Discounted Payoff definition
Examples of Discounted Payoff in a sentence
The Servicer may conclusively rely, absent manifest error, on the information in any such notice for purposes of making distributions to the Holders and any Discounted Pay-off Holder pursuant to Section 3 hereof.
In addition, in the event any Holder receives a remittance under this Section 3 to which it was not entitled based on the calculation of the Discounted Pay-off Amount (including because such remittance was already included in the calculation of the Discounted Pay-off Amount) that was remitted to such Holder either by the Servicer or directly, such Holder shall immediately return such amount to the Servicer and the Servicer shall promptly distribute such amounts in accordance with this Section 3.
In the event any Discounted Pay-off Amount is remitted in accordance with the terms of the Note Sales Agreement by the Mezzanine Borrower directly to the related Discounted Pay-off Holder, for purposes of this Section 3 and the calculation of distributions to the Holders pursuant to Section 3(a) hereof, any such Discounted Pay-off Amounts shall be deemed to have been paid to the Servicer and remitted to the applicable Discounted Pay-off Holder.
Notwithstanding anything to the contrary contained in this Agreement, any prepayments made by Mortgage Borrower or an Other Mezzanine Borrower in connection with a Discounted Payoff shall be applied solely to reduce the portion of the Mortgage Loan or related Other Mezzanine Loan, as applicable, held by the Other Mezzanine Lender, as applicable, or participant in such Other Mezzanine Loan accepting such Discounted Payoff by an amount equal to the Face Amount.
Notwithstanding such Discounted Payoff, the applicable Mezzanine Loan shall be deemed to remain outstanding at the amount of principal then outstanding immediately prior to such Discounted Payoff for purposes of calculating Debt Yield and the Debt Service Coverage Ratio.
Discounted Payoff Authority is granted pursuant to the PennyMac Property Preservation Program.
Upon written request from Lender, Borrower shall also provide a response setting forth the difference between the amount of the Discounted Payoff and the Face Amount for the related Mezzanine Loan.
For the avoidance of doubt, until such time (if any) as the Discounted Payoff occurs, except as specifically set forth in this Agreement or in the documents referenced in Section 3(a) hereof, all provisions of the Loan Documents and any other agreements between one or more of the Prospect Parties and Karlsson shall remain in full force and effect, and the parties thereto shall continue to have all of their rights and remedies thereunder.
Notwithstanding such Discounted Payoff, the Loan shall be deemed to remain outstanding at the amount of principal then outstanding immediately prior to such Discounted Payoff for purposes of calculating Debt Yield.
Notwithstanding such Discounted Payoff, the Mortgage Loan, applicable Other Mezzanine Loan, as applicable, shall be deemed to remain outstanding at the amount of principal then outstanding immediately prior to such Discounted Payoff for purposes of calculating Debt Yield.