Modification Loss. A decrease in the total payments due from a Borrower as a result of a modification of such Mortgage Loans following a default or reasonably expected default thereon. If a Modification Loss results in a decrease in the Note Rate of a Mortgage Loan, such Modification Loss shall be treated as occurring on each Due Date to the extent of such decrease.
Modification Loss means, with respect to each Mortgage Loan, (i) a decrease in the Principal Balance of such Mortgage Loan as a result of a modification thereof in accordance with the terms hereof, (ii) any expenses connected with such modification, to the extent (x) reimbursable to the Trustee, the Special Servicer or the Master Servicer and (y) not recovered from the Mortgagor or (iii) in the case of a modification of such Mortgage Loan that reduces the Mortgage Rate thereof, the excess, on each Due Date, of the amount of interest that would have accrued at a rate equal to the original Mortgage Rate, over interest that actually accrued on such Mortgage Loan during the preceding Collection Period.
Modification Loss means, with respect to each Mortgage Loan, (i) a decrease in the outstanding principal balance of such Mortgage Loan as a result of a modification thereof in accordance with the terms hereof, (ii) any fees and expenses connected with such modification, to the extent (x) reimbursable to the Trustee, the Custodian, the Special Servicer or the Master Servicer and (y) not recovered from the Mortgagor or (iii) in the case of a modification of such Mortgage Loan that reduces the Mortgage Rate thereof, the excess, on each Due Date, of the amount of interest that would have accrued at a rate equal to the original Mortgage Rate, over interest that actually accrued on such Mortgage Loan during the preceding Collection Period.
Examples of Modification Loss in a sentence
On each Payment Date on or prior to the Termination Date, the Preliminary Principal Loss Amount, the Preliminary Tranche Write-down Amount, the Preliminary Tranche Write-up Amount, and the Preliminary Class Notional Amount will be computed prior to allocating the Modification Loss Amount, as set forth below.
It is deemed to bear interest at the Class Coupon shown solely for purposes of calculating allocations of any Modification Gain Amounts or Modification Loss Amounts.
At the Termination Date, Current Period Deal Modification Loss Amount will no longer be applied as described above.
The Preliminary Principal Loss Amount for each Premium Payment Date will be computed prior to the allocation of the Modification Loss Amount and the Modification Gain Amount.
The Preliminary Tranche Write-up Amount for each Premium Payment Date will be computed prior to the allocation of the Modification Loss Amount and the Modification Gain Amount.
More Definitions of Modification Loss
Modification Loss means, with respect to each Mortgage Loan, (i) a decrease in the outstanding principal balance of such Mortgage Loan as a result of a modification thereof in accordance with the terms hereof, (ii) any fees and expenses connected with such modification, to the extent (x) reimbursable to the Trustee, the Special Servicer or the Master Servicer and (y) not recovered from the Mortgagor or (iii) in the case of a modification of such Mortgage Loan that reduces the Mortgage Rate thereof, the excess, on each Due Date, of the amount of interest that would have accrued at a rate equal to the original Mortgage Rate, over interest that actually accrued on such Mortgage Loan during the preceding Collection Period.
Modification Loss means (i) a decrease in the principal balance of a Mortgage Loan as a result of a modification thereof in accordance with the terms hereof, (ii) any expenses connected with such modification, to the extent (x) reimbursable to the Trustee, the Special Servicer or the Master Servicer and (y) not recovered from the Mortgagor or (iii) in the case of a modification of a Mortgage Loan that reduces the Mortgage Rate thereof, the excess, on each Due Date, of the amount of interest that would have accrued at a rate equal to the original Mortgage Rate, over interest that actually accrued on such Mortgage Loan during the preceding Collection Period.
Modification Loss means, with respect to each Mortgage Loan, (i) a decrease in the Principal Balance of such Mortgage Loan as a result of a modification thereof in accordance with the terms hereof, (ii) any expenses connected with such modification, to the extent (x) reimbursable to the Trustee, the applicable Special Servicer or the applicable Master Servicer and (y) not recovered from the Mortgagor or (iii) in the case of a modification of such Mortgage Loan that reduces the Mortgage Rate thereof, the excess, on each Due Date, of the amount of interest that would have accrued at a rate equal to the original Mortgage Rate, over interest that actually accrued on such Mortgage Loan during the preceding Collection Period.
Modification Loss means, with respect to each Mortgage Loan, (i) a decrease in the Principal Balance of such Mortgage Loan as a result of a modification thereof in accordance with the terms hereof, (ii) any expenses connected with such modification, to the extent (x) reimbursable to the Trustee, the Special Servicer or the Master Servicer and (y) not recovered from the Mortgagor or (iii) in the case of a modification of such Mortgage Loan that reduces the Mortgage Rate thereof, the excess, on each Due Date, of the amount of interest that would have accrued at a rate equal to the original Mortgage Rate, over interest that actually accrued on such Mortgage Loan during the preceding Collection Period. "MONEY TERM" means with respect to any Mortgage Loan, the WestShore Plaza Companion Loan or any B Note, the Maturity Date, Mortgage Rate, Principal Balance, amortization term or payment frequency thereof or any provision thereof requiring the payment of a prepayment premium, yield maintenance charge or percentage premium in connection with a principal prepayment (and shall not include late fees or default interest provisions).
Modification Loss. With respect to any Mortgage Loan or Separate Loan Advance, (i) a decrease in the Principal Amount of such Mortgage Loan or Separate Loan Advance as a result of a modification thereof in accordance with the terms hereof, (ii) in the case of a modification of a Mortgage Loan that reduces the Mortgage Rate thereof, the excess, on each due date for such Mortgage Loan, of the amount of interest that would have accrued at a rate equal to the original Mortgage Rate over the amount of interest that actually accrued on the Mortgage Loan for such due period; (iii) the amount of any pastdue interest that is forgiven; provided, that such loss shall exclude any amount attributable to Additional Interest; and (iv) any expenses connected with such modifications to the extent (x) reimbursable to the Trustee, the Fiscal Agent, a Special Servicer or the Master Servicer and (y) not recovered from the Borrower.
Modification Loss means (i) a decrease in the principal balance of a Mortgage Loan as a result of a modification thereof in accordance with the terms hereof, (ii) any expenses connected with such modification, to the extent (x) reimbursable to the Trustee, the Fiscal Agent, the Special Servicer or the Master Servicer and (y) not recovered from the Mortgagor or (iii) in the case of a modification of a Mortgage Loan that reduces the Mortgage Rate thereof, the excess, on each Due Date, of the amount of interest that would have accrued at a rate equal to the
Modification Loss means, (A) with respect to each Mortgage Loan (other than a Pari Passu Loan) or Loan Pair, as to which a modification thereof has occurred in accordance with the terms hereof, an amount equal to the sum, without duplication, of (i) any decrease in the principal balance of such Mortgage Loan or Loan Pair, (ii) any expenses incurred in connection with such modification, to the extent (x) reimbursable to the Trustee, the Special Servicer or the Servicer and (y) not recovered from the Mortgagor and (iii) in the case of a modification of such a Mortgage Loan or Loan Pair that reduces the Mortgage Rate thereof, the excess, on each Due Date, of the amount of interest that would have accrued at a rate equal to the original Mortgage Rate, over interest that actually accrued on such Mortgage Loan or Loan Pair during the preceding Collection Period and (B) with respect to any Pari Passu Loan or Companion Loan, the portion of such sum referred to in (A) above for the related Loan Pair that is allocable to such Pari Passu Loan or Companion Loan under the related Pari Passu Intercreditor Agreement and Section 1.6 of this Agreement.