Default Rate31 Clause Samples

Default Rate31. 2.2.4 Usury Savings31 Section 2.3 Loan Payment 32 Section 2.4 Prepayments 32 Section 2.5 Defeasance 32 2.5.1 Voluntary Full Defeasance32 2.5.2 Defeasance Collateral Account34 2.5.3 Successor Borrower35 2.5.4 Partial Defeasance35 Section 2.6 Release of Property 39 2.6.1 Release of Property39 Section 2.7 Clearing Account/Cash Management 40 2.7.1 Clearing Account40 2.7.2 Cash Management Account41 2.7.3 Payments Received under the Cash Management Agreement42 2.7.4 Setup of the Clearing Account and Cash Management Account42 ARTICLE III - CONDITIONS PRECEDENT 42 Section 3.1 Conditions Precedent to Closing 42 ARTICLE IV - REPRESENTATIONS AND WARRANTIES 43 Section 4.1 Borrower Representations 43 4.1.1 Organization43 4.1.2 Proceedings43 4.1.3 No Conflicts43