ED Loan definition
Examples of ED Loan in a sentence
In such event, the Seller shall indemnify the Trust against any amount by which the Purchase Price exceeds the proceeds received by the Trust with respect to such sale and liquidation of such ED Loan.
Upon the repurchase of the ED Loan pursuant to this Section 21, the Purchaser shall effect, and the Seller shall pay all reasonable costs and expenses, including the costs of any opinions of counsel under the Pooling and Servicing Agreement, relating to, a "qualified liquidation" of the ED Loan REMIC in accordance with the REMIC Provisions.
Upon confirmation that such final deposits have been made, the Trustee shall release or cause to be released to the purchaser or its designee, the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished to it by the purchaser, as shall be necessary to effectuate transfer of the Mortgage Loans and REO Properties remaining in the CML Loan REMIC, the ED Loan REMIC or REMIC I.
At all times as may be required by the Code, the REMIC Administrator shall make reasonable efforts to ensure that substantially all of the assets of the CML Loan REMIC, the ED Loan REMIC, REMIC I and REMIC II will consist of "qualified mortgages" as defined in Section 860G(a)(3) of the Code and "permitted investments" as defined in Section 860G(a)(5) of the Code.
The ED Loan REMIC Regular Interest (instead of the related Mortgage Loan) will be an asset of REMIC I and the Class R-I Certificates shall represent beneficial ownership of the ED Loan REMIC Residual Interest.
The parties hereto understand and acknowledge that, in the event the Seller fails to purchase the ED Loan as required by the foregoing, the Special Servicer shall sell such ED Loan from the Trust Fund at the highest available price and shall effect a "qualified liquidation" of the related ED Loan REMIC, within the meaning of Section 860F(a)(4) of the Code, as soon as reasonably practicable and, in any event, prior to the date of such early defeasance.
The Reserve Accounts shall not be considered part of the segregated pool of assets comprising each ED Loan REMIC, REMIC I, REMIC II or the Grantor Trusts.
Final distributions on the CML Loan REMIC Regular Interests, the ED Loan REMIC Regular Interest, the REMIC I Regular Interests and the Class A-2F Regular Interest shall be made on such date as provided in Section 4.01(a)(i), Section 4.01(b), Section 4.01(j), Section 4.01(c)(iv), Section 4.01(k), and Section 4.01(m).
The parties hereto understand and acknowledge that, in the event the Seller fails to purchase an ED Loan as required by the foregoing, the Master Servicer shall sell such ED Loan from the Trust Fund at the highest available price and shall effect a "qualified liquidation" of such ED Loan REMIC, within the meaning of Section 860F(a)(4) of the Code, as soon as reasonably practicable and, in any event, prior to the date of such early defeasance.
The parties hereto understand and acknowledge that, in the event the Seller fails to purchase the ED Loan as required by the foregoing, the Master Servicer shall sell the ED Loan from the Trust Fund at the highest available price and shall effect a "qualified liquidation" of the ED Loan REMIC, within the meaning of Section 860F(a)(4) of the Code, as soon as reasonably practicable and, in any event, prior to the date of such early defeasance.