Common use of Partial Waiver of Requirement for Title Insurance Policies Upon Satisfactory Maintenance of Inventory Control Procedures Clause in Contracts

Partial Waiver of Requirement for Title Insurance Policies Upon Satisfactory Maintenance of Inventory Control Procedures. Anything in Section 5.1(b)(iv) hereof to the contrary notwithstanding, the delivery of a commitment for a Mortgagee Title Policy and a Mortgagee Title Policy shall be required only with respect to twenty-five percent (25%) of the Eligible Notes Receivable delivered to Agent in respect of each advance, subject to the following requirements and limitations: (i) Borrower shall be in full compliance with the Inventory Control Procedures (as defined in Section 6.23 herein); and (ii) Agent shall have the right in its sole discretion to determine those Eligible Notes Receivable in respect of which commitments for Mortgagee Title Policies and also the Mortgagee Title Policies themselves shall be required. In the event that Borrower fails to satisfy the requirements of Subparagraph 5.1(f)(i), then, immediately upon such failure, the partial waiver provided under this subparagraph shall no longer be effective.

Partial Waiver of Requirement for Title Insurance Policies Upon Satisfactory Maintenance of Inventory Control Procedures. Anything in Section 5.1(b)(iv) hereof to the contrary notwithstanding, the delivery of a commitment for a Mortgagee Title Policy and a Mortgagee Title Policy shall be required only with respect to twenty-five percent (25%) of the Eligible Notes Receivable delivered to Agent in respect of each advanceAdvance, subject to the following requirements and limitations: (i) Borrower shall be in full compliance with the Inventory Control Procedures (as defined in Section 6.23 herein); and (ii) Agent shall have the right in its sole discretion to determine those Eligible Notes Receivable in respect of which commitments for Mortgagee Title Policies and also the Mortgagee Title Policies themselves shall be required. In the event that Borrower fails to satisfy the requirements of Subparagraph 5.1(f)(i), then, immediately upon such failure, the partial waiver provided under this subparagraph shall no longer be effective.

Partial Waiver of Requirement for Title Insurance Policies Upon Satisfactory Maintenance of Inventory Control Procedures. Anything in Section 5.1(b)(iv) hereof to the contrary notwithstanding, the delivery of a commitment for a Mortgagee Title Policy and a Mortgagee Title Policy shall be required only with respect to twenty-five percent (25%) of the Eligible Notes Receivable delivered to Agent in respect of each advance, subject to the following requirements and limitations: (i) Borrower shall be in full compliance with the Inventory Control Procedures (as defined in Section 6.23 hereinhereof); and (ii) Agent shall have the right in its sole discretion to determine those Eligible Notes Receivable in respect of which commitments for Mortgagee Title Policies and also the Mortgagee Title Policies themselves shall be required. In the event that Borrower fails to satisfy the requirements of Subparagraph 5.1(f)(i)Subsection 5.1(f)(i)or should Agent discover unpermitted Liens or other encumbrances on the Mortgagee Title Policies obtained randomly, then, immediately upon such failureevent, the partial waiver provided under this subparagraph Section 5.1(f) shall no longer be effectiveeffective and 100% compliance shall be required.