Turbo definition
Examples of Turbo in a sentence
On or before each Payment Date, the First Principal Payment Amount and Noteholders’ Distributable Amount with respect to the preceding Collection Period will be transferred to the Note Distribution Account as provided in Sections 5.5 and 5.6 of the Sale and Servicing Agreement, and the Turbo Principal Payment Amount as of such Payment Date will be transferred to the Note Distribution Account as provided in Section 5.6(b)(x) of the Sale and Servicing Agreement.
On or before each Payment Date, the First Principal Payment Amount and Noteholders’ Distributable Amount with respect to the preceding Collection Period will be transferred to the Note Distribution Account as provided in Sections 5.5 and 5.6 of the Sale and Servicing Agreement[, and the Turbo Principal Payment Amount as of such Payment Date will be transferred to the Note Distribution Account as provided in Section 5.6(b)(x) of the Sale and Servicing Agreement].
In addition, no later than two Business Days following the Seller’s knowledge or notice of the occurrence of any Turbo Event, Termination Event or Unmatured Termination Event, the Seller will provide to the Administrative Agent a written statement of the chief financial officer or chief accounting officer of Seller setting forth the details of such event and the action that the Seller proposes to take with respect thereto.
The Servicer will provide the Administrative Agent with immediate written notice of the occurrence of each Turbo Event, Termination Event and each Unmatured Termination Event of which the Servicer has knowledge or has received notice.
In addition, no later than two Business Days following the Servicer’s knowledge or notice of the occurrence of any Turbo Event, Termination Event or Unmatured Termination Event, the Servicer will provide to the Administrative Agent a written statement of the chief financial officer or chief accounting officer of the Servicer setting forth the details of such event and the action that the Servicer proposes to take with respect thereto.
For avoidance of doubt, to the extent that Available Funds are insufficient on any Payment Date to satisfy the full amount of any Increased Costs pursuant to Section 2.9(a)(11) or Section 2.10(a)(11), as applicable (the parties hereto acknowledging that the Turbo Period has commenced on the Turbo Effective Date), such unpaid amounts shall remain due and owing and shall accrue Interest until repaid in full.
To the extent that such Collateral Custodian Fee is not paid by the Servicer, the Collateral Custodian shall be entitled to receive the unpaid balance of its Collateral Custodian Fee to the extent of funds available therefor pursuant to the provision of Section 2.9(a)(4) or Section 2.10(a)(4), as applicable (the parties hereto acknowledging that the Turbo Period has commenced on the Turbo Effective Date).
Instead, a portion of the interest payable with respect to the Class II-Q Interest which equals 1% of the Turbo Amount will be payable as a reduction of the principal balances of the Class II-A-1, Class II-A-2, Class II-M-1, Class II-M-2 and Class II-B Interests in the same manner as the Turbo Amount is allocated among the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-1, Class M-2 and Class B Certificates, respectively (and will be accrued and added to principal on the Class II-Q Interest).
On any Distribution Date, any interest paid with respect to the Mortgage Loans that is allocable to payments of principal on the Certificates pursuant to Section 5.01(e) (the "Turbo Amount") will not be payable to the REMIC II Regular Interests.
To the extent that such Backup Servicing Fee is not paid by the Servicer, the Backup Servicer shall be entitled to receive the unpaid balance of its Backup Servicing Fee to the extent of funds available therefor pursuant to Section 2.9(a)(4) and Section 2.10(a)(4), as applicable (the parties hereto acknowledging that the Turbo Period has commenced on the Turbo Effective Date).