CTL Loans Sample Clauses

CTL Loans. With respect to each Purchased Loan which is an Eligible Loan of the type described in clause (ii) of the definition thereof only: (a) The related Mortgaged Property is subject to a Credit Lease, and such Credit Lease is in full force and effect, and is a legal, valid, binding and enforceable agreement of the related tenant, except as such enforcement may be limited by bankruptcy, insolvency or other laws affecting the rights of creditors generally, and general principles of equity, and no default by the Mortgagor or the tenant has occurred under such Credit Lease and, to Seller's actual knowledge, there is no existing condition which, but for the passage of time or the giving of notice, or both, would result in a default under the terms of such Credit Lease. (b) The related Credit Lease is subordinate to the related Mortgage subject to the terms and conditions of a subordination, non-disturbance and attornment agreement between the lender and the applicable tenant; any subleases entered into by such tenant will be subject and subordinate to the Credit Lease and will not relieve the tenant of its obligations under the Credit Lease; in the event that the lender acquires title to such Mortgaged Property by foreclosure or otherwise, the lessor's interest under the related Credit Lease is freely assignable by the lender and its successors and assigns to any person without the consent of the tenant, and, in the event the lessor's interest is so assigned, the tenant will be obligated to recognize the assignee as lessor under such Credit Lease. (c) The related Credit Lease has an original term ending on or after the date the Mortgagor is required to deposit its final payment on the related Purchased Loan with the lender unless covered by extended amortization or residual value insurance. (d) The monthly payment for such Purchased Loan is less than or equal to the basic rent due under the related Credit Lease (unless such Purchased Loan has the benefit of an extended amortization policy or a residual value insurance policy or cash reserves or other form of credit enhancement which has been in each case disclosed to Buyer). (e) No sale of the Mortgaged Property is pending by the related Mortgagor, and there is no assignment of any Credit Lease by any tenant pending. (f) Such tenant has agreed to notify the related mortgagee of any default under the related Credit Lease and to provide such mortgagee with additional time and opportunity to cure or the related Purchas...