Common use of Acceleration Right Clause in Contracts

Acceleration Right. The Purchased Asset Documents for such Senior Mortgage Loan contain provisions for the acceleration of the payment of the unpaid principal balance of such Senior Mortgage Loan if, without complying with the requirements of the related Purchased Asset Documents, (a) the related Underlying Mortgaged Property, or any controlling interest in the related Mortgagor, is directly transferred or sold in a mortgagor, issuance of non-controlling new equity interests, transfers among existing members, partners or shareholders in such Mortgagor or an Affiliate thereof, transfers among affiliated Mortgagors with respect to such Senior Mortgage Loan which are cross-collateralised or cross-defaulted with other mortgage loans or multi-property loans or transfers of a similar nature (such as pledges of ownership interests that do not result in a change of control) or a substitution or release of collateral), or (b) the related Underlying Mortgaged Property or controlling interest in the borrower is encumbered in connection with subordinate financing by a Lien against the related Underlying Mortgaged Property, other than any existing permitted additional debt or debt otherwise permitted in the Purchased Asset Documents. The Purchased Asset Documents for such Senior Mortgage Loan require the borrower to pay all reasonable costs incurred by the Mortgagor with respect to any transfer, assumption or encumbrance requiring lender’s approval.

Acceleration Right. The Purchased Asset Loan Documents for such Senior Mortgage Purchased Loan contain provisions for the acceleration of the payment of the unpaid principal balance of such Senior Mortgage Purchased Loan if, without complying with the requirements of the related Purchased Asset Loan Documents, (a) the related Underlying underlying Mortgaged Property, or any controlling interest in the related Mortgagor, is directly transferred or sold in a mortgagor, issuance of non-controlling new equity interests, transfers among existing members, partners or shareholders in such Mortgagor or an Affiliate thereof, transfers among affiliated Mortgagors with respect to such Senior Mortgage Purchased Loan which are cross-collateralised or cross-defaulted with other mortgage loans or multi-property loans or transfers of a similar nature (such as pledges of ownership interests that do not result in a change of control) or a substitution or release of collateral), or (b) the related Underlying underlying Mortgaged Property or controlling interest in the borrower is encumbered in connection with subordinate financing by a Lien against the related Underlying underlying Mortgaged Property, other than any existing permitted additional debt or debt otherwise permitted in the Purchased Asset Loan Documents. The Purchased Asset Loan Documents for such Senior Mortgage Purchased Loan require the borrower to pay all reasonable costs incurred by the Mortgagor with respect to any transfertransfer (of any property which is subject to a Mortgage), assumption or encumbrance requiring lender’s approval.

Acceleration Right. The Purchased Asset Documents for such Senior Mortgage Loan Purchased Asset contain provisions for the acceleration of the payment of the unpaid principal balance of such Senior Mortgage Loan Purchased Asset if, without complying with the requirements of the related Purchased Asset Documents, (a) the related Underlying underlying Mortgaged Property, or any controlling interest in the related Mortgagormortgagor, is directly transferred or sold in a mortgagor, issuance of non-controlling new equity interests, transfers among existing members, partners or shareholders in such Mortgagor mortgagor or an Affiliate thereof, transfers among affiliated Mortgagors mortgagors with respect to such Senior Mortgage Loan Purchased Asset which are cross-collateralised or cross-defaulted with other mortgage loans or multi-property loans or transfers of a similar nature (such as pledges of ownership interests that do not result in a change of control) or a substitution or release of collateral), or (b) the related Underlying underlying Mortgaged Property or controlling interest in the borrower is encumbered in connection with subordinate financing by a Lien against the related Underlying underlying Mortgaged Property, other than any existing permitted additional debt or debt otherwise permitted in the Purchased Asset Documents. The Purchased Asset Documents for such Senior Mortgage Loan Purchased Asset require the borrower to pay all reasonable costs incurred by the Mortgagor mortgagor with respect to any transfertransfer (of any property which is subject to a Mortgage), assumption or encumbrance requiring lender’s approval.