Payment Accommodation definition
Payment Accommodation. With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), the entering into of any temporary forbearance agreement as a result of the COVID-19 emergency (as reasonably determined by the Master Servicer (if the Master Servicer and Special Servicer agree that the Master Servicer will determine) or the Special Servicer in accordance with the Servicing Standard) relating to payment obligations or operating covenants under the related Loan Documents or the use of funds on deposit in any reserve account or escrow account for any purpose other than the explicit purpose described in the related Loan Documents, that in each case (i) is entered into prior to the date that is 6 months following the Closing Date, (ii) defers no greater than 3 monthly debt service payments and (iii) requires full repayment of deferred payments, reserves and escrows by the earlier of (a) the date that is 21 months following the date of the Payment Accommodation for such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) and (b) the maturity date for such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable).
Payment Accommodation. With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), the entering into of any temporary forbearance agreement as a result of the COVID-19 emergency (as reasonably determined by the Master Servicer (if the Master Servicer and Special Servicer agree that the Master Servicer will determine) or the Special Servicer in accordance with the Servicing Standard) relating to payment obligations or operating covenants under the related Loan Documents or the use of funds on deposit in any reserve account or escrow account for any purpose other than the explicit purpose described in the related Loan Documents, that in each case (i) defers no greater than 9 monthly debt service payments and (ii) requires full repayment of deferred payments, reserves and escrows by the earlier of (a) the date that is 21 months following the date of the Payment Accommodation for such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) and (b) the maturity date for such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable).
Payment Accommodation. A short-term (up to six months) forbearance or deferral of interest due to an exogenous event.
Examples of Payment Accommodation in a sentence
Services Payment Accommodation Subsidy Aggregate maximum of the weekly accommodation subsidy for all Properties set out in Schedule 3 for the full Payment Period.
More Definitions of Payment Accommodation
Payment Accommodation. With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), the entering into of any temporary forbearance agreement as a result of the COVID-19 emergency (as reasonably determined by the Master Servicer (if the Master Servicer and Special Servicer agree that the Master Servicer will determine) or the Special Servicer in accordance with the Servicing Standard) relating to payment obligations or operating covenants under the related Loan Documents or the use of funds on deposit in any reserve account or escrow account for any purpose other than the explicit purpose described in the related Loan Documents, that in each case (i) is entered into no later than the date that is 3 months following the termination of the COVID-19 emergency declaration (including due to the absence of action to extend the duration of the COVID-19 emergency declaration) and (ii) requires full repayment of deferred payments, reserves and escrows by the earlier of (a) the date that is 21 months following the date of the Payment Accommodation for such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) and (b) the maturity date for such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable). For purposes of the foregoing, “COVID-19 emergency declaration” refers to the national emergency concerning the COVID-19 outbreak declared by the President of the United States on March 13, 2020, and continued in effect by the President of the United States on February 24, 2021, under the National Emergencies Act (50 U.S.C. 1601 et seq).