Purchased Asset Matters Sample Clauses
The 'Purchased Asset Matters' clause defines the rights, obligations, and procedures related to the assets being acquired in a transaction. It typically outlines what constitutes the purchased assets, any conditions or representations regarding their status, and how issues or disputes concerning these assets will be handled. For example, it may specify the transfer of ownership, address any encumbrances, or set forth remedies if the assets are not as described. The core function of this clause is to ensure clarity and certainty about what is being bought and to allocate risk between the parties regarding the condition and title of the purchased assets.
Purchased Asset Matters. Seller shall promptly (and in any event not later than two (2) Business Days after Knowledge thereof) notify Purchaser of (A) any default or event of default under any Purchased Asset; (B) any facts or circumstances that in the commercially reasonable judgment of Seller are reasonably likely to cause, or have caused, a Credit Event with respect to any Purchased Asset or the Market Value of any Purchased Asset to decline; (C) any Purchased Asset that has become a Defaulted Asset; or (D) any Future Advance Failure.
Purchased Asset Matters. Seller shall promptly (and in any event not later than three (3) Business Days after obtaining Knowledge thereof) notify Purchaser of
(A) any monetary or material non-monetary default or event of default under any Purchased Asset; (B) any facts or circumstances that an institutional asset manager would reasonably expect to cause, or an institutional asset manager would reasonably determine to have caused, a Credit Event with respect to any Purchased Asset or the Market Value of any Purchased Asset to decline; (C) any Purchased Asset that has become a Defaulted Asset; or (D) any Future Advance Failure (without regard to the time period set forth in the definition thereof). In addition, with respect to each Purchased Asset, Seller shall, 114 BUSINESS.31481134.9 within three (3) Business Days after approval thereof, notify Purchaser in writing of any lease approved by Seller (or the applicable Servicer upon the direction or with the consent of Seller) pursuant to the terms of the related Purchased Asset Documents. 115 BUSINESS.31481134.9
Purchased Asset Matters. Seller shall promptly (and in any event not later than two (2) Business Days after Seller obtains knowledge thereof) notify Purchaser of: (A) any default or event of default under any Purchased Asset; (B) any facts or circumstances that are reasonably likely to cause, or have caused a Mandatory Early Repurchase Event; (C) any Future Advance Failure; or (D) any representation or warranty being untrue or incorrect; provided, however, that the failure of Seller to timely deliver any such information regarding an underlying obligor or Purchased Asset as a result of the failure of such underlying obligor to timely deliver to Seller such information so requested of underlying obligor by Seller shall not be an Event of Default.
Purchased Asset Matters. Seller shall promptly (and in any event not later than two (2) Business Days after actual knowledge thereof) notify Purchaser of (A) any default or event of default under any Purchased Asset; (B) with respect to any Purchased Asset or related Mortgaged Property, material loss or damage, regulatory issues, material licensing or permit issues, violation of any Requirement of Law, violation of any environmental law or any other actual or expected event or change in circumstances that could reasonably be expected to result in a default or material decline in market value or cash flow; (C) with respect to Seller and Guarantor, a violation of any Requirement of Law or other event or circumstance that could reasonably be expected to have a Material Adverse Effect; (D) any lien or security interest (other than security interests created hereby) on, or claim asserted against, any Purchased Asset or, to Seller’s knowledge, the underlying collateral therefor; (E) any event or change in circumstances that has or could reasonably be expected to have a material adverse effect on the market value of a Purchased Asset; (F) any Purchased Asset that has become a Defaulted Asset; or (G) any Future Advance Failure.
Purchased Asset Matters. Each Seller shall promptly (but in no event later than the second (2nd) succeeding Business Day after obtaining Knowledge thereof) notify Purchasers, Repurchase Agent, Realisation Agent and Common Issuer Facility Agent of (A) any default or event of default under any Purchased Asset (or related Mortgage Loan or Mezzanine Loan, as applicable); (B) any facts or circumstances that in the commercially reasonable judgment of such Seller are reasonably likely to cause, or have caused, the Market Value of any Purchased Asset to decline; (C) any Purchased Asset that has become a Defaulted Asset; (D) a breach of any Due Diligence Representations; or (E) any Future Advance Failure (without regard to the time period set forth in the definition thereof).
Purchased Asset Matters. Seller shall promptly (and in any event not later than three (3) Business Days after obtaining Knowledge thereof) notify Purchaser of
(A) any monetary or material non-monetary default or event of default under any Purchased Asset; (B) any facts or circumstances that an institutional asset manager would reasonably expect to cause, or an institutional asset manager would reasonably determine to have caused, a Credit Event with respect to any Purchased Asset or the Market Value of any Purchased Asset to decline; (C) the occurrence of any Defaulted Asset Repurchase Trigger Event with respect to any Purchased Asset; (D) any Purchased Asset that has become a Defaulted Asset; or (E) any Future Advance Failure (without regard to the time period set forth in the definition thereof). In addition, with respect to each Purchased Asset, Seller shall, within three (3) Business Days after approval thereof, notify Purchaser in writing of any lease approved by Seller (or Servicer upon the direction or with the consent of Seller) pursuant to the terms of the related Purchased Asset Documents.
Purchased Asset Matters. Each Seller shall promptly (and in any event not later than two (2) Business Days after obtaining Knowledge thereof), notify Purchaser of (A) any event of default beyond applicable grace periods under any Purchased Asset of which such Seller has Knowledge; (B) any monetary default or, to the extent written notice thereof has been sent to the related Borrower or other obligor, other default under any Purchased Asset; or (C) any facts of which such Seller has Knowledge that have caused a Future Advance Failure with respect to any Purchased Asset to occur or the Market Value of any Purchased Asset to decline in any material respect.
Purchased Asset Matters. Each Seller shall promptly after obtaining Knowledge thereof notify Purchaser, Collateral Agent and Cash Manager of (A) any default or event of default under any Purchased Asset; (B) any facts or circumstances that in the commercially reasonable judgment of such Seller are reasonably likely to cause, or have caused, the Market Value of any Purchased Asset to decline; (C) any Purchased Asset that has become a Non-Performing Purchased Asset or a Significantly Impaired Purchased Asset; (D) any change in facts or circumstances occurring following the Purchase Date for any Purchased Asset that would render any Due Diligence Representation to be incorrect or untrue in any material respect if such Due Diligence Representation were to be remade at such time (except to the extent disclosed in a Requested Exceptions Report approved by Purchaser in writing in accordance with the terms hereof); or (E) any Future Advance Failure.
Purchased Asset Matters. Each Seller shall promptly (and in any event not later than three (3) Business Days after obtaining actual knowledge thereof) notify Buyer of: (A) any default or event of default under any Purchased Asset; (B) any facts or circumstances that are reasonably likely to cause, or have caused, a Mandatory Early Repurchase Event; or (C) any representation or warranty being untrue or incorrect; provided, however, that the failure of the applicable Seller to timely deliver any such information regarding an underlying obligor or Purchased Asset as a result of the failure of such underlying obligor to -69- (SAN/Fortress) timely deliver to such Seller such information so requested of underlying obligor by such Seller shall not be an Event of Default.
Purchased Asset Matters. Seller shall promptly (and in any event not later than two (2) Business Days after knowledge thereof) notify Purchaser of (A) any default or event of default under any Purchased Asset; (B) any facts or circumstances that are reasonably likely to cause, or have caused, a material Credit Event with respect to any Purchased Asset or the Market Value of any Mortgaged Property or Mortgaged Properties securing any Purchased Asset to decline; (C) any Purchased Asset that has become a Defaulted Asset or for which a Credit Risk Repurchase Trigger Event has occurred; or (D) any Future Advance Failure.