Common use of Equity Pledges Clause in Contracts

Equity Pledges. With respect to each Purchased Loan which is an Eligible Mezzanine Loan only, the pledge of ownership interests securing such Purchased Loan encumbers the direct or indirect equity or ownership interests in the underlying real property owner and has been fully first priority perfected in favor of Seller as mezzanine lender.

Equity Pledges. With respect to each Purchased Loan which is an Eligible Mezzanine Loan only, the pledge of ownership interests securing such Purchased Loan encumbers 100% of the direct or indirect equity or ownership interests in the underlying real property owner (so that, except for the equity interests pledged to Seller, there are no direct or indirect equity or ownership interests in underlying real property owner or in any constituent entity) and has been fully perfected as a first priority perfected lien in favor of Seller as mezzanine lender.

Equity Pledges. With respect to each Purchased Loan which is an Eligible Mezzanine Loan only, the pledge of ownership interests securing such Purchased Loan encumbers 100% of the direct or indirect equity or ownership interests in the underlying real property owner (so that, except for the equity interests pledged to Seller, there are no direct or indirect equity or ownership interests in underlying real property owner or in any constituent entity) and has been fully first priority perfected in favor of Seller as mezzanine lender.

Equity Pledges. With respect to each Purchased Loan which is an Eligible a Mezzanine Loan only, the pledge of ownership interests securing such Purchased Loan encumbers the relates to all direct or indirect equity or ownership interests in the underlying real property owner (so that, except for the equity interests pledged to Seller, there are no direct or indirect equity or ownership interests in underlying real property owner or in any constituent entity) and has been fully first priority perfected in favor of Seller as mezzanine lender.