Common use of Trust Receipt Clause in Contracts

Trust Receipt. For each Non–Table Funded Mortgage Asset, the Administrative Agent shall have received from the Custodian on or before each Borrowing Date a Trust Receipt (along with a completed Mortgage Asset File Checklist attached thereto) and an Asset Schedule and Exception Report with respect to the Basic Mortgage Asset Documents for each Eligible Asset, in each case dated the Borrowing Date, duly completed and, in the case of the Asset Schedule and Exception Report, with exceptions acceptable to the Administrative Agent in its discretion in respect of Eligible Assets to be pledged hereunder on such Business Day. In the case of a Table Funded Mortgage Asset, the Administrative Agent shall have received on the related Borrowing Date the Table Funded Trust Receipt and all other items described in the second (2nd) sentence of Subsection 2.1(b)(6), each in form and substance satisfactory to the Administrative Agent in its discretion, provided that the Administrative Agent subsequently receives the items described in Subsections 2.1(b)(4) and (6) and the other delivery requirements under the Custodial Agreement on or before the date and time specified herein and therein, which items shall be in form and substance satisfactory to the Administrative Agent in its discretion. In the case of Term Loans, the Custodian shall have possession of all Mortgage Loan Documents for the Term Loan Collateral and the Administrative Agent shall be in receipt of Trust Receipts for the Term Loan Collateral and all other conditions under the Custodial Agreement are satisfied with respect to such Term Loan Collateral.

Trust Receipt. For each Non–—Table Funded Mortgage Asset, the Administrative Agent shall have received from the Custodian on or before each Borrowing Date a Trust Receipt (along with a completed Mortgage Asset File Checklist attached thereto) and an Asset Schedule and Exception Report with respect to the Basic Mortgage Asset Documents for each Eligible Asset, in each case dated the Borrowing Date, duly completed and, in the case of the Asset Schedule and Exception Report, with exceptions acceptable to the Administrative Agent in its discretion in respect of Eligible Assets to be pledged hereunder on such Business Day. In the case of a Table Funded Mortgage Asset, the Administrative Agent shall have received on the related Borrowing Date the Table Funded Trust Receipt and all other items described in the second (2nd) sentence of Subsection 2.1(b)(6), each in form and substance satisfactory to the Administrative Agent in its discretion, provided that the Administrative Agent subsequently receives the items described in Subsections 2.1(b)(4) and (6) and the other delivery requirements under the Custodial Agreement on or before the date and time specified herein and therein, which items shall be in form and substance satisfactory to the Administrative Agent in its discretion. In the case of Term Loans, the Custodian shall have possession of all Mortgage Loan Documents for the Term Loan Collateral and the Administrative Agent shall be in receipt of Trust Receipts for the Term Loan Collateral and all other conditions under the Custodial Agreement are satisfied with respect to such Term Loan Collateral.

Trust Receipt. For each Non–Table Funded Mortgage AssetCollateral Worksheet. (a) Following receipt of a Primary Document Delivery Letter, but in no event later than 1:00 p.m. (New York time) on the date which is (x) if one Loan File is delivered thereunder, one (1) Business Day after receipt of such Loan File and (y) if multiple Loan Files are delivered thereunder, a number of days to be mutually agreed by the Custodian and the Borrower after receipt of such Loan Files, the Custodian will deliver, via facsimile, to the Administrative Agent shall have received Agent, with a copy to the Servicer, a Primary Document Trust Receipt to the effect that, as to each Loan listed on the related Loan Schedule, based on the Custodian’s examination of the Loan File for such Loan, except for variances from the Custodian on or before each Borrowing Date a Trust Receipt (along with a completed Mortgage Asset File Checklist attached theretorequirements of Section 2(a) and an Asset Schedule and Exception Report hereof applicable thereto with respect to the Basic Mortgage Asset Documents for each Eligible Asset, Loan Files (“Exceptions”) (giving effect to the Borrower’s right to deliver certified copies in each case dated lieu of original documents in certain circumstances) noted in a report attached to the Borrowing Date, duly completed and, in the case of the Asset Schedule and Primary Document Trust Receipt (an “Exception Report”), with exceptions acceptable (i) the promissory notes and other documents required to the Administrative Agent in its discretion be delivered in respect of Eligible Assets such Loan pursuant to Section 2(a)(A) (i) through (iv) of this Custodial Agreement, which are listed in such Primary Document Trust Receipt, have been delivered and are in the possession of the Custodian as part of the Loan File for such Loan and (ii) all such promissory notes and other documents required to be pledged hereunder delivered in respect of such Loan, which are listed in such Primary Document Trust Receipt, have been reviewed by the Custodian and appear on such Business Daytheir face to be regular, to relate to the applicable Loans and to satisfy the applicable requirements set forth in Section 2(a)(A) of this Custodial Agreement. In the case of connection with a Table Funded Mortgage Asset, the Administrative Agent shall have received on the related Borrowing Date the Table Funded Primary Document Trust Receipt and all other items described in the second (2nd) sentence of Subsection 2.1(b)(6), each in form and substance satisfactory to the Administrative Agent in its discretion, provided that the Administrative Agent subsequently receives the items described in Subsections 2.1(b)(4) and (6) and the other delivery requirements under the Custodial Agreement on or before the date and time specified herein and therein, which items shall be in form and substance satisfactory to the Administrative Agent in its discretion. In the case of Term LoansReceipt, the Custodian shall make no representations as to and shall not be responsible to verify (A) the validity, legality, enforceability, due authorization, recordability, sufficiency, or genuineness of the promissory notes or any other document contained in each Loan File or (B) the collectability, insurability, effectiveness or suitability of any such Loan. (b) Following receipt of an Ancillary Document Delivery Letter, but in no event later than 1:00 p.m. (New York time) on the date which is three (3) Business Days after receipt of the remaining documents for any Loan File, the Custodian will deliver, via facsimile, to the Administrative Agent, with a copy to the Servicer, a Trust Receipt to the effect that, as to each Loan listed on the related Loan Schedule, based on the Custodian’s examination of the Loan File for such Loans, except for Exceptions noted in an Exception Report, (i) all additional documents required to be delivered in respect of such Loan pursuant to Section 2(a)(B) of this Custodial Agreement, which are listed in such Trust Receipt, have been delivered and are in the possession of the Custodian as part of the Loan File for such Loan and (ii) all Mortgage such additional documents required to be delivered in respect of such Loan, which are listed in such Trust Receipt, have been reviewed by the Custodian and appear on their face to be regular, to relate to the applicable Loans and to satisfy the applicable requirements set forth in Section 2(a)(B) of this Custodial Agreement. In connection with a Trust Receipt, the Custodian shall make no representations as to and shall not be responsible to verify (A) the validity, legality, enforceability, due authorization, recordability, sufficiency, or genuineness of the documents contained in each Loan Documents for File or (B) the Term Loan Collateral and collectability, insurability, effectiveness or suitability of any such Loan. (c) If an Exception Report discloses that any of the documents enumerated in Section 2(a) are missing or discloses any Exceptions in such documents, then unless the Administrative Agent has waived the Exceptions noted in the Exception Report, the Borrower shall cure or cause to be cured the Exceptions within two (2) Business Days and such Loan shall not be included in receipt any calculation of Trust Receipts for the Term Loan Collateral Borrowing Base delivered pursuant to the Credit Agreement unless and all other conditions under until such Exceptions are cured or waived by the Custodial Agreement are satisfied with respect to such Term Loan CollateralAdministrative Agent.

Trust Receipt. For each Non–Table Funded Mortgage Asset, the Administrative Agent shall have received from the Custodian on or before each Borrowing Date a Trust Receipt (along with a completed Mortgage Asset File Checklist attached thereto) and an Asset Schedule and Exception Report with respect to the Basic Mortgage Asset Documents for each Eligible Asset, in each case dated the Borrowing Date, duly completed and, in the case of the Asset Schedule and Exception Report, with exceptions acceptable to the Administrative Agent in its discretion in respect of Eligible Assets to be pledged hereunder on such Business Day. In the case of a Table Funded Mortgage Asset, the Administrative Agent shall have received on the related Borrowing Date the Table Funded Trust Receipt and all other items described in the second (2nd) sentence of Subsection 2.1(b)(6Section 2.1(b)(i)(6), each in form and substance satisfactory to the Administrative Agent in its discretion, provided that the Administrative Agent subsequently receives the items described in Subsections 2.1(b)(4Sections 2.1(b)(i)(4) and (6) and the other delivery requirements under the Custodial Agreement on or before the date and time specified herein and therein, which items shall be in form and substance satisfactory to the Administrative Agent in its discretion. In the case of Term Loans, the The Custodian shall have possession of all Mortgage Loan Documents for the Term Revolving Loan Collateral and the Administrative Agent shall be in receipt of Trust Receipts for the Term Revolving Loan Collateral and all other conditions under the Custodial Agreement are satisfied with respect to such Term Revolving Loan Collateral.

Trust Receipt. For each Non–-Table Funded Mortgage Asset, the Administrative Agent shall have received from the Custodian on or before each Borrowing Date a Trust Receipt (along with a completed Mortgage Asset File Checklist attached thereto) and an Asset Schedule and Exception Report with respect to the Basic Mortgage Asset Documents for each Eligible Asset, in each case dated the Borrowing Date, duly completed and, in the case of the Asset Schedule and Exception Report, with exceptions acceptable to the Administrative Agent in its discretion in respect of Eligible Assets to be pledged hereunder on such Business Day. In the case of a Table Funded Mortgage Asset, the Administrative Agent shall have received on the related Borrowing Date the Table Funded Trust Receipt and all other items described in the second (2nd) sentence of Subsection 2.1(b)(6Section 2.1(b)(i)(6), each in form and substance satisfactory to the Administrative Agent in its discretion, provided that the Administrative Agent subsequently receives the items described in Subsections 2.1(b)(4Sections 2.1(b)(i)(4) and (6) and the other delivery requirements under the Custodial Agreement on or before the date and time specified herein and therein, which items shall be in form and substance satisfactory to the Administrative Agent in its discretion. In the case of Term Loans, the Custodian shall have possession of all Mortgage Loan Documents for the Term Loan Collateral and the Administrative Agent shall be in receipt of Trust Receipts for the Term Loan Collateral and all other conditions under the Custodial Agreement are satisfied with respect to such Term Loan Collateral.

Trust Receipt. For each Non–Table Funded Mortgage Asset, the Administrative Agent shall have received from the Custodian on or before each Borrowing Date a Trust Receipt (along with a completed Mortgage Asset File Checklist attached thereto) and an Asset Schedule and Exception Report with respect to the Basic Mortgage Asset Documents for each Eligible Asset, in each case dated the Borrowing Date, duly completed and, in the case of the Asset Schedule and Exception Report, with exceptions acceptable to the Administrative Agent in its discretion in respect of Eligible Assets to be pledged hereunder on such Business Day. In the case of a Table Funded Mortgage Asset, the Administrative Agent shall have received on the related Borrowing Date the Table Funded Trust Receipt and all other items described in the second (2nd) sentence of Subsection 2.1(b)(6Section 2.1(b)(i)(6), each in form and substance satisfactory to the Administrative Agent in its discretion, provided that the Administrative Agent subsequently receives the items described in Subsections 2.1(b)(4Sections 2.1(b)(i)(4) and (62.1(b)(i)(6) and the other delivery requirements under the Custodial Agreement on or before the date and time specified herein and therein, which items shall be in form and substance satisfactory to the Administrative Agent in its discretion. In the case of Term Loans, the Custodian shall have possession of all Mortgage Loan Documents for the Term Loan Collateral and the Administrative Agent shall be in receipt of Trust Receipts for the Term Loan Collateral and all other conditions under the Custodial Agreement are satisfied with respect to such Term Loan Collateral.