Loan Assumption shall have the meaning set forth in Section 5.2.
Loan Assumption shall have the meaning given to such term in Section 2.3(a) hereof.
Loan Assumption. The Buyer’s assumption and/or modification of the Loan and the Loan Documents in accordance with the terms of the Loan Documents.
Examples of Loan Assumption in a sentence
The assumption of the unpaid principal balance of one or more promissory notes described in the attached TREC Loan Assumption Addendum.
Seller lists the Property at a price of $ on the following terms: Cash FHA VA USDA Conventional Loan Assumption Seller Financing Other .
ASSUMPTION: The assumption of the unpaid principal balance of one or more promissory notesdescribed in the attached TREC Loan Assumption Addendum.❑C.
ASSUMPTION: The assumption of the unpaid principal balance of one or more promissory notes described in the attached TREC Loan Assumption Addendum. C.
The Loans comprising any Borrowing shall be in an aggregate principal amount that is (a) an integral multiple of $1,000,000 and not less than $5,000,000 (except, with respect to any Borrowing made pursuant to an Incremental Loan Commitment, to the extent otherwise provided in the related Incremental Loan Assumption Agreement) or (b) equal to the remaining available balance of the applicable Commitments.
More Definitions of Loan Assumption
Loan Assumption as defined in Section 5.10.1.1.
Loan Assumption will mean the assumption of any Loan by the transferee in connection with a Transfer of the applicable Mortgaged Property or by a Transfer of any interest in the applicable Borrower to such transferee, in each case pursuant to Section 7.05(a) of the applicable Loan Agreement. Notwithstanding anything to the contrary in the Loan Agreements, except as set forth in Section 15(c) of this Agreement, no Loan Assumptions will be permitted with respect to one or more of the Loans.
Loan Assumption shall have the meaning ascribed to such term in Section 9.01.
Loan Assumption shall have the meaning assigned thereto in Section 2.3(d)(vi).
Loan Assumption. The Loan is assumable, subject to the following: (i) Lender’s satisfactory review of the Sponsor and borrowing entity structure; (ii) confirmation from the rating agencies that such assumption shall not result in a downgrade of any securities backed in part or whole by the Loan; (iii) evidence that the new borrower complies with all of the single purpose and bankruptcy remote entity requirements set forth in the Loan documentation which may include without limitation, a nonconsolidation opinion; (iv) evidence that the new borrower is of good repute and qualified to own a property of this type; (iv) customary legal documentation including any necessary legal opinions; and (v) payment of all related expenses including any rating agency fees and an assumption fee of $100,000. Interest Rate, Fees, etc.: As outlined on Schedule A. Conditions to Closing: As outlined on Schedule B. No Additional Indebtedness: No additional debt, whether unsecured or secured by any direct or indirect interest (actual, economic or otherwise) in either the Property or Borrower is permitted without the prior written consent of Lender, which may be granted or withheld in Lender’s sole discretion. Sale, Assignment, Participation: Lender will have the right to sell, assign, syndicate, securitize or participate the Loan, in whole or in part, without the consent of, and without material cost or expense to, Borrower or Sponsor. Borrower and Sponsor shall promptly cooperate with any such sale, assignment, syndication, securitization or participation. This includes but is not limited to meeting with rating agencies and third party investors. All such cooperation by Borrower shall be on commercially reasonable terms without material cost or expense to Borrower or Sponsor.
Loan Assumption has the meaning given to it in Section 12.2 hereof.
Loan Assumption means, collectively, the assignment of the Loan by Seller, the assumption of the Loan by Purchaser on the terms and conditions set forth in the Loan Documents but with the changes set forth on Schedule 14(c) below, and the full and unconditional release of Seller and all existing guarantor(s) or indemnitor(s) under the Loan with respect to acts or omissions occurring from and after Closing. Notwithstanding anything contained in this Agreement to the contrary, Seller and First Service Solutions shall coordinate all matters with respect to the Loan Assumption. Purchaser shall submit to Lender (or to First Service Solutions, if so directed by Seller) and Seller all information, filings and other documents required by Lender reasonably and/or customarily necessary for application for the Loan Assumption within seven (7) Business Days following the Due Diligence Expiration Date. Thereafter, Seller and Purchaser shall work diligently to comply with all requirements of Lender and to promptly (and in all cases within the time frames contemplated by this Agreement or otherwise reasonably requested by Lender, it being understood that time is of the essence to obtain Lender’s Consent) provide all information, filings and other documents reasonably requested by Lender in connection with the Loan Assumption. From and after the Agreement Date, for so long as this Agreement is in effect, except in connection with the Loan Assumption, Seller shall not modify nor supplement any of the terms or conditions of the Loan Documents without, in each instance, Purchaser’s prior written approval, which may be withheld in Purchaser’s sole and absolute discretion. Purchaser shall execute and/or deliver to Lender such instruments and documents as may be reasonably required to effectuate the Loan Assumption, but only to the extent that borrower’s and guarantor’s liability under the Loan Documents is not increased by such instruments or documents. Purchaser acknowledges that it is reasonable for Lender to require that Purchaser comply with the special purpose entity and organizational documents requirements set forth in the Loan Documents or as required of Seller, to require a non-consolidation opinion, and to approve the types of accounts established for the Deposit Account Agreement and the Clearing Account Agreement. Purchaser also acknowledges that subject to the Leander’s approval Seller shall have the right to negotiate with Lender to substitute the current indemnitors and guarant...