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

Examples of Loan Event in a sentence

• After obtaining such approval, the Servicer shall be responsible for processing such action (if no Special Servicing Loan Event has occurred and is continuing).

• The Special Servicer shall inspect or cause to be inspected the Property as soon as practicable following the occurrence of a Special Servicing Loan Event and annually for so long as a Special Servicing Loan Event is continuing.

• In the absence of receipt of such notice and such actual knowledge otherwise obtained, the Trustee or the Certificate Administrator, as applicable may conclusively assume that there is no Mortgage Loan Event of Default, Servicer Termination Event or Special Servicer Termination Event.

• Borrower shall promptly advise Lender of any material Default or Event of Default of which Borrower has knowledge, including any Mortgage Loan Default, Senior Mezzanine Loan Default, Senior Mezzanine Loan Event of Default or Mortgage Loan Event of Default.

• If the Borrower Related Parties do not make the necessary payments and/or a Mortgage 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.

• Borrower shall reimburse Lender on demand for any and all costs incurred by Lender in connection with curing any such Mortgage Loan Default, Senior Mezzanine Loan Default, Mortgage Loan Event of Default or Senior Mezzanine Loan Event of Default or satisfying any Liens, claims or judgments against any of the Properties or the Senior Mezzanine Collateral.

• In the absence of receipt of such notice and such actual knowledge otherwise obtained, the Trustee and the Certificate Administrator may conclusively assume that there is no Loan Event of Default, Servicer Termination Event or Special Servicer Termination Event.

• If the Borrower does not make the necessary payments and/or a 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.

• The Special Servicer shall inspect or cause to be inspected the Property as soon as practicable following the occurrence of a related Special Servicing Loan Event and annually for so long as a Specially Serviced Loan Event is continuing.

• Borrower shall give notice, or cause notice to be given, to Lender promptly upon the occurrence of any Mortgage Loan Event of Default.

More Definitions of 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