Taxable Mortgage Pool Matters. The sum of the Outstanding Balances of all Loan Assets owned by the Borrower and that are principally secured by an interest in real property (within the meaning of Treasury Regulation Section 301.7701(i)-1(d)(3)) shall not at any time exceed 35% of the aggregate Outstanding Balance of all Loan Assets.
Taxable Mortgage Pool Matters. The Servicer will manage the portfolio and advise the Borrower with respect to purchases from the Transferor so as to not at any time allow the sum of the Outstanding Balances of all Loan Assets owned by the Borrower and that are principally secured by an interest in real property (within the meaning of Treasury Regulation Section 301.7701(i)-1(d)(3)) to exceed 35% of the aggregate Outstanding Balance of all Loan Assets.
Taxable Mortgage Pool Matters. The Servicer will manage the portfolio and advise the Borrower with respect to the purchases from any third party seller so as to not at any time cause the Borrower to be treated as a taxable mortgage pool for U.S. federal income tax purposes or cause more than 50% of the of the Loan Assets owned by the Borrower to consist of real estate mortgages as defined in Treasury Regulation Section 301.7701(i)-1 of the Code.
Taxable Mortgage Pool Matters. The Seller will not issue or extend any new class or type of Indebtedness whether senior, pari passu or subordinated to the Indebtedness arising under this Agreement, unless an opinion of special tax counsel is first rendered to the effect that such issuance of Indebtedness will not cause the Seller or any portion thereof to be treated as a taxable mortgage pool.
Taxable Mortgage Pool Matters. The Servicer (if other than the Backup Servicer acting as Successor Servicer) will manage the portfolio and advise the Borrower with respect to purchases of Loans so as to not at any time allow the sum of the Outstanding Loan Balances of all Loans owned by the Borrower and that are principally secured by an interest in real property (within the meaning of Treasury Regulation Section 301.7701(i)-1(d)(3)) to exceed 40% of the Aggregate Outstanding Loan Balance.
Taxable Mortgage Pool Matters. The sum of the Outstanding Loan Balances of all Loans (including any related “credit enhancement contract” within the meaning of Treasury Regulation Section 301.7701(i)-1(c)(4)) owned by the Borrower and that are principally secured by an interest in real property (within the meaning of Treasury Regulation Section 301.7701(i)-1(d)(3)) shall not at any time exceed 45% of that portion of the Aggregate Outstanding Loan Balance (in each case, measured using the Federal income tax basis of the Loans, within the meaning of Treasury Regulation Section 301.7701(i)-1(c)).
Taxable Mortgage Pool Matters. No more than 50% of the debt obligations or interests therein (in each case as determined for U.S. federal income tax purposes) held by the Borrower may at any time consist of real estate mortgages (or interests therein) as determined for purposes of Section 7701(i) of the Code, unless the Borrower receives written advice of Milbank LLP or Xxxx Xxxxxxxx LLP or an opinion of other nationally recognized U.S. tax counsel experienced in these matters to the effect that the ownership of such debt obligations will not cause the Borrower to be treated as a taxable mortgage pool for U.S. federal income tax purposes.
