Margin Excess Requirements definition
Margin Excess Requirements means requirements that will be satisfied as of any date of determination if Buyer has determined in its sole discretion that: (a) no Default, Event of Default, Material Adverse Effect or Margin Deficit (except as such Margin Deficit would be cured in its entirety by the application of such Margin Excess) has occurred and is continuing, or will result from any proposed Transaction or application of Margin Excess, (b) Seller has satisfied all conditions precedent that are otherwise applicable to prospective Transactions under this Agreement, (c) Guarantor is in full compliance with all of the financial covenants and all of the other obligations of Guarantor, as set forth in the Guarantee Agreement, and (d) the request for Margin Excess will not cause the outstanding Purchase Price of the related Purchased Asset, after giving effect to such request for Margin Excess, to exceed the Purchase Price for such Purchased Asset as of the related Purchase Date therefor.
Margin Excess Requirements. Requirements that will be satisfied as of any date of determination if (A) no Default, Event of Default, Material Event, Margin Deficit (except as would be cured in its entirety by the application of such Margin Excess) or Material Adverse Effect has occurred and is continuing or will result from any proposed Transaction or payment of Margin Excess, (B) Seller has satisfied all conditions precedent that are otherwise applicable to prospective Transactions under this Agreement, and (C) Guarantor is in full compliance with all of the financial covenants and all of its other obligations, as set forth in the Guarantee Agreement.
Margin Excess Requirements means requirements that will be satisfied as of any date of determination if Buyer has determined in its sole discretion that: (A) no Default, Event of Default, Material Adverse Effect or Margin Deficit (except as such Margin Deficit would be cured in its entirety by the application of such Margin Excess) has occurred and is continuing, or will result from any proposed Transaction or application of Margin Excess, (B) Seller has satisfied all conditions precedent that are otherwise applicable to prospective Transactions under this Agreement, (C) ▇▇▇▇▇▇ Seller is in full compliance with all of the financial covenants as set forth in Article 11(m), and (D) the request for Margin Excess will not cause the outstanding Purchase Price of the related Purchased Asset, after giving effect to such request for Margin Excess, to exceed the Maximum Purchase Price for such Purchased Asset.
More Definitions of Margin Excess Requirements
Margin Excess Requirements. Requirements that will be satisfied as of any date of determination if (A) no Default, Event of Default, Margin Deficit (except as would be cured in its entirety concurrently with the application of Margin Excess) or Material Adverse Effect has occurred and is continuing, as determined by Buyer in its sole discretion, or will result from any application of such Margin Excess, (B) Seller has satisfied all conditions precedent that are otherwise applicable to prospective Transactions under this Agreement (other than conditions that are expressly subject to Buyer’s approval, determination or discretion), (C) each of the Debt Yield Test and the PPV Test is in compliance prior to and after giving effect to the application of such Margin Excess and (D) Guarantor is in full compliance with all of the financial covenants and all of its other obligations, as set forth in the Guarantee Agreement.
Margin Excess Requirements. Requirements that will be satisfied as of any date of determination if (A) no Default, Event of Default, Material Event, Margin Deficit (except as would be cured in its entirety by the application of such Margin Excess) or Material Adverse Effect has occurred and is continuing or will result from any proposed Transaction or payment of Margin Excess, (B) Seller has satisfied all conditions precedent that are otherwise applicable to prospective Transactions under this Agreement, and (C) Guarantor is in full compliance with all of the financial covenants and all of its other obligations, as set forth in the Guarantee Agreement. “Market Disruption Event”: Any event or events that, in the determination of Buyer, results in (a) the effective absence of a “repo market” or related “lending market” for purchasing (subject to repurchase) or financing debt obligations secured by commercial mortgage loans or securities, (b) Buyer’s not being able to finance Purchased Assets through the “repo market” or “lending market” with traditional counterparties at rates that would have been reasonable prior to the occurrence of such event or events, (c) the effective absence of a “securities market” for securities backed by Purchased Assets, or (d) Buyer’s not being able to sell securities backed by Purchased Assets at prices that would have been reasonable prior to the occurrence of such event or events. “Market Value”: For any Purchased Asset as of any date, the lower of the Current ▇▇▇▇-to-Market Value and Book Value for such Purchased Asset as determined by Buyer by taking into account such criteria as Buyer deems appropriate, including as appropriate current interest rates, spreads and other market conditions, credit quality, subordination, delinquency status and aging and any amounts owing to or by Buyer under any related Interest Rate Protection Agreement, which market value, in each case, may be determined to be zero, as of such date as determined by Buyer; provided that, notwithstanding any other provision of this Agreement, the Market Value of a Purchased Asset shall not exceed the lower of (x) the Market Value (expressed as a percentage of par as of the Purchase Date) assigned to such Purchased Asset as of the Purchase Date, and (y) the par value of such Purchased Asset as of such date;
Margin Excess Requirements. Requirements that will be satisfied as of any date of determination if (A) no Default, Event of Default, Margin Deficit (except as would be cured in its entirety by the application of such Margin Excess), Material Adverse Effect has occurred and is continuing or, as determined by Buyer in its sole discretion, will result from any proposed Transaction or the payment or reallocation of Margin Excess, (B) the Facility Debt Yield Test is in compliance, and (C) Seller, Pledgor and Guarantor have satisfied all of their respective financial and other covenants and obligations, as set forth in the Repurchase Documents.
Margin Excess Requirements means requirements that will be satisfied as of any date of determination: (a) no Potential Event of Default or Event of Default has occurred and is continuing or will result from any application of Margin Excess, and (b) the request for Margin Excess will not cause, after giving effect to such request for Margin Excess, the Advance Rate for the related Purchased Asset to exceed the Maximum Advance Rate as of such date of determination.
Margin Excess Requirements. The meaning set forth in the Fee and Pricing Letter, which definition is incorporated by reference herein.