Common use of Collateral Additions Clause in Contracts

Collateral Additions. ‌ (a) If the related Mortgage Documents permit the Borrower to add one or more Mortgaged Properties as collateral for a Mortgage Loan or a MALA, the Master Servicer (or, if permitted by the Servicing Contract, the Primary Servicer) may allow the addition in accordance with such Mortgage Documents. (b) To the extent that the related Mortgage Documents permit the addition of collateral but do not provide conditions for such additions, the following criteria will apply to any such addition of collateral: (i) after the addition, the Mortgage Loan will have a debt service coverage ratio that is not less than the lesser of (A) the underwritten debt service coverage ratio of the Mortgage Loan determined at the time the Mortgage Loan was originated or (B) the debt service coverage ratio of the Mortgage Loan immediately before the addition; (ii) after the addition, the Mortgage Loan will have a loan-to-value ratio not greater than the greater of (A) the underwritten loan-to-value ratio of the Mortgage Loan determined at the time the Mortgage Loan was originated or (B) the loan-to-value ratio of the Mortgage Loan immediately before the addition; and (iii) no material default has occurred and is continuing under the related Mortgage Documents which default would not be cured by the addition.

Collateral Additions. ‌ (a) If the related Mortgage Documents permit the Borrower to add one or more Mortgaged Properties as collateral for a Mortgage Loan or a MALA, the Master Servicer (or, if permitted by the Servicing Contract, the Primary Servicer) may allow the addition in accordance with such Mortgage Documents. (b) To the extent that the related Mortgage Documents permit the addition of collateral but do not provide conditions for such additions, the following criteria will apply to any such addition of collateral: (i) after the addition, the Mortgage Loan will have a debt service coverage ratio that is not less than the lesser of (A) the underwritten debt service coverage ratio of the Mortgage Loan determined at the time the Mortgage Loan was originated or (B) the debt service coverage ratio of the Mortgage Loan immediately before the addition; (ii) after the addition, the Mortgage Loan will have a loan-to-value ratio not greater than the greater of (A) the underwritten loan-to-value ratio of the Mortgage Loan determined at the time the Mortgage Loan was originated or (B) the loan-to-value ratio of the Mortgage Loan immediately before the addition; and (iii) no material default has occurred and is continuing under the related Mortgage Documents which default would not be cured by the addition.