No Pledge or Loan. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by any one or more Holders to any one or more other Holders, or a loan from any one or more Holders to any one or more other Holders. The Note B Holder shall have not any interest in any property taken as security for the Mortgage Loan; provided, however, that if any such property or the proceeds thereof shall be applied in respect of payments due under the Mortgage Loan, then the Note B Holder shall be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.
No Pledge or Loan. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by the Note A Holders to the Note B Holder, or a loan from the Note B Holder to the Note A Holders. The Note B Holder shall not have any interest in any property taken as security for the Mortgage Loan; provided, however, that if any such property or the proceeds thereof shall be applied in respect of payments due under the Mortgage Loan, then the Note B Holder shall be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement. The Holders acknowledge and agree that the Mortgage Loan represents a single “claim” under Section 101 of the Bankruptcy Code, and that the Note B Holder shall not be a separate creditor of the Mortgage Loan Borrower under the Bankruptcy Code.
No Pledge or Loan. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by any Holder to another Holder, or a loan from any Holder to any other Holder. Except as otherwise provided in this Agreement and the Servicing Agreement, the Note B Holder shall not have a separate interest in any property taken as security for the Mortgage Loan except by virtue of being a lender under the Loan Agreement; provided, however, that if any such property or the proceeds thereof shall be applied in respect of payments due under the Mortgage Loan, then the Note B Holder shall be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement. The Holders acknowledge and agree that the Mortgage Loan represents a single “claim” under Section 101 of the Bankruptcy Code, and that the Note B Holder shall not be a separate creditor of the Mortgage Loan Borrower under the Bankruptcy Code, or that if Note B is construed to represent a single or separate such “claim,” that the Note B Holder shall be deemed to have assigned such claim to the Note A Holders.
No Pledge or Loan. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by any one or more Holders to any one or more other Holders, or a loan from any one or more Holders to any one or more other Holders.
No Pledge or Loan. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by Lender to any other Holder, or a loan from any Holder to Lender. If any such property or the proceeds thereof shall be applied in reduction of the Mortgage Loan Principal Balance, then each Holder shall be entitled to receive its share of such application in accordance with the terms of this Agreement.
No Pledge or Loan. This Agreement is intended to effect the creation of Participation Interests and shall not be deemed to represent a pledge of any interest of the Company to any Participant, or a loan from any Participant to the Company. Notwithstanding the parties’ stated intent, in the event that any of the sales of the Participation Interests hereunder shall be re-characterized to be a loan, the Company, as security for the performance by it of its obligations hereunder, hereby grants, assigns and pledges to the Initial Participant a fully perfected first priority security interest in all of Company’s right, title and interest in, to and under the related Portfolio Excess Spread and Advance Reimbursement Amounts, whether now owned or hereafter acquired, now existing or hereafter created and wherever located.
No Pledge or Loan. This Agreement is intended to effect the creation of a Participation Interest and shall not be deemed to represent a pledge of any interest of the Company to any Participant, or a loan from any Participant to Company.
No Pledge or Loan. This Agreement shall not be deemed to represent (a) a pledge of any interest in the Mezzanine Loan by Participation A-1 Holder to the Participation A-2 Holder or (b) a loan from the Participation A-2 Holder to the Participation A-1 Holder. The Participation A-2 Holder shall have no interest in any property taken as security for the Mezzanine Loan; provided, however, that if any such property or the proceeds thereof shall be applied in reduction of the Mezzanine Loan Principal Balance, then the Participation A-2 Holder shall be entitled to receive its pro rata share of such application in accordance with the terms of this Agreement. The Holders acknowledge and agree that the Mezzanine Loan represents a single “claim” under Section 101 of the Bankruptcy Code, and that the Participation A-2 Holder would not be a separate creditor of the Borrower under the Bankruptcy Code.
No Pledge or Loan. This Agreement shall not be deemed to represent a pledge of any interest in the Mezzanine Loan by the Collateral Agent to any Holder, or a loan from any Holder to the Collateral Agent.
No Pledge or Loan. This Agreement shall not be deemed to represent a pledge of any interest in the Loan by the Initial Lender to any Holder or a loan from Initial Lender to any Holder. The Participants shall have no interest in any property taken as security for the Loan; provided, however, that if any such property or the proceeds thereof shall be applied in reduction of the Loan Principal Balance, then each Participant shall be entitled to receive its share of such application in accordance with the terms of this Agreement and the Participation Agreement. The Participants acknowledge and agree that the Loan represents a single “claim” under Section 101 of the Bankruptcy Code, and that no Participant shall be a separate creditor of the Borrower under the Bankruptcy Code.
