Unencumbered Loans definition
Unencumbered Loans means each subordinated loan, mezzanine loan and mortgage loan (including preferred equity that has a stated maturity that is not greater than five 33 Credit and Guaranty Agreement years and is classified as debt under GAAP) owned or otherwise held either (a) directly by BSL Holdings-T, LLC or (b) directly by any Unencumbered Loans SPV, in each case in accordance with this Agreement so long as (i) the lender under such subordinated loan, mezzanine loan or mortgage loan, as the case may be, is not restricted under any Contractual Obligation from transferring its rights, obligations and other interests thereunder, (ii) BSL Holdings-T, LLC or the applicable Unencumbered Loans SPV, as the case may be, is in possession of (x) the original promissory note evidencing such subordinated loan, mezzanine loan or mortgage loan, as the case may be, and (y) all other material loan documents governing such subordinated loan, mezzanine loan or mortgage loan, as the case may be, (iii) BSL Holdings-T, LLC or the applicable Unencumbered Loan SPV, as the case may be, has incurred no Indebtedness other than Contingent Obligations in respect of the Obligations hereunder, (iv) BSL Holdings-T, LLC or the applicable Unencumbered Loan SPV, as the case may be, has not granted or suffered to exist any Liens on any of its assets other than Liens in favor of the Collateral Agent; (v) the lender under such subordinated loan, mezzanine loan or mortgage loan, as the case may be, shall have received an appraisal of the underlying property with respect to such loan; and (vi) with respect to any mezzanine loans that have a Loan to Value of over 85%, such mezzanine loans shall not constitute more than 30% of the aggregate net carrying value of all Unencumbered Loans.