Barceloneta Loan Sample Clauses

Barceloneta Loan. (a) With respect to Loan No. 58893 on the Mortgage Loan Schedule (the "Barceloneta Loan"), the Seller hereby agrees to indemnify the Trust for any and all costs and expenses incurred by the Trust, including interest on Advances, Special Servicing Fees, Additional Trust Fund Expenses and the costs and expenses of the Special Servicer in connection with, or arising out of the enactment after the Closing Date of, any law of the Commonwealth of Puerto Rico or any political subdivision thereof changing in any way the laws relating to the taxation of mortgages or security agreements or debts secured by mortgages or security agreements or the interest of a lender or secured party in the property covered thereby or interest charged under a loan or requiring any withholding of taxes by a borrower in respect of a loan, which, in each case, applies to the Barceloneta Loan (any such enacted legislation, the "Puerto Rico Tax Legislation"); provided that the foregoing indemnification shall not apply to Special Servicing Fees and other costs and expenses incurred by the Special Servicer that (i) are incurred as a result of the failure of the related mortgagor under the Barceloneta Loan to make certain "gross-up" payments pursuant to Section 17.4 of the Barceloneta Loan loan agreement (such payments, the "Barceloneta Gross-Up Payments") and (ii) are incurred prior to the date that the failure of the related mortgagor to make such Barceloneta Gross-Up Payment shall constitute a Servicing Transfer Event with respect to the Barceloneta Loan in accordance with clause (iii) of the definition of "Servicing Transfer Event." (b) As specified in Section 3.31(a) of the Pooling and Servicing Agreement, the Seller will have the option, exercisable in its sole discretion, to make Barceloneta Gross-Up Payments that are required to be made by the mortgagor under the terms of the loan agreement for the Barceloneta Loan, to the extent the mortgagor fails to make such payments. As specified in Section 3.31(b) of the Pooling and Servicing Agreement, the Seller will have the option, exercisable in its sole discretion, to purchase the Barceloneta Loan upon the enactment of the Puerto Rico Legislation, so long as an event of default under the Barceloneta Loan has occurred and is continuing. The Seller further represents that as of the Closing Date and as of any date thereafter on which the Barceloneta Loan is included as part of the Trust Fund (i) the obligation of the mortgagor under the Barc...