Loan Event definition

Loan Event has the meaning specified in Section 3.02.

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Loan Event means (i) the Issuer has not made one semi-annual payment of interest on the Notes; (ii) the Issuer has defaulted in its obligation to make the payment of principal due on the Maturity Date or to pay the Redemption Price on a Redemption Date; (iii) the Servicer has received notice that the Issuer or any Underlying Borrower has become the subject of any bankruptcy, insolvency or similar proceeding, admitted in writing its inability to pay its debts as they come due or made an assignment for the benefit of creditors; (iv) the Servicer has received notice of a foreclosure or threatened foreclosure of any lien on all or any portion of the Collateral; (v) the Issuer has expressed to the Servicer that the Issuer is unable to pay the Notes in a timely manner, or in the judgment of the Servicer (consistent with the Servicing Standards), an Event of Default (other than as set forth in the foregoing clauses) is imminent and, in either such case, the Special Servicer will be required to engage in modification negotiations or other typical special servicing activities in connection therewith; or (vi) an Event of Default of which the Servicer has notice; PROVIDED that a Loan Event will cease (a) with respect to the circumstances described in clause (i) above, when the Issuer has brought the Notes current and thereafter made the next semi-annual payment in full when due, including pursuant to a workout of the Mortgage Loan, the Mezzanine Loan and the terms of the Notes, (b) with respect to the circumstances described in clauses (iii), (iv) and (v) above, when such circumstances cease to exist in the good faith judgment of the Servicer, or (c) with respect to the circumstances described in clause (vi) above, when such Event of Default is cured; as long as, in the case of each of clauses (a), (b) and (c) of this proviso, at that time no other circumstance exists that would constitute a Loan Event.

Loan Event means (i) the Issuer has not made two consecutive monthly payments of interest or scheduled principal amortization on the Notes (and has not cured at least one such delinquency by the next Payment Date); (ii) the Servicer, the Trustee and/or the Fiscal Agent has made four consecutive P&I Advances (regardless of whether such Advances have been reimbursed); (iii) the Issuer has defaulted in its obligation to make the balloon payment of principal due on the Maturity Date; (iv) the Servicer has received notice that the Issuer or any Property Owner has become the subject of any bankruptcy, insolvency or similar proceeding, admitted in writing its inability to pay its debts as they come due or made an assignment for the benefit of creditors; (v) the Servicer has received notice of a foreclosure or threatened foreclosure of any lien on all or any portion of the Mortgaged Properties securing the Mortgage Loan; (vi) the Issuer has expressed to the Servicer an inability to pay the Notes in a timely manner or in the judgment of the Servicer (consistent with the Servicing Standards), an Event of Default (other than as set forth in the foregoing clauses) is imminent and, in either such case, the Special Servicer will be required to engage in modification negotiations or other typical special servicing activities in connection therewith; or (vii) an Event of

Examples of Loan Event in a sentence

If the Special Servicer has partially waived any Default Interest or late payment fees or charges (part of which accrued prior to the related Special Servicing Loan Event), any collections in respect of such Default Interest or late payment charge or fee shall be shared pro rata by the Servicer and the Special Servicer based on the respective portions of such Default Interest or late payment charges or fees to which each would otherwise have been entitled.
If a Special Servicing Loan Event is terminated following resolution of such Special Servicing Loan Event by a written agreement with the Borrowers negotiated by the Special Servicer, the Special Servicer shall be entitled to receive the Work-out Fee on all payments of principal and interest made on the Whole Loan following such written agreement for so long as another Special Servicing Loan Event does not occur.
The Servicer shall inspect or cause to be inspected the Property not less frequently than once each year commencing in 2027, so long as a Special Servicing Loan Event is not then continuing.
Each Loan Event shall constitute a representation and warranty by each Borrower as of the date of such Loan Event that the conditions contained in this Section 3.02 have been satisfied.
If the Borrower does not make the necessary payments and/or a Whole Loan Event of Default has occurred and amounts in the applicable Reserve Account are insufficient to make such payments, the Servicer shall make a Property Protection Advance, subject to the determination of non-recoverability provided in Section 3.23, from its own funds for amounts payable with respect to all such items related to the Property when and as the same shall become due and payable.
Subject to Section 1.06, no Default or Event of Default shall have occurred and be continuing on such date or after giving effect to such Loan Event requested to be made on such date.
The Special Servicer shall inspect or cause to be inspected the Property, as applicable, promptly following the occurrence of a Special Servicing Loan Event and annually for so long as a Special Servicing Loan Event is continuing.
In addition, the Servicer shall deliver to the Certificate Administrator any written notice of a material event (as determined by the Servicer in accordance with Accepted Servicing Practices, but, for the avoidance of doubt, including a notice of Mortgage Loan Default or Mortgage Loan Event of Default) received from any Borrower.
The Servicer shall inspect or cause to be inspected each of the Properties not less frequently than once each year commencing in 2026, so long as a Special Servicing Loan Event is not then continuing.
The Special Servicer shall inspect or cause to be inspected the Properties, as applicable, promptly following the occurrence of a Special Servicing Loan Event and annually for so long as a Special Servicing Loan Event is continuing.

More Definitions of Loan Event

Loan Event means the making of any Loan (including the Conversion of any Loan pursuant to Section 2.07).