Serviced Companion Loans definition

Serviced Companion Loans shall have the meaning specified in the recitals hereto.

Serviced Companion Loans. Collectively, the Desert Passage Pari Passu Note A-2 and the Desert Passage Pari Passu Note A-3.

Serviced Companion Loans. With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), any mortgage loan that is secured by the related Mortgaged Property on a subordinate or pari passu basis with such Mortgage Loan. For the avoidance of doubt, the 666 Fifth Avenue Pari Passu Loans, the Downtown Plaza B Note, The Encxxxx X Xxxx, xxx Clarion LaGuardia Airpxxx Xxxxx X Xxxx xxx xxx Xxxxxxxx Xxaza B Note are the only Serviced Companion Loans. Upon their respective inclusion in a securitization transaction, the Downtown Plaza B Note and the Prospect Plaza B Note payments will be collected by the servicer of such securitization until the occurrence of a Material Default, as defined in the related Co-Lender Agreement, at which time Servicer No. 1 shall be responsible for collecting such payments under this Agreement.

Examples of Serviced Companion Loans in a sentence

• During the term of this Agreement, the Primary Servicer will also provide to the Master Servicer a copy of any lease, amendments to Mortgage Loan documents, Serviced Companion Loan documents and other documents related to the Mortgaged Property securing the related Mortgage Loan or the Serviced Companion Loans or related to the Mortgage Loan or Serviced Companion Loans as soon as possible after receipt or execution thereof, as applicable.

• The Primary Servicer’s possession of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the sole purpose of facilitating the servicing or the supervision of servicing of the Mortgage Loans and Serviced Companion Loans pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only.

• Within twenty (20) days following the Closing Date the Primary Servicer shall provide to the Master Servicer a certification executed by a duly authorized officer of the Primary Servicer, certifying to the Master Servicer as to the original letters of credit held by the Primary Servicer and identifying the letters of credit, the amounts of the letters of credit and the Mortgage Loan or the Serviced Companion Loans to which they relate.

• The Master Servicer may, at its sole option, terminate any rights the Primary Servicer may have hereunder with respect to the Mortgage Loans and Serviced Companion Loans as provided in Section 4.01 of this Agreement upon the occurrence of a Primary Servicer Termination Event.

• The closing for the commencement of the Primary Servicer to perform the servicing responsibilities under this Agreement with respect to the Mortgage Loans and Serviced Companion Loans shall take place on the Closing Date.

• It is the intention of the parties that the Master Servicer is conveying, and the Primary Servicer is receiving, only a contract for servicing the Mortgage Loans and Serviced Companion Loans.

• With respect to the responsibility of the Primary Servicer to service the Mortgage Loans and Serviced Companion Loans hereunder, the Primary Servicer acknowledges that the Master Servicer has acted in reliance upon the Primary Servicer’s independent status, the adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing and the continuance thereof.

• The Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans and Serviced Companion Loans.

• The Primary Servicer shall continue to be authorized to transact business in the state or states in which the Mortgaged Properties for the Mortgage Loans and the Serviced Companion Loans are situated, if and to the extent required by applicable law, except where the failure to so comply would not adversely affect the Primary Servicer’s ability to perform its obligations in accordance with the terms of this Agreement.

• Accordingly, the parties hereby acknowledge that the Trustee remains the sole and absolute beneficial owner of the Mortgage Loans and all rights related thereto and that the Serviced Companion Loan Holder remains the sole and absolute beneficial owner of the Serviced Companion Loans.