Request for Additional Purchase Price Sample Clauses

Request for Additional Purchase Price. With respect to any Construction to Permanent Mortgage Loan, Seller may prepare a Request for Purchase Price in the form of Exhibit IX attached hereto (“Request for Additional Purchase Price”) as a result of additional disbursements made under the Construction to Permanent Mortgage Loan, specifying (i) the increase in Purchase Price for which a Transaction is sought and the requested date of such additional Purchase Price, (ii) the Asset Value with respect to such Purchased Mortgage Loans sold hereunder before giving effect to the requested additional Purchase Price, (iii) the aggregate outstanding Purchase Price of all Transactions prior to giving effect to the requested additional Purchase Price, and (v) an officer’s certificate from Seller certifying that, upon the making of the additional Purchase Price, the Asset Value of all Purchased Mortgage Loans will be equal to or greater than the aggregate outstanding Purchase Price of all Purchased Mortgage Loans subject to outstanding Transactions. (i) The Seller shall transmit via electronic transmission the Request for Additional Purchase Price to Buyer prior to 12:00 noon, New York City time, on the requested Purchase Date. Upon confirming that the Request for Additional Purchase Price correctly reflects the information set forth in Section 3(e) above and that, after giving effect to the requested additional Purchase Price, the Asset Value would be equal to or greater than the aggregate outstanding Purchase Price of all Transactions, Buyer may, in its sole discretion, remit the additional Purchase Price in the amount set forth in such Request for Additional Purchase Price and send a revised Confirmation with respect to such Purchased Mortgage Loans. In the event that Buyer’s assessment of the Asset Value would alter the information set forth in any Request for Additional Purchase Price, Buyer shall promptly notify Seller in writing of such assessment. (ii) The amount of additional Purchase Price made available to Seller pursuant to this Section shall be added to the Purchase Price for the applicable Transaction. (iii) Prior to the Buyer remitting the additional Purchase Price, the Seller shall have delivered an inspection report with respect to such Construction to Permanent Mortgage Loan to the Custodian and such other documents as the Buyer may reasonably request.