Examples of Purchased Loan Documents in a sentence
Such certificates or other evidence shall indicate that Seller (or as to a New Loan that is a Participation Interest, the lead lender on the related whole loan in which Seller is a participant) will be named as an additional insured as its interest may appear and shall contain a loss payee endorsement in favor of such additional insured with respect to the policies required to be maintained under the Purchased Loan Documents.
With respect to each Purchased Loan, the related Purchased Loan Documents do not expressly waive or prohibit the Secured Party from requiring coverage for Acts of Terrorism, as defined in TRIA, or damages related thereto.
Each Purchased Loan bears interest at a rate that remains fixed throughout the remaining term of such Purchased Loan, except in situations where default interest is imposed, or if such Purchased Loan bears interest at a floating rate, the Purchased Loan Documents require the Underlying Obligor to purchase an interest rate protection for the entire term of such Purchased Loan, which interest rate protection agreement has been collaterally assigned to Seller as collateral for the Purchased Loan.
The related Properties are also covered, and required to be covered pursuant to the related Purchased Loan Documents, by business interruption or rental loss insurance which (subject to a customary deductible) covers a period of not less than 12 months (or with respect to each Purchased Loan on a single asset with a principal balance of $50 million or more, 18 months).
Both the Purchased Loan Documents and the organizational documents of the Underlying Obligor provide that the Underlying Obligor is a Single-Purpose Entity and each Purchased Loan with an unpaid principal balance as of the Purchase Date of $20,000,000.00 or more has a counsel’s opinion regarding non-consolidation of the Underlying Obligor.
The Purchased Loan Documents for each Purchased Loan contain provisions that render the rights and remedies of the holder thereof adequate for the practical realization against the Property of the principal benefits of the security intended to be provided thereby, including realization by judicial or, if applicable, nonjudicial foreclosure subject to the limitations set forth in the Standard Qualifications.
The terms of the Purchased Loan Documents require the Underlying Obligor and Property Owner to comply in all material respects with all applicable governmental regulations, zoning and building laws.
Seller has not received any written notice that any payment or other transfer made to or on account of Seller from or on account of any Underlying Obligor or any other person obligated under any Purchased Loan Documents is or may be void or voidable as an actual or constructive fraudulent transfer or as a preferential transfer.
Each Property has been renovated in accordance with the renovation standards set forth in the Purchased Loan Documents, if any.
No person other than the holder of such Purchased Loan may declare any event of default under the Purchased Loan or accelerate any indebtedness under the Purchased Loan Documents.