Loans Secured by Real Property. Less than 45% of the Aggregate Outstanding Asset Balance of the Collateral as of the Closing Date consists of Loans principally secured by real property, and less than 45% of the Aggregate Outstanding Asset Balance of the Collateral as of each Addition Date shall consist of Loans principally secured by real property.
Loans Secured by Real Property. Less than 40% of the Loan Pool Balance consists of Loans principally secured by real property. For purposes of this Section 3.02(d), a Loan shall be considered “principally secured by real property” if (1) the fair market value of the interest in real property securing the Loan (reduced by the amount of any lien on the real property interest that is senior to the Loan and by a proportionate amount of any lien that is in parity with the Loan) is at least 80% of the adjusted issue price of the Loan (i.e., in general, the principal amount of the Loan) at the time the Loan was originated or (2) substantially all of the proceeds of the Loan were used to acquire, improve, or protect an interest in real property that, at the date the Loan was originated, was the only security for the Loan.
Loans Secured by Real Property. Less than 40% of the Aggregate Outstanding Loan Balance of the Loan Pool consists of Loans principally secured by real property.
Loans Secured by Real Property. Less than 45% of the Aggregate Outstanding Loan Balance of the Loan Pool as of the Initial Cut-Off Date consists of Loans principally secured by real property, and less than 45% of the Aggregate Outstanding Loan Balance of the Loan Pool as of each Subsequent Transfer Date shall consist of Loans principally secured by real property.
Loans Secured by Real Property. Less than 40% of the Aggregate Outstanding Loan Balance of the Loan Pool as of the Initial Cut-Off Date consists of Loans principally secured by real property, and the Trust Depositor will not effectuate the transfer of a Substitute Loan if such transfer would cause more than 40% of the Aggregate Outstanding Loan Balance of the Loan Pool as of any Subsequent Transfer Date to consist of Loans principally secured by real property.
Loans Secured by Real Property. Less than fifty (50%) percent of the Aggregate Outstanding Loan Balance consists of Loans principally secured by real property.
Loans Secured by Real Property. In April 2003, the Concessionaire entered into a loan with Bancafé (Panamá), S.A. secured by a mortgage on real property in the amount of US$385,000, which matures in May 2005. The funds were applied to the infrastructure works on land held by the Concessionaire. As of December 31, 2004, US$300,000 was outstanding under this loan. As of the date hereof, the loan is current and no default has occurred. In August 1999, the Concessionaire incurred indebtedness secured by a mortgage on real property in the amount of US$35,000,000, which was later increased to US$36,000,000, with a syndicate led by Banco General,
Loans Secured by Real Property. To the Trust Depositor’s best knowledge after reasonable inquiry, less than 40% of the Aggregate Outstanding Loan Balance of the Collateral as of the Closing Date consists of Loans principally secured by real property and the Trust Depositor will not effectuate the transfer of an Additional Loan or Substitute Loan if the Trust Depositor knows after reasonable inquiry that such transfer would cause more than 40% of the Aggregate Outstanding Loan Balance of the Collateral as of any Cut-Off Date to consist of Loans principally secured by real property; provided that, for this purpose, a Loan will be considered principally secured by real property if the Trust Depositor knows, after reasonable inquiry that the fair market value of the interest in real property securing the Loan exceeds 50% of its Outstanding Loan Balance.
Loans Secured by Real Property. Less than 35% of the aggregate federal income tax basis of all Loans in the Loan Pool as of the Closing Date consists of Loans that are “real estate mortgages (or interests therein)” within the meaning of Section 7701(i)(2)(A)(i) of the Code and Treasury Regulations thereunder.
Loans Secured by Real Property. (i) All Loans specified on Schedule I (as the same may be supplemented upon each subsequent Purchase) are Real Estate Secured Loans and are secured by interests in real estate more particularly described on Schedule I;
