NREC definition
Examples of NREC in a sentence
The portion of the VRR Interest that NREC is so purchasing from CGMRC on the Closing Date, as such portion of the VRR Interest may be exchanged pursuant to Section 5.13, is referred to in this Agreement as the “VRR2 Interest”.
In addition, on the Closing Date, pursuant to the VRR Interest Purchase Agreement, CGMRC is purchasing $22,556,995 of the VRR Interest for cash from the Depositor, NREC is purchasing $5,575,671 of the VRR Interest for cash from CGMRC, and PCC is purchasing $4,827,664 of the VRR Interest for cash from CGMRC, with CGMRC to retain the remaining $12,153,660 of the VRR Interest.
NREC, as Initial Agent, may transfer its rights and obligations to the Servicer, as successor Agent, at any time without the consent of any Noteholder.
On the Closing Date, pursuant to the VRR Interest Purchase Agreement, CGMRC is purchasing $22,556,995 of the VRR Interest for cash from the Depositor, NREC is purchasing $5,575,671 of the VRR Interest for cash from CGMRC, and PCC is purchasing $4,827,664 of the VRR Interest for cash from CGMRC, with CGMRC to retain the remaining $12,153,660 of the VRR Interest.
NREC, as Initial Agent, shall promptly and diligently attempt to cause the Servicer to act as successor Agent, and, if the Servicer declines to act in such capacity, shall promptly and diligently attempt to cause a similar servicer to act as successor Agent.
Reference is made to that certain 10 year fixed-rate loan (the “Whole Loan”) originated by Natixis Real Estate Capital LLC (“NREC”), pursuant to that certain Loan Agreement, dated as of April 12, 2019 (the “Loan Agreement”), by and between NREC and SM 10000 Property, LLC (the “Borrower”).
Machinist & (Un.) 1225 (1234)Mechanic & (Un.) - PIO 1229 (1232)Mechanic & (Un.) (DCPP) - PIO 1409 (1410)Trv.
The review described under “Transaction Parties—The Sponsors and Mortgage Loan Sellers—Natixis Real Estate Capital LLC—Review of NREC Mortgage Loans” in the Prospectus was designed and effected to provide reasonable assurance that the disclosure regarding the Mortgage Loans in the Prospectus is accurate in all material respects.
EDUCATIONAL PARTNER IS PROHIBITED FROM MAKING ANY EXPRESS OR IMPLIED WARRANTY TO ANY THIRD PARTY ON BEHALF OF CMU (INCLUDING NREC AND CMRA) RELATING TO ANY MATTER, INCLUDING THE APPLICATION OF OR THE RESULTS TO BE OBTAINED FROM THE INFORMATION, MATERIALS, SERVICES, INTELLECTUAL PROPERTY OR OTHER PROPERTY OR RIGHTS (INCLUDING THE CMRA COURSES, MATERIALS, INFORMATIONAL ITEMS AND/OR EDUCATIONAL SERVICES) GRANTED AND/OR PROVIDED BY CMU PURSUANT TO THIS AGREEMENT.
NREC shall be the initial Risk Retention Consultation Party and shall remain so until a successor is appointed pursuant to the terms of this Agreement.