Workout definition

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Workout shall have the meaning assigned to such term in Section 4(a).

Workout means a deed-in-lieu of foreclosure, a Third-Party Sale by the Borrower or any forbearance, modified repayment plan, or other modification of a loan.

Examples of Workout in a sentence

All expenses and losses relating to the Mortgage Loan and the Mortgaged Property, including without limitation losses of principal and interest, Property Protection Advances, Advance Interest Amounts, Special Servicing Fees, Liquidation Fees and Workout Fees, Appraisal Reduction Amounts and certain other trust expenses, shall be allocated on a Pro Rata and Pari Passu Basis.
If a Special Servicing Loan Event is terminated following resolution of such Special Servicing Loan Event by a written agreement with the Borrowers negotiated by the Special Servicer, the Special Servicer shall be entitled to receive the Work-out Fee on all payments of principal and interest made on the Whole Loan following such written agreement for so long as another Special Servicing Loan Event does not occur.
No Work-out Fee shall be payable to the Special Servicer if any mezzanine lender purchases the Whole Loan pursuant to any intercreditor agreement within 90 days of the date on which the Purchase Option Notice (as defined in any intercreditor agreement) is first delivered to a mezzanine lender.
Notwithstanding anything herein to the contrary, with respect to any Collection Period, the Special Servicer shall only be entitled to receive a Work-out Fee or a Liquidation Fee, but not both.
The Workout Fee shall be reduced (but not below zero) with respect to each collection on such Corrected Loan from which fee would otherwise be payable until an amount equal to the Excess Modification Fee Amount has been deducted in full.

More Definitions of Workout

Workout. Any written modification, waiver, amendment, restructuring or workout of a Specially Serviced Mortgage Loan or a related Mortgage Note entered into with a Mortgagor in accordance with Section 3.09 hereof.

Workout means any written modification, waiver, amendment or restructuring of the Mezzanine Loan or the Mezzanine Notes in connection with the forbearance by the Holders in whole or in part of exercising their remedies upon the occurrence of, or in anticipation of, an Event of Default under any Mezzanine Loan Document.

Workout means any written modification, waiver, amendment, restructuring or workout of the Mortgage Loan or the Note entered into with the Mortgage Loan Borrower in accordance with the Servicing Agreement, in each case, after the declaration of an Event of Default or after any other event that would constitute a “Servicing Transfer Event” under the Model PSA, prior to the First Securitization, or the Securitization Servicing Agreement, after the First Securitization.

Workout means multilateral efforts to restructure the outstanding Credits and the business of the Debtor.

Workout means multilateral efforts to restructure the outstanding financial obligations and the business of a Debtor pursuant to the Framework and the Debtor-Creditor Agreement on Debt Restructuring Process and to document and legally agree on the terms of any such restructure.

Workout means generic conditioning activities engaged in by individual student athletes, including aerobic, agility, balance, flexibility, and resistance training.

Workout has the meaning as defined in the Accord Among Financial Institutions for Promotion of Restructuring of Business Enterprises dated as of June 29, 1998.