Componentization Notice definition

Componentization Notice has the meaning set forth in Section 1.3(c).

Componentization Notice shall have the meaning assigned to such term in the preamble to this Agreement.

Componentization Notice shall have the meaning set forth in Section 2.1.5 hereof.

Examples of Componentization Notice in a sentence

• Each Component shall have an initial principal amount as Lender shall specify in such Componentization Notice, provided that (i) the sum of the principal balances of all Components shall equal the then-current outstanding principal amount of the Loan and (ii) the weighted average of the Interest Rate of all Components shall equal the then-current weighted average Interest Rate.

• All payments of principal in respect of each Note shall be applied to the corresponding Note Components of such Note in Sequential Order, and all payments of interest in respect of each Note shall be applied to the corresponding Note Components of such Note sequentially in respect of their respective interest entitlements, in each case, pursuant to the Componentization Notice.

• So long as no Event of Default exists, the Monthly Debt Service Payment Amount will be applied pro rata and pari passu between Note A-1 and Note A-2 and, if the Loan has been divided into two or more Components, so long as no Event of Default exists, each Monthly Debt Service Payment Amount shall be applied among the Components in the order of priority specified in the related Componentization Notice with respect to such Components.

• If the Loan has been divided into two or more Components, so long as no Event of Default exists, any voluntary or mandatory prepayment of principal (or portion thereof) shall be applied among the Components in the order of priority set forth in the Componentization Notice, which applications among Components may result in “rate creep”.

• A Componentization Notice need not be countersigned by Borrower in order to be effective, but Borrower shall countersign any Componentization Notice if requested by Lender.

• Voluntary and involuntary prepayments of principal on the Loan shall be applied to the Notes or Note Components sequentially or in such other manner specified by Lender in the Componentization Notice which may increase the weighted average interest rate of the Notes or Note Components (with the result that the monthly interest payment owed by Borrower might increase).

More Definitions of Componentization Notice

Componentization Notice is defined in Section 13.6(B).

Componentization Notice has the meaning set forth in Section 1.1(c). “Condemnation” means a taking or voluntary conveyance of all or part of any of the Properties or any interest therein or right accruing thereto or use of any of the Properties, as the result of, or in settlement of, any condemnation or other eminent domain proceeding by any Governmental Authority. “Contest Procedures” means, with respect to any contested obligation of Borrower, that Borrower is contesting in good faith and with due diligence the amount, validity or application thereof by appropriate proceedings at Borrower’s sole cost and expense, provided in each case that (i) such proceedings are conducted in accordance with all applicable Legal Requirements and contractual obligations and have the effect of suspending collection and enforcement; (ii) no part of or interest in the Property is in danger of being sold, forfeited, terminated, cancelled or lost; (iii) Borrower has notified Lender of such proceedings in writing, keeps Lender reasonably apprised of the status thereof, and promptly responds to any reasonable informational requests from Lender with respect thereto; (iv) promptly upon final determination thereof, Borrower pays any amount determined to be payable and complies with any obligation determined to be valid or applicable; and (v) Borrower furnishes to Lender such security as may be reasonably requested by Lender to insure compliance with the contested obligations, together with all interest and penalties payable in connection therewith (and Lender may apply any such security as necessary to cause compliance with such obligations at any time when, in the reasonable judgment of Lender, the amount determined to be payable or the validity, applicability or violation of such obligations is finally established or the Property, or any part thereof or interest therein, is in danger of being sold, forfeited, terminated, cancelled or lost). “Contingent Obligation” means, with respect to any Person, any obligation of such Person directly or indirectly guaranteeing any Debt of any other Person in any manner and any contingent obligation to purchase, to provide funds for payment, to supply funds to invest in any other Person or otherwise to assure or indemnify a creditor against loss. “Control” of any entity means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through 10 [AM_ACTIVE 400655008_12]

Componentization Notice has the meaning set forth in SECTION 1.3(c).