Limitations on Executions. Notwithstanding anything in this Master Agreement or any other Loan Document to the contrary, any Future Advance (whether a Variable Advance or a Fixed Advance) and any Conversion of an Advance shall be subject to the precondition that Lender must confirm with Xxxxxx Xxx that Xxxxxx Xxx is generally offering to purchase in the marketplace advances of the execution type requested by Borrower at the time of the Request and at the time the rate for such Advance is locked. In the event Xxxxxx Mae is not purchasing advances of the type requested by Borrower, Lender agrees to offer, to the extent available from Xxxxxx Xxx, alternative advance executions based on the types of executions Xxxxxx Mae is generally offering to purchase in the marketplace at that time. Any alternative execution offered would be subject to mutually agreeable documentation necessary to implement the terms and conditions of such alternative execution.
Limitations on Executions. Notwithstanding anything in this Agreement or any other Loan Document to the contrary, (a) any Future Advance, whether a Variable Advance or a Fixed Advance, (b) the type of execution offered in connection with an extension of the Maturity Date of any Advances, and (c) any conversion of an Advance shall be subject to the precondition that Lender must confirm with Xxxxxx Xxx that Xxxxxx Xxx is generally offering to purchase in the marketplace advances of the execution type requested by Borrower at the time of the request and at the time of the Rate Setting Date for the requested Advance. In the event Xxxxxx Mae is not purchasing advances of the type requested by Borrower, Lender agrees to offer, to the extent available from Xxxxxx Xxx, alternative advance executions based on the types of executions Xxxxxx Mae is generally offering to purchase in the marketplace at that time. Any alternative execution offered would be subject to mutually agreeable documentation necessary to implement the terms and conditions of such alternative execution. This Section 1.11 does not affect Borrower’s right to exercise the extension set forth in Section 1.07 of this Agreement.
Limitations on Executions. For so long as Xxxxxx Mae (or any successor thereto by merger, reorganization, combination or other corporate or organizational restructuring or otherwise created by legislation or applicable regulation (“FNMA Successor”)) owns and holds an interest in the Loans, notwithstanding anything in this Agreement or any other Loan Document to the contrary, any conversion of a Loan pursuant to Section 1.06 shall be subject to the precondition that Xxxxxx Xxx (or FNMA Successor) shall not have ceased purchasing variable rate loans secured by similar property types continuously during the entire period commencing 60 days prior to the then applicable Maturity Date of the applicable Loan and ending on such Maturity Date. In the event Xxxxxx Mae (or FNMA Successor) has ceased purchasing variable rate loans secured by similar property types continuously during the entire period commencing 60 days prior to the then applicable Maturity Date of the applicable Loan and ending on such Maturity Date, Xxxxxx Xxx (or FNMA Successor) agrees to offer alternative loan executions based on the types of executions Xxxxxx Mae (or FNMA Successor) is generally offering to purchase, with respect to loans secured by similar property type, in the marketplace at that time, and such executions shall not require (i) an Aggregate Debt Service Coverage Ratio greater than the Aggregate Debt Service Coverage Ratio set forth in Section 1.06(c), (ii) an increase in the Re-Underwriting Fee payable under Section 1.06(f), or any increase in the payments of principal pursuant to Section 1.07. Any alternative execution offered would be subject to mutually agreeable documentation necessary to implement the terms and conditions of such alternative execution.
Limitations on Executions. For so long as Xxxxxx Mae (or any successor thereto by merger, reorganization, combination or other corporate or organizational restructuring or otherwise created by legislation or applicable regulation (“FNMA Successor”)) owns and holds an interest in the Loans, notwithstanding anything in this Agreement or any other Loan Document to the contrary, any extension of a Loan pursuant to Section 1.05 shall be subject to the precondition that Xxxxxx Xxx (or FNMA Successor) is generally offering to purchase in the marketplace loans of the execution type requested by Borrower at the time of the Request for such extension or conversion and on the closing date of such extension or conversion. In the event Xxxxxx Mae (or FNMA Successor) is not purchasing loans of the execution type requested by Borrower at the time of the Request for such extension or conversion and on the closing date of such extension or conversion, Xxxxxx Xxx (or FNMA Successor) agrees to offer alternative loan executions based on the types of executions Xxxxxx Mae (or FNMA Successor) is generally offering to purchase, with respect to loans secured by similar property type, in the marketplace at that time, and such executions shall not require (i) an Aggregate Debt Service Coverage Ratio greater than the Aggregate Debt Service Coverage Ratio set forth in Section 1.05, or (ii) an increase in the Re-Underwriting Fee payable pursuant to Section 8.01. Any alternative execution offered would be subject to mutually agreeable documentation necessary to implement the terms and conditions of such alternative execution.
Limitations on Executions. For so long as Xxxxxx Mae (or any successor thereto by merger, reorganization, combination or other corporate or organizational restructuring or otherwise created by legislation or applicable regulation (“FNMA Successor”)) owns and holds an interest in the Loans, notwithstanding anything in this Agreement or any other Loan Document to the contrary, any extension or conversion of a Loan pursuant to Section 1.05 or Section 1.06 shall be subject to the precondition that Xxxxxx Xxx (or FNMA Successor) is generally offering to purchase in the marketplace loans of the execution type requested by Borrower at the time of the Request for such extension or conversion and on the closing date of such extension or conversion. In the event Xxxxxx Mae (or FNMA Successor) is not purchasing loans of the execution type requested by Borrower at the time of the Request for such extension or conversion and on the closing date of such extension or conversion, Xxxxxx Xxx (or FNMA Successor) agrees to offer alternative loan executions based on the types of executions Xxxxxx Mae (or FNMA Successor) is generally offering to purchase, with respect to loans secured by similar property type, in the marketplace at that time, and such executions shall not require (i) an Aggregate Debt Service Coverage Ratio greater than the Aggregate Debt Service Coverage Ratio set forth in Section 1.06(c), (ii) an increase in the Re-Underwriting Fee payable under Section 1.06(f), or any increase in the Master Credit Facility Agreement Jupiter EQR Credit Facility payments of principal pursuant to Section 1.07. Any alternative execution offered would be subject to mutually agreeable documentation necessary to implement the terms and conditions of such alternative execution.
