Underlying Loans definition

Underlying Loans as defined in the Line of Credit Agreement and the reimbursement obligations owed to Debtor in connection with the issuance of Letters of Credit (as defined in the Line of Credit Agreement) pursuant to the Line of Credit Agreement.

Underlying Loans means (i) all of the loans, credits, lines of credit and other credit facilities owned and held by the Borrower or a Pledgor and more particularly described on Schedule I attached hereto and made a part hereof and (ii) all loans, credits, lines of credit and other credit facilities now or hereafter owned and held by the Borrower or a Pledgor and hereafter pledged to the Bank (whether in substitution for or in addition to any then existing Underlying Loans) as security for the Obligations.

Underlying Loans means, individually or collectively, as the context may require, the underlying first priority commercial mortgage loans sold by the Mortgage Loan Seller to Borrower.

Examples of Underlying Loans in a sentence

• Any reserve or other cash collateral or letters of credit securing the Crossed Underlying Loans shall be allocated between such Crossed Underlying Loans in accordance with the Mortgage Loan documents, or otherwise on a pro rata basis based upon their outstanding Stated Principal Balances.

• By limiting the LTV, we try to give ourselves a “cushion” in the event the Borrower defaults and we are required to foreclose and sell the mortgaged property.For some Underlying Loans, we calculate the LTV based on the value of the property as of the date of the loan.

• In the event that the remaining Crossed Underlying Loans satisfy the aforementioned criteria, the Mortgage Loan Seller may elect either to repurchase or substitute for only the affected Crossed Underlying Loan as to which the related Material Defect exists or to repurchase or substitute for all of the Crossed Underlying Loans in the related Crossed Mortgage Loan Group.

• Upon determining that a Loan Event is no longer continuing, the Special Servicer shall immediately give notice thereof to the Servicer and the Trustee, and upon giving such notice, the Special Servicer's obligation to service the Note Indebtedness and the Underlying Loans shall terminate and the obligations of the Servicer to service and administer the Note Indebtedness and the Underlying Loans shall resume.

• The Servicer or Special Servicer, as applicable, may agree that, notwithstanding the preceding sentence, after the occurrence of a Loan Event, the Servicer shall instruct the Underlying Borrowers to remit all payments in respect of the Underlying Loans to the Special Servicer, PROVIDED that the payee in respect of such payments shall remain the Servicer.

More Definitions of Underlying Loans

Underlying Loans has the meaning set forth in Section 2.5.

Underlying Loans means all loans, credits, lines of credit and other credit facilities now or hereafter owned and held by the Borrower or the Guarantor which are listed or identified from time to time on the then most recent Facility A Borrowing Base Certificate and Facility B Borrowing Base Certificate delivered by the Borrower to the Bank.

Underlying Loans means, with respect to any Purchased Loan secured directly or indirectly, through direct or indirect mortgages, deeds of trust or pledges of equity taken at various tiers of ownership interests or otherwise, by a real property or properties, each loan other than the Purchased Loan which is secured by a mortgage, deed of trust or equity pledge directly or indirectly in such real property or properties which is senior to the Purchased Loan.

Underlying Loans shall have the meanings assigned thereto in the recitals to this Agreement.

Underlying Loans. [to be provided or omitted, as applicable]. Underlying Securities: [to be provided or omitted, as applicable]. Underlying Securities Balance: $[ ]. Underlying Servicing Fee Rate: [to be provided or omitted, as applicable].

Underlying Loans. Any Mortgage Loan or REO Loan, including any related Future Advance made with respect thereto, that (i) the Originator shall transfer, assign, set over and otherwise convey to the Depositor in accordance with the terms of the 1st Tier Loan Purchase Agreement and (ii) the Depositor shall transfer, assign, set over and otherwise convey to the Issuer in accordance with the terms of the 2nd Tier Loan Purchase Agreement.

Underlying Loans means Government-Backed Mortgage Loans, Conforming Conventional Mortgage Loans, and Jumbo Conventional Mortgage Loans, for which Advances have been made by PNC.