Converted Loans Sample Clauses
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Converted Loans. Upon receipt of written notice from the Servicer of the conversion of any Adjustable Rate Asset to a Converted Loan, the Trustee shall direct the Servicer to enforce the related Seller's obligation set forth in its Sales Agreement to purchase such Converted Loan from the Trustee, or the Servicer shall repurchase such Converted Loan from the Trustee. In the event the Servicer or Seller defaults upon its obligation to purchase any Converted Loan, and, in the case of a Seller default, such default remains unremedied for a period of five Business Days after written notice of such default shall have been given by the Servicer to the Seller, then the Servicer shall use its best efforts to cause such Converted Loan to be sold for settlement on the last day of any month to any entity which the Servicer may in its sole discretion select. The Servicer shall not cause a Converted Loan to be sold or otherwise transferred to a Person other than the Servicer or Seller (or other Person who has a pre-existing obligation to purchase such loan) unless (i) upon such sale the Trust would receive a net amount at least equal to the Repurchase Price of the Converted Loan and (ii) if the Repurchase Price of the Converted Loan exceeds the related Basis Limit Amount, the Servicer receives an Opinion of Counsel that such disposition of a Converted Loan will not result in the imposition of a "prohibited transaction" tax (as such term is defined in the Code) on any related REMIC or jeopardize its status as a REMIC. Any such Converted Loan which is not purchased by the Servicer or the Seller and which the Servicer is unable to sell as described in the second preceding sentence shall remain in the Trust.
Converted Loans. Automatic Conversion
Converted Loans. Borrower may, upon not more than seven and not less than three Banking Day's advance notice to the Administrative Agent, during the Availability Period elect ("CONVERSION ELECTION"), effective as of the last Banking Day of each June and December (each a "CONVERSION DATE"), to convert a specific dollar amount ("AGGREGATE CONVERSION AMOUNT")
Converted Loans. Each Conversion Lender shall make each Converted Loan to be made by it hereunder on the Closing Date by automatically converting its holdings of Senior Notes into a Converted Loan under this Agreement.
Converted Loans. (a) If a Conversion Offer is offered and accepted in accordance with Clause 5.3 (Conversion Offer) and a Conversion takes place, as of the Conversion Date:
(i) a Loan that was formerly an Acquisition Loan shall be deemed by the Parties to have had the principal amount outstanding repaid as of the Conversion Date; and
(ii) the offer and acceptance of a Conversion Offer shall be deemed by the Parties as an offer and acceptance to enter into a new Loan in the form of a Converted Loan for the amount of the principal amount outstanding under the Acquisition Loan (from which the Converted Loan is being Converted from) and shall be subject to the terms of this Agreement and deemed to have been advanced as a Converted Loan For the avoidance of doubt, the Borrowers and Lenders of a Converted Loan need not be the same Borrowers and Lenders of the Acquisition Loan (from which the Converted Loan is being Converted from);
(iii) the Borrower of the Acquisition Loan or the Borrower of the Converted Loan shall make a payment to the Lender on the Conversion Date:
(A) such that the Converted Loan’s Loan to Value percentage as of the Conversion Date complies with Clause 2.1(c) (Facility); and
(B) all amounts of interest accrued but unpaid and any other sums (other than in respect of principal) which fall due on the relevant Conversion Date in accordance with the terms of the relevant Acquisition Loan unless the relevant Conversion Date is not an Interest Payment Date in respect of the Term Loans, in which event any accrued but unpaid interest shall not fall due for payment on such Conversion Date but shall continue to accrue at the rate applicable for the Converted Loan and shall be due and payable on the first Interest Payment Date for such Converted Loan;
(iv) on the relevant Conversion Date subject to Clause 8.1(a)(v), no Break Costs or any prepayment fee in accordance with Clause 11.4 (Voluntary Prepayment) shall be payable by the Borrowers;
(v) if the relevant Borrower(s) and Lender(s) elect for a Conversion Date to be a day other than an Interest Payment Date of the relevant Acquisition Loan that is to be converted, Break Costs shall be payable by the Borrower of the Acquisition Loan (or by the Borrower of the Converted Loan, as the case may be) in accordance with Clause 11.4 (Voluntary Prepayment). For the avoidance of doubt, Clause 18 (Mitigation) shall apply; and
(vi) the Borrower of the Converted Loan will grant security to the Lender of the Converted Loan, subject...