Common use of Loans Secured by Real Property Clause in Contracts

Loans Secured by Real Property. Less than 40% of the Loan Pool Balance consists of Loans principally secured by real property. For purposes of this Section 3.02(d), a Loan shall be considered “principally secured by real property” if (1) the fair market value of the interest in real property securing the Loan (reduced by the amount of any lien on the real property interest that is senior to the Loan and by a proportionate amount of any lien that is in parity with the Loan) is at least 80% of the adjusted issue price of the Loan (i.e., in general, the principal amount of the Loan) at the time the Loan was originated or (2) substantially all of the proceeds of the Loan were used to acquire, improve, or protect an interest in real property that, at the date the Loan was originated, was the only security for the Loan.

Loans Secured by Real Property. Less than 40% of the Loan Pool Balance consists of Loans principally secured by real property. For purposes of this Section 3.02(d), a Loan shall be considered “principally secured by real property” if (1) the fair market value of the interest in real property securing the Loan (reduced by the amount of any lien on the real property interest that is senior to the Loan and by a proportionate amount of any lien that is in parity with the Loan) is at least 80% of the adjusted issue price of the Loan (i.e., in general, the principal amount of the Loan) at the time the Loan was originated or acquired or (2) substantially all of the proceeds of the Loan were used to acquire, improve, or protect an interest in real property that, at the date the Loan was originatedoriginated or acquired, was the only security for the Loan.

Loans Secured by Real Property. Less than 40% of the Aggregate Outstanding Loan Balance of the Loan Pool Balance consists of Loans principally secured by real property. For purposes of this Section 3.02(d), a Loan shall be considered “principally secured by real property” if (1) the fair market value of the interest in real property securing the Loan (reduced by the amount of any lien on the real property interest that is senior to the Loan and by a proportionate amount of any lien that is in parity with the Loan) is at least 80% of the adjusted issue price of the Loan (i.e., in general, the principal amount of the Loan) at the time the Loan was originated or (2) substantially all of the proceeds of the Loan were used to acquire, improve, or protect an interest in real property that, at the date the Loan was originated, was the only security for the Loan.

Loans Secured by Real Property. Less than 40% of the Aggregate Outstanding Balance of the Loan Pool Balance consists of Loans principally secured by real property. For purposes of this Section 3.02(d), a Loan shall be considered “principally secured by real property” if (1) the fair market value of the interest in real property securing the Loan (reduced by the amount of any lien on the real property interest that is senior to the Loan and by a proportionate amount of any lien that is in parity with the Loan) is at least 80% of the adjusted issue price of the Loan (i.e., in general, the principal amount of the Loan) at the time the Loan was originated or (2) substantially all of the proceeds of the Loan were used to acquire, improve, or protect an interest in real property that, at the date the Loan was originated, was the only security for the Loan.

Loans Secured by Real Property. Less than 40% of the Loan Pool Balance consists of Loans principally secured by real property. For purposes of this Section 3.02(d3.02(c), a Loan shall be considered “principally secured by real property” if (1) the fair market value of the interest in real property securing the Loan (reduced by the amount of any lien on the real property interest that is senior to the Loan and by a proportionate amount of any lien that is in parity with the Loan) is at least 80% of the adjusted issue price of the Loan (i.e., in general, the principal amount of the Loan) at the time the Loan was originated or acquired or (2) substantially all of the proceeds of the Loan were used to acquire, improve, or protect an interest in real property that, at the date the Loan was originatedoriginated or acquired, was the only security for the Loan.

Loans Secured by Real Property. Less than 40% of the Loan Pool Balance consists of Loans principally secured by real property. For purposes of this Section 3.02(d3.02(c), a Loan shall be considered “principally secured by real property” if (1) the fair market value of the interest in real property securing the Loan (reduced by the amount of any lien on the real property interest that is senior to the Loan and by a proportionate amount of any lien that is in parity with the Loan) is at least 80% of the adjusted issue price of the Loan (i.e., in general, the principal amount of the Loan) at the time the Loan was originated or (2) substantially all of the proceeds of the Loan were used to acquire, improve, or protect an interest in real property that, at the date the Loan was originated, was the only security for the Loan.