Watched Loans definition
Watched Loans has the meaning set forth in Section 9.1.2(b).
Watched Loans means any Approved Financing (i) that is subject to a default under its corresponding Underlying Financing Documents (or, in the case of any Approved Financing (Land Assets), any Ground Lease) as a result of the failure by any Underlying Borrower or any other obligor to make any payment when due under the terms of such Underlying Financing Agreement (or, in the case of any Approved Financing (Land Assets), any Ground Lease) or any other Underlying Financing Documents, following the expiration of any grace or cure period expressly permitted for such default in such Underlying Financing Documents (or, in the case of any Approved Financing (Land Assets), any Ground Lease) (but excluding any extended grace periods or “cure rights” afforded to any lender or other Person providing construction, tax equity or other debt or equity financing to the applicable Underlying Borrower or Underlying Obligor contained in any other documents which are not Underlying Financing Documents; provided that, notwithstanding the foregoing, any Approved Financing (Land Assets) with a Ground Lease that is subject to a payment default, shall become a Watched Loan hereunder on the thirtieth (30th) day following such payment default (without regard to any cure period) unless such payment default is cured on or prior to such thirtieth (30th) day; (ii) that is subject to a bankruptcy default as a result of an Insolvency Proceeding; (iii) that is subject to any Deteriorating Credit Condition; or (iv) an Other Material Underlying Event has occurred with respect thereto.
Examples of Watched Loans in a sentence
At any time prior to the Revolver Termination Date, fifty percent (50%) or more of the total Approved Financings are Watched Loans.
At any time prior to the Maturity Date, fifty percent (50%) or more of the total Approved Financings are Watched Loans.