Pledged Loans Sample Clauses

Pledged Loans. “Pledged Loans” shall have the meaning set forth in Section 2.1(b)(6).

Pledged Loans. With respect to each Pledged Loan that constitutes an Eligible Loan, Borrower represents to Agent and Lenders that during the Term and so long as any of the Obligations remain unpaid and until the Commitments and this Agreement have been terminated: (i) in determining which Underlying Loans are Eligible Loans, Agent may rely upon all statements or representations made by Borrower, and (ii) such Pledged Loans designated as Eligible Loans meet each of the following requirements: (a) such Pledged Loan is genuine; is in all respects what it purports to be; and the related Underlying Loan Documents have only one original counterpart to the extent any such Underlying Loan Document is chattel paper or a negotiable instrument; (b) such Pledged Loan represents undisputed bona fide transactions created by the lending of money by the Borrower to the applicable Underlying Borrower; (c) the amounts of the Principal Balance shown on any schedule or report delivered to Agent represents amounts actually and absolutely owing to Borrower and are not contingent for any reason; and (d) the Underlying Borrower with respect to such Pledged Loan is in compliance with the Patriot Act.

Pledged Loans. Borrower shall take all appropriate actions necessary so that the Pledged Loans shall be classified as real estate assets within the meaning of Section 856 of the Code.

Pledged Loans. The Servicer and the Borrower covenant and agree that prior to the earlier of: (i) the occurrence of an Event of Default or (ii) the Revolving Period Termination Date, they shall not without the prior written consent of the Administrative Agent and the Required Banks: (i) make or consent to any waiver, amendment, modification or alteration of the terms of any Pledged Loan or related Pledged Loan Document, including without limitation the payments of principal and interest due thereunder; (ii) undertake to release or authorize or consent to the release of any collateral or security for any Pledged Loan; (iii) accelerate or extend the maturity of any Pledged Loan or (iv) waive any claim against the Obligor or any applicable guarantor thereof, where: (a) the effect of any of the foregoing would cause any such Pledged Loan to not satisfy each of the requirements set forth in the definition of Eligible Loan determined after giving effect to such waiver, amendment, modification, alteration, release or other action, (b) the effect of any of the foregoing would materially adversely effect the Pledged Loan’s collectibility; (c) any such waiver, amendment, modification, alteration, release or other action would not be in accordance with the provisions of the Credit and Collection Policy; or (d) any such waiver, amendment, modification, alteration, release or other action would have a (1) the Servicer may waive any late payment charge or any other fees (excluding principal and interest) that may be collected in the ordinary course of servicing any Loan included in the Collateral; and (2) after the earlier of: (i) the occurrence of an Event of Default or (ii) the Revolving Period Termination Date, neither the Servicer or Borrower shall waive, amend, modify or alter any term of a Pledged Loan or any related Pledged Loan Document, undertake to release or authorize or consent to the release of any collateral or security for any Pledged Loan or accelerate or extend the maturity of any Pledged Loan or waive any claim against the Obligor or any applicable guarantor thereof without the prior written consent of the Administrative Agent and the Required Banks.

Pledged Loans. Upon the closing of the acquisition of any Pledged Loans, a FC Portfolio Subsidiary will be the owner and holder of the Pledged Loans, free and clear of all liens, security interests, claims, restrictions or encumbrances of any kind, except those in favor of the Bank. Upon the closing of the acquisition of any Pledged Loans, the original promissory note and related allonges or a lost note affidavit executed by the seller from whom the FC Imperial Subsidiary acquired the loan or a prior owner and holder of the loan and other documents or instruments which Bank requests be part of the Pledged Files as provided in the Custodial Agreement will be held by the Custodian for the benefit of the Bank under the terms of the Custodial Agreement. The Pledged Files will not be subject to any claims or interests of any prior custodial agreement or custodian.

Pledged Loans