Approved Representation Exception definition

Approved Representation Exception. Any Representation Exception furnished by Seller to Buyer and approved by Buyer prior to the related Purchase Date.

Approved Representation Exception. With respect to any Purchased Asset, any Representation Exception furnished by Seller to Buyer and approved in writing by Buyer in its discretion which approval shall be evidenced by Buyer’s execution of a Confirmation for such Purchased Asset, solely to the extent expressly set forth therein.

Approved Representation Exception. Any Representation Exception approved in writing by Xxxxx in its discretion prior to the related Purchase Date.

Examples of Approved Representation Exception in a sentence

• Except to the extent set forth in writing on the related Confirmation as an Approved Representation Exception, each Purchased Asset is an Eligible Asset as of the Purchase Date; provided, however, that the foregoing representation expressly excludes clause (a) within the definition of Eligible Asset.

• In the event of a Representation Breach (other than an Approved Representation Exception), Seller shall, within two (2) Business Days, repurchase the related Asset or Assets in accordance with Section 3.05.

• Each representation and warranty of Seller set forth in the Repurchase Documents (including in Schedule 1 applicable to the Class of such Purchased Asset) with respect to each Purchased Asset was true and correct in all material respects when made or, pursuant to the terms of the Repurchase Documents, deemed made, except as set forth in an Approved Representation Exception.

• Each representation and warranty of Seller set forth in the Repurchase Documents (including in Schedule 1 applicable to the Class of such Purchased Asset) with respect to each Purchased Asset is true and correct, except as set forth in an Approved Representation Exception.

• Except to the extent set forth in writing on the related Confirmation as an Approved Representation Exception, each Purchased Asset is an Eligible Asset as of the related Purchase Date therefor.

More Definitions of Approved Representation Exception

Approved Representation Exception. With respect to any Purchased Asset, any Representation Exception furnished by Seller to Buyer and approved in writing by Buyer in its discretion which approval shall be evidenced by Buyer’s execution of a Confirmation for such Purchased Asset, solely to the extent expressly set forth therein. “Asset”: Any Whole Loan or Senior Interest, the Mortgaged Property for which is included in the categories for Types of Mortgaged Property, but excluding any real property acquired by Seller through foreclosure or deed in lieu of foreclosure, distressed debt or any Equity Interest issued by a single purpose entity organized to issue collateralized debt or loan obligations. “Assignment and Acceptance”: Defined in Section 18.07(c). “Bailee”: With respect to any Transaction involving a Wet Mortgage Asset, (i) Ropes & Xxxx LLP, (ii) a national title insurance company or nationally-recognized real estate counsel acceptable to Buyer or (iii) any other entity approved by Buyer in its sole discretion, which may be a title company, escrow company or attorney in accordance with local law and practice in the appropriate jurisdiction of the related Wet Mortgage Asset. “Bankruptcy Code”: Title 11 of the United States Code, as amended. “Basic Mortgage Asset Documents”: Means the following original (except as otherwise permitted in Section 2.01 of the Custodial Agreement), fully executed and complete documents: (1) the Mortgage Note and/or, in the case of a Senior Interest consisting of a participation interest, the related participation certificate, with a certified true and correct copy of the related Mortgage Note, (2) the Mortgage and UCC-1 financing statements executed in connection therewith, (3) the assignment of leases and rents, if any, (4) the Interim Assignment Documents and (5) the Blank Assignment Documents. “Benchmark”: (A) With respect to any LIBOR Based Transaction, subject to Section 12.01(a) hereof, USD LIBOR, (B) with respect to any SOFR Based Transaction for which the Applicable SOFR is initially the SOFR Average (including, without limitation, any such SOFR Based Transaction resulting from a Rate Conversion pursuant to Section 12.01(a) for which the Applicable SOFR designated in the related notice of Rate Conversion is the SOFR Average), initially, 30-Day SOFR Average; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to 30-Day SOFR Average or the then- current Benchmark in accordance with Sectio...

Approved Representation Exception. Any Representation Exceptions furnished by Seller to Agent and approved by Agent prior to the Purchase Date.

Approved Representation Exception. With respect to a Purchased Asset, any representation or warranty that Buyer determines is not applicable to such Purchased Asset.

Approved Representation Exception means, any Representation Exception furnished by Seller to Administrative Agent and approved by Administrative Agent in its sole discretion prior to the related Purchase Date, or to the extent waived in writing by Administrative Agent at any time after the related Purchase Date; provided that such approval or waiver may be revoked by Administrative Agent in its sole good faith discretion if, subsequent to such Purchase Date, Administrative Agent becomes aware that information provided by Seller to Administrative Agent in connection with such Approved Representation Exception, which information Administrative Agent materially relied upon in approving the Representation Exception, was materially untrue at the time of such Representation Exception. The list of Approved Representation Exception(s) shall be attached to the Confirmation for the applicable Eligible Asset.

Approved Representation Exception means, with respect to any Purchased Loan, any representation contained in this Agreement which is not satisfied and which has been approved by Buyer in its sole and absolute discretion. “Asset Diligence” shall have the meaning specified in Section 27. “Asset Documents” shall mean with respect to any Mortgage Loan, the documents included or required to be included, as the context may require, in the related Asset File.