Common use of Due-on-Encumbrance Clause in Contracts

Due-on-Encumbrance. The Mortgage Loan contains provisions for the acceleration of the payment of the unpaid principal balance of the Mortgage Loan if, without the prior written consent of the mortgagee or Rating Agency confirmation that an Adverse Rating Event with respect to any Class of Certificates would not occur, any related Mortgaged Property or any direct controlling interest in the Mortgagor is directly encumbered in connection with subordinate financing; and except for any such consent that has been granted with respect to one of the Other Loans and/or, if the Mortgage Loan is part of a Loan Combination, with respect to the other mortgage loan(s) in such Loan Combination), and except for any such consent that has been granted with respect to mezzanine debt, no such consent has been granted by the Seller. To the Seller's knowledge, no related Mortgaged Property is encumbered in connection with subordinate financing (except that each Mortgaged Property securing a Trust Mortgage Loan that is part of a Loan Combination also secures the other mortgage loan(s) in such Loan Combination); however, if the related Mortgaged Property is listed on Schedule I, certain direct controlling equity holders in the related Mortgagor are known to the Seller to have incurred debt secured by their ownership interest in the related Mortgagor.

Due-on-Encumbrance. The Each Mortgage Loan contains provisions for the acceleration of the payment of the unpaid principal balance of the such Mortgage Loan if, without the prior written consent of the mortgagee or Rating Agency confirmation that an Adverse Rating Event with respect to any Class of Certificates would not occur, any related Mortgaged Property or any direct controlling interest in the Mortgagor is directly encumbered in connection with subordinate financing; and and, except for any such consent that has been granted with respect to one in the case of the Other Loans and/or, if the a Mortgage Loan that is part of a Loan Combination, Combination (for which such consent has been granted with respect to the other mortgage loan(s) in such Loan Combination), and except for any the respective Mortgage Loans secured by the Mortgaged Properties listed on Schedule I (for which such consent that has been granted with respect to mezzanine debt), no such consent has been granted by the Seller. To the Seller's knowledge, no related Mortgaged Property is encumbered in connection with subordinate financing (except that each Mortgaged Property securing a Trust Mortgage Loan that is part of a Loan Combination also secures the other mortgage loan(s) in such Loan Combination); however, if the related Mortgaged Property is listed on Schedule I, then certain direct controlling equity holders in the related Mortgagor are known to the Seller to have incurred debt secured by their ownership interest in the related Mortgagor.

Due-on-Encumbrance. The Mortgage Loan contains provisions for the acceleration of the payment of the unpaid principal balance of the such Mortgage Loan if, without the prior written consent of the mortgagee or Rating Agency confirmation that an Adverse Rating Event with respect to any Class of Certificates would not occur, any related Mortgaged Property or any direct controlling interest in the Mortgagor is directly encumbered in connection with subordinate financing; and except for any such consent that has been granted with respect to one in the case of the Other Loans and/or, if the a Trust Mortgage Loan that is part of a Loan Combination, Combination (for which such consent has been granted with respect to the other mortgage loan(s) in such Loan Combination), and except for any the respective Mortgage Loans secured by the Mortgaged Properties listed on Schedule I (for which such consent that has been granted with respect to mezzanine debt), no such consent has been granted by the Seller. To the Seller's knowledge, no related Mortgaged Property is encumbered in connection with subordinate financing (except that each the Mortgaged Property securing a Trust Mortgage Loan that is part of a Loan Combination also secures the other mortgage loan(s) in such Loan Combination0000 Xxxxxxxx Note A-1/A-3 Trust Mortgage Loan); however, if the related Mortgaged Property is listed on Schedule I, certain direct controlling equity holders in the related Mortgagor are known to the Seller to have incurred debt secured by their ownership interest in the related Mortgagor.