Net Default Charges definition

Net Default Charges. With respect to any Mortgage Loan, Serviced Loan Combination or successor REO Mortgage Loan, the Default Charges referred to in clause third of Section 3.25(a) or clause fourth of Section 3.25(c), which are payable to the applicable Master Servicer as Additional Master Servicing Compensation or the applicable Special Servicer as Additional Special Servicing Compensation.
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Net Default Charges shall have, with respect to any Trust Mortgage Loan or REO Trust Mortgage Loan, the meaning assigned thereto in Section 3.26(a).
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Net Default Charges. With respect to any Mortgage Loan or REO Loan, any Default Charges actually collected thereon (determined in accordance with the allocation of amounts collected as specified in Section 1.02), net of (if, but only if, such Default Charges are allocable to the period that such Mortgage Loan was a Specially Serviced Mortgage Loan) any Advance Interest accrued on Advances made in respect of such Mortgage Loan that are reimbursable from such Default Charges in accordance with Section 3.05(a)(viii).
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Examples of Net Default Charges in a sentence

  • The Master Servicer shall promptly deliver to the Special Servicer, as additional special servicing compensation in accordance with Section 3.11(d), assumption fees, modification fees, Net Default Charges, charges for beneficiary statements or demands, charges for checks returned for insufficient funds and similar fees (excluding Prepayment Premiums) received by the Master Servicer with respect to Specially Serviced Mortgage Loans.

  • The Master Servicer shall promptly deliver to the Special Servicer, as additional special servicing compensation in accordance with Section 3.11(d), assumption fees, modification fees, Net Default Charges and similar fees (excluding Prepayment Premiums) received by the Master Servicer with respect to Specially Serviced Mortgage Loans.

  • The Master Servicer shall promptly deliver to the Special Servicer, as additional special servicing compensation in accordance with Section 3.11(d), assumption fees, modification fees, Net Default Charges, charges for beneficiary statements or demands, charges for checks returned for insufficient funds on accounts held by the Special Servicer and similar fees (excluding Prepayment Premiums) received by the Master Servicer with respect to Specially Serviced Mortgage Loans.

  • With regard to the Two Penn Plaza Trust Mortgage Loan, as and to the extent provided in the Two Penn Plaza Servicing Agreement, amounts in the nature of the foregoing are payable to a Two Penn Plaza Servicer, with the exception of Prepayment Interest Excesses and Net Default Charges, which are payable to the Master Servicer (but only to the extent Received by the Trust), as and to the extent provided in this Agreement.

  • The Master Servicer shall promptly deliver to the Special Servicer, as additional special servicing compensation in accordance with Section 3.11(d), assumption fees, modification fees, Net Default Charges, charges for beneficiary statements or demands and similar fees (excluding Prepayment Premiums) received by the Master Servicer with respect to Specially Serviced Mortgage Loans.

  • With regard to the ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ Trust Mortgage Loan, as and to the extent provided in the ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ Servicing Agreement, amounts in the nature of the foregoing are payable to a ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ Servicer, with the exception of Prepayment Interest Excesses and Net Default Charges, which are payable to the Master Servicer (but only to the extent Received by the Trust), as and to the extent provided in this Agreement.


More Definitions of Net Default Charges

Net Default Charges shall have the meaning assigned thereto in Section 3.27(a).
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Net Default Charges means, with respect to any Mortgage Loan or REO Mortgage Loan, the Default Charges referred to in clause Fifth of Section 3.26(a), which are payable to the Master Servicer as Additional Master Servicing Compensation or the Special Servicer as Additional Special Servicing Compensation.
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Net Default Charges means, with respect to any Mortgage Loan or REO Loan, the Default Charges referred to in CLAUSE SEVENTH of SECTION 3.26(a), which are payable to the applicable Master Servicer as Additional Master Servicing Compensation or the applicable Special Servicer as Additional Special Servicing Compensation.
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Net Default Charges. With respect to any Pooled Mortgage Loan or successor REO Pooled Mortgage Loan, the Default Charges referred to in clause third of Section 3.28(a), which are payable to the applicable Master Servicer as Additional Master Servicing Compensation or the Special Servicer as Additional Special Servicing Compensation. "Net Investment Earnings": With respect to any Investment Account for any Collection Period, the amount, if any, by which the aggregate of all interest and other income realized during such Collection Period on funds held in such Investment Account (exclusive, in the case of a Servicing Account, a Reserve Account or the Defeasance Deposit Account, of any portion of such interest or other income payable to a Borrower in accordance with the related Mortgage Loan Documents and applicable law), exceeds the aggregate of all losses and costs, if any, incurred during such Collection Period in connection with the investment of such funds in accordance with Section 3.06 (exclusive, in the case of a Servicing Account, a Reserve Account or the Defeasance Deposit Account, of any portion of such losses that were incurred in connection with investments made for the benefit of a Borrower).
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Net Default Charges. With respect to any Mortgage Loan, any Default Charges actually collected from the related Mortgagor or out of other collections thereon (based on the allocations specified in Section 1.03), net of any Advance Interest accrued on Advances made in respect of such Mortgage Loan and reimbursable from such Default Charges in accordance with this Agreement and, solely with respect to Default Interest, further net of any portion of such Default Interest allocable to pay the Special Servicer any Liquidation Fee or Workout Fee in respect of such Mortgage Loan
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Net Default Charges. With respect to any Mortgage Loan, any Default Charges actually collected from the related Borrower or out of other collections thereon (based on the allocations specified in Section 1.03), net of any and all Advance Interest accrued on Advances made in respect of such Mortgage Loan and payable from such Default Charges in accordance with this Agreement.
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Related to Net Default Charges

  • Default Charges Default Interest and/or late payment charges that are paid or payable, as the context may require, in respect of any Mortgage Loan or Serviced Pari Passu Companion Loan or REO Mortgage Loan.

  • Default Costs means reasonable attorney's fees and remarketing costs resulting from a Lessee default or Lessor's enforcement of its remedies. DELIVERY DATE - means date of delivery of Inventory Equipment to Lessee's address.

  • Post-Default Rate means, (a) in respect of any principal of any Loan or any Reimbursement Obligation, the rate otherwise applicable plus an additional two percent (2.0%) per annum, and (b) with respect to any other Obligation, a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Margin for Base Rate Loans plus two percent (2.0%).

  • Prepayment Charge Period As to any Mortgage Loan, the period of time during which a Prepayment Charge may be imposed.

  • Non-Payment Default has the meaning specified in Section 4.03.