Examples of Underlying Loan Agreement in a sentence
Each of the Mortgage and Assignment of Leases is assignable without the consent of Underlying Borrower subject to customary restrictions regarding qualified transferees as set forth in the Underlying Loan Documents, so long as no Event of Default (as defined in the Underlying Loan Agreement) has occurred and is continuing.
Upon Substantial Completion (as defined in the Underlying Loan Agreement) of the Mortgaged Property, if the Mortgaged Property is located in seismic zones 3 or 4, an architectural or engineering consultant will perform an analysis of the Mortgaged Property in order to evaluate the structural and seismic condition of such property, for the sole purpose of assessing either the scenario expected limit (“SEL”) or the probable maximum loss (“PML”) for the Mortgaged Property in the event of an earthquake.
A Borrower under an Underlying Loan Agreement related to such Purchased Loan Receivable that is secured by Relevant Related Collateral (other than accessory collateral) could have a defence against the Guarantor that payment on such Purchased Loan Receivable needs to be made only against retransfer (Zug um Zug) of a corresponding portion of the Relevant Related Collateral.
Prior to Substantial Completion (as defined in the Underlying Loan Agreement) of the project improvements, so long as no Event of Default has occurred and is continuing, the Agent (as defined in the Underlying Loan Agreement) may not be replaced without Borrower’s written approval unless such replacement Agent is an Eligible Assignee (as defined in the Underlying Loan Agreement).
The court also stated that, where the Underlying Loan Agreement qualifies as a business transaction (Handelsgeschäft) within the meaning of Section 343 of the German Commercial Code (Handelsgesetzbuch) for both the borrower and the bank (see "Assignability of the Loan Receivables"), Section 354a of the German Commercial Code would allow the valid assignment of a monetary claim resulting from such business transaction despite a contractual restriction on assignment agreed between the parties.