Price, in the context of the initial offer for sale of REO Property or a Specially Serviced Mortgage Loan (to a party other than a Note B Holder) pursuant to the terms of Section 20(g) of this Agreement, shall, in addition to the amounts specified in the preceding paragraph, include the sum of (i) the Note B Principal Balance (as of the date of purchase), (ii) the accrued and unpaid interest on the Note B Principal Balance at the Note B Interest Rate, up to (but excluding) the date of purchase and if such date of purchase is not a Monthly Payment Date, up to (but excluding) the Monthly Payment Date next succeeding the date of purchase, provided payment is made in good funds by 3:00 PM New York local time, (iii) any unreimbursed Property Advances made by a Note B Holder and the related Advance Interest Amount, (iv) any interest accrued on any P&I Advance made by a party to the Lead Securitization Servicing Agreement in respect of Note B at the rate specified in the Lead Securitization ServicingCo-Lender Agreement(11 Madison Avenue)Agreement; and (v) any unreimbursed Costs incurred by a Note B Holder or any party acting on its behalf (which are not included in the preceding paragraph or the preceding clauses in this paragraph).In determining the Defaulted Mortgage Loan Purchase Price, amounts payable by the Mortgage Loan Borrowers as a Prepayment Premium, default interest, Penalty Charges and other similar fees and the value of such amounts shall not be included, unless a Note B Holder is one or more of the Mortgage Loan Borrowers or a Mortgage Loan Borrower Related Party upon the occurrence of any event which requires a Repurchase Option Notice pursuant to Section 11 of this Agreement.

Defaulted Mortgage Loan Purchase Price means the sum, without duplication, of

Examples of Defaulted Mortgage Loan Purchase Price in a sentence

The Defaulted Mortgage Loan Purchase Price shall be calculated by the Selling Noteholder(s) (or the Servicer on its or their behalf) three (3) Business Days prior to the Defaulted Note Purchase Date (and such calculation shall be accompanied by a listing of all amounts included in the Defaulted Mortgage Loan Purchase Price and reasonably detailed back-up documentation explaining how such price was determined), and shall, absent manifest error, be binding upon the Purchasing Noteholder.
The Defaulted Mortgage Loan Purchase Price shall be calculated by the Servicer three (3) Business Days prior to the Repurchase Date (and such calculation shall be accompanied by reasonably detailed back-up documentation explaining how such price was determined).
Notwithstanding the foregoing, if the purchasing Noteholder is purchasing from the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, the Defaulted Mortgage Loan Purchase Price shall not include the amounts described under clauses (d) through (f) of this definition.
In no event shall the Defaulted Mortgage Loan Purchase Price include amounts due or payable to the Purchasing Noteholder under this Agreement.
In no event shall the Defaulted Mortgage Loan Purchase Price include amounts due or payable to the purchasing Noteholder under this Agreement.



More definitions of Defaulted Mortgage Loan Purchase Price

Defaulted Mortgage Loan Purchase Price means, with respect to the exercise of the right to purchase the Lead Securitization Note, the Non-Lead Securitization Note Holder and, if applicable, the B-1 Notes pursuant to Section 33 the sum, without duplication, of:


Defaulted Mortgage Loan Purchase Price means, in connection with the purchase of Note A-1-1, Note A-1-2, Note A-2-1, Note A-2-2 and Note A-2-3 by the Note B Holders, the sum, without duplication, of each of the following to the extent that such amounts have not been previously paid or reimbursed pursuant to Section 3 or Section 4 of this Agreement:

Defaulted Mortgage Loan Purchase Price means, with respect to the exercise of the right to purchase the A Notes pursuant to Section 33 the sum, without duplication, of:

Defaulted Mortgage Loan Purchase Price means (i) in connection with the purchase of the A Notes by the Note B Holders or the Note C Holders, the sum, without duplication, of

Defaulted Mortgage Loan Purchase Price means the Note B Defaulted Mortgage Loan Purchase Price or the Note C Defaulted Mortgage Loan Purchase Price, as applicable.

Defaulted Mortgage Loan Purchase Price means, with respect to the exercise of the right to purchase of the Senior Notes pursuant to Section 12, the sum, without duplication, of the following amounts with respect to each such purchased Note:

Defaulted Mortgage Loan Purchase Price means, with respect to the exercise of the right to purchase the Note A-1, Note A-2 and Note A-3 pursuant to Section 33 the sum, without duplication, of: