Net REO Proceeds definition

Net REO Proceeds. As to any REO Mortgage Loan, REO Proceeds net of any related expenses of the Servicer.

Net REO Proceeds. With respect to each REO Property and any related REO Mortgage Loan or REO Companion Loan, REO Proceeds received by the Trust Fund with respect to such REO Property, REO Mortgage Loan or REO Companion Loan (other than the proceeds of a liquidation thereof), net of any insurance premiums, taxes, assessments, ground rents and other costs and expenses permitted to be paid therefrom pursuant to Section 3.16(b) of this Agreement; provided that, in the case of an REO Property that relates to an Outside Serviced Mortgage Loan, “Net REO Proceeds” under this Agreement shall be limited to any REO Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

Net REO Proceeds. With respect to each REO Property and any related REO Mortgage Loan or REO Companion Loan, REO Proceeds with respect to such REO Property, REO Mortgage Loan or REO Companion Loan (other than the proceeds of a liquidation thereof) net of any insurance premiums, taxes, assessments, ground rents and other costs and expenses permitted to be paid therefrom pursuant to Section 3.16(b) of this Agreement.

Examples of Net REO Proceeds in a sentence

• The Master Servicer shall be entitled, at its election, either (a) to pay itself the Servicing Fee out of any Mortgagor payment on account of interest or Net REO Proceeds prior to the deposit of such payment in the Collection Account or (b) to withdraw from the Collection Account such Servicing Fee pursuant to Section 5.04.

• The Servicer shall be entitled, at its election, either (a) to pay itself the Servicing Fee out of any Mortgagor payment on account of interest or Net REO Proceeds prior to the deposit of such payment in the Collection Account or (b) to withdraw from the Collection Account such Servicing Fee pursuant to Section 5.04.

• If such Net REO Proceeds exceed the Monthly Payment then payable, the excess shall be treated as a Principal Prepayment received in respect of such Mortgage Loan.

• The Master Servicer shall be entitled, at its election, either (a) to pay itself the Master Servicing Fee out of any Mortgagor payment on account of interest or Net REO Proceeds prior to the deposit of such payment in the Collection Account or (b) to withdraw from the Collection Account such Master Servicing Fee pursuant to Section 5.04.

• The Depositor will remit such Net REO Proceeds to the Trustee promptly upon liquidation of the REO.

More Definitions of Net REO Proceeds

Net REO Proceeds. With respect to each REO Property, REO Proceeds with respect to such REO Property net of any insurance premiums, taxes, assessments and other costs and expenses permitted to be paid therefrom pursuant to Section 3.17(b).

Net REO Proceeds. As to any REO Disposition, REO Proceeds net of any related expenses of the Servicer.

Net REO Proceeds under this Agreement shall be limited to any REO Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

Net REO Proceeds. As to any REO Mortgage Loan, REO Proceeds net of, without duplication, any unpaid Servicing Fees, unreimbursed Periodic Advances and unreimbursed Servicing Advances made by the Servicer. For all purposes of this Agreement, Net REO Proceeds shall be allocated first to accrued and unpaid interest on the related Mortgage Loan and then to the unpaid principal balance thereof.

Net REO Proceeds. With respect to each REO Property (other than REO Property related to the ShopKo Portfolio Mortgage Loan, the servicing of which is governed by the CGCMT 2006-C4 Pooling and Servicing Agreement), REO Proceeds with respect to such REO Property net of any insurance premiums, taxes, assessments and other costs and expenses permitted to be paid therefrom pursuant to Section 3.17(b) of this Agreement.

Net REO Proceeds. Subject to Section 1.2 (iii)(B) and 1.2(v), with respect to each REO Account Property and any Prepayment Period, any amount withdrawn from the REO Account and deposited into the Collection Account pursuant to Section 3.17(d) with respect to such REO Account Property and such Prepayment Period.

Net REO Proceeds means the difference between (i) collections from operations of each REO, less (ii) Property Protection Expenses or Property Improvement Expenses incurred in connection with operations of each REO that do not in the aggregate exceed (A) 115% of any line item on an Approved Budget for such REO during such Collection Period, (B) amounts otherwise expressly consented to by the Issuer, (C) emergency repairs costing not in excess of $50,000, that the Servicer has reasonably determined are necessary to (x) protect such REO from damage or to maintain services or (y) protect the safety of persons at such REO and (D) the amount of the line item on an Approved Budget to be held for the payment of emergency expenses and expenses that will occur between the Remittance Date and the date that collections from such REO are received during the next Collection Period; provided that all capital improvements, tenant improvements and leasing commissions are paid from any applicable Escrow Account or the Reserve Account to the extent that there are sufficient funds in such Accounts to pay such expenses.