Examples of Underlying Whole Loan in a sentence
No Purchased Loan or Underlying Whole Loan contains any equity participation by the lender or provides for negative amortization or for any contingent or additional interest in the form of participation in the cash flow of the related Mortgaged Property.
Each borrower of the Purchased Loan or Underlying Whole Loan in excess of $10,000,000 is an entity which has represented in connection with the origination of such loan, or whose organizational documents as of the date of origination of such loan, provided that so long as such loan is outstanding it will have at least one independent director, manager or executive committee member.
Secured Party may at any time after default transfer the Collateral to itself or its nominee, receive income, including money, thereon and hold the income as Collateral or apply the income to the Obligations of Debtor to Secured Party, the manner and distribution of the application to be in the sole discretion of Secured Party.
Except as set forth on the Purchased Asset Schedule, the proceeds of the Purchased Loan or the Underlying Whole Loan have been fully disbursed and there is no obligation for future advances with respect thereto.
No person other than the holder of such Underlying Whole Loan may declare any event of default under such Underlying Whole Loan or accelerate any indebtedness under the related Underlying Whole Loan documents.
The Purchased Loan or the Underlying Whole Loan is performing and no scheduled payment of principal and interest under such loan was 30 days or more past due as of the Purchase Date without giving effect to any applicable grace period, and no such loan was at any time 30 days or more delinquent in the twenty-four (24) month period preceding the Purchase Date.
Rain Gardens cost approximately $5 to $7 (2005) per cubic foot of storage to construct.
Subordinated Lender waives any right it may have to require that Class A Lender marshal any assets of any Borrower Party or any of its direct or indirect subsidiaries (including any Underlying Whole Loan and Underlying Loan) in favor of Subordinated Lender and Subordinated Lender agrees that it shall not acquire, by subrogation or otherwise, any lien, estate, right or other interest in any of the Underlying Whole Loan or Underlying Loan or the proceeds therefrom that is or may be prior to the Class A Loan.
With respect to any Purchased Loan or Underlying Whole Loan in respect of which payments by the borrower or other obligor thereon are required to be paid directly to a lockbox, the servicer or such other Person responsible for administration of such lockbox has complied in all material respects with the procedures established in the Purchased Asset Documents for administration of remittances in respect of such lockbox.
As of the Purchase Date, the Purchased Loan or the Underlying Whole Loan complies in all material respects with, or is exempt from, all requirements of federal, state or local law relating to such Purchased Loan or Underlying Whole Loan.