Companion Loans definition

Companion Loans. As defined in the Preliminary Statement.

Companion Loans. As defined in the Introductory Statement hereto.

Companion Loans. A mortgage loan or leasehold interest which is secured, on a pari passu basis by the same Mortgaged Property that secures a Mortgage Loan included in the Collateral Pool.

Examples of Companion Loans in a sentence

• For purposes of the preceding clause (x), if the fair market value of the real property constituting such Mortgaged Property after the release is not equal to at least 80% of the principal balance of the Mortgage Loan (together with any related Pari Passu Companion Loans) outstanding after the release, the Mortgagor is required to make a payment of principal in an amount not less than the amount required by the REMIC Provisions.

• The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial, multifamily and manufactured housing community properties and the Trust Subordinate Companion Loans held in trust by the Trustee and, other than in the case of the Outside Serviced Mortgage Loans, serviced by the Master Servicer and the Special Servicer.

• The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates, the Mortgage Loans or the Trust Subordinate Companion Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.

• The Trust Fund was created, and the Mortgage Loans (other than the Outside Serviced Mortgage Loans) and the Trust Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).

• As compensation therefor, the Trustee as successor Master Servicer or successor Special Servicer shall be entitled to the Servicing Fee or Special Servicing Compensation, as applicable, and all funds relating to the Mortgage Loans and Serviced Companion Loans that accrue after the date of the Trustee’s succession to which the Master Servicer or Special Servicer would have been entitled if the Master Servicer or Special Servicer, as applicable, had continued to act hereunder.

More Definitions of Companion Loans

Companion Loans. Collectively, the Pari Passu Companion Loans and the Subordinate Companion Loans.

Companion Loans. A mortgage loan or leasehold interest which is secured, on a pari passu basis by the same Mortgaged Property that secures a Mortgage Loan included in the Collateral Pool. “Condemnation Proceeds ”: All proceeds received in connection with the condemnation or remediation of, or granting an easement on, any Mortgaged Property other than proceeds applied to the restoration of such Mortgaged Property or released to the related Tenant or Borrower in accordance with the Servicing Standard. “Control Person ”: With respect to any Person, anyone that constitutes a “controlling person” of such Person within the meaning of the Securities Act of 1933, as amended. “Controlling Party ”: As defined in the Indenture. “Corporate Asset Management Agreement ”: A management agreement entered into by Spirit Realty and Spirit MTA in connection with the Spin-Off pursuant to which Spirit Realty or one of its Affiliates (which may include a Taxable REIT Subsidiary) performs services for Spirit MTA which may include, without limitation, investment management and real estate management and servicing. “ Corrected Lease ”: Any Specially Serviced Lease with respect to which, as of any date of determination, one or more of the following as are applicable shall have occurred with respect to each Specially Serviced Lease Trigger Event that previously occurred with respect to such Specially Serviced Lease: (i) with respect to the circumstances described in clause (a) of the definition of the term “Specially Serviced Lease”, the related Tenant has made three consecutive full and timely Monthly Lease Payments under the terms of such Lease (as such terms may be changed or modified in connection with a bankruptcy or similar proceeding involving the related Tenant or by reason of a modification, waiver or amendment granted or agreed to by the Special Servicer) or such Lease has been terminated and the related Mortgaged Property has been re-leased; (ii) with respect to the circumstances described in clause (b) of the definition of the term “Specially Serviced Lease”, such circumstances cease to exist in the good faith and reasonable judgment of the Special Servicer; (iii) with respect to the circumstances described in clause (c) of the definition of the term “Specially Serviced Lease”, the Special Servicer determines that the applicable Tenant likely will be able to make future Monthly Lease Payments; (iv) with respect to the circumstances described in clause (d) of the definition of the term “Sp...

Companion Loans. A mortgage loan secured by a Mortgaged Property held, on a pari passu basis with the applicable Issuer, by parties other than such Issuer.

Companion Loans has the meaning set forth in the preface above.

Companion Loans. The Trust Notes, the Non-Trust A Notes and the Non-Trust B Note are collectively referred to herein as the “Notes” and, each, as a “Note”. The Trust Loan was sold and assigned by the Loan Seller to the Depositor pursuant to a loan purchase agreement, dated as of the date hereof, by and between the Loan Seller and the Depositor (the “Loan Purchase Agreement”). The Companion Loans will not be assets of the Trust. The Trust Loan and the Companion Loans are subject to the terms and conditions of the Amended and Restated Co-Lender Agreement, dated as of February 11, 2019, between NREC, as holder of the Trust Notes, NREC, as holder of the Senior Companion Notes, and Xxxx Xxxxxxx Life Insurance Company (U.S.A.), as holder of the Junior Companion Loan (the “Co-Lender Agreement”). As provided for herein, the Certificate Administrator shall elect or shall cause elections to be made to treat designated portions of the Trust Fund for federal income tax purposes as two separate real estate mortgage investment conduits (the “Upper-Tier REMIC” and the “Lower-Tier REMIC” and, each, a “Trust REMIC”). The Class A, Class X-A, Class X-B, Class B, Class C, Class D and Class E Regular Interests will represent “regular interests” in the Upper-Tier REMIC. The Class LA, Class LB, Class LC, Class LD and Class LE Uncertificated Interests will represent “regular interests” in the Lower-Tier REMIC. The Class R Certificates will evidence the sole Class of “residual interests” in each of the Upper-Tier REMIC and Lower-Tier REMIC for purposes of the REMIC Provisions under federal income tax law. The portions of the Trust Fund consisting of the Specific Grantor Trust Assets shall be treated as a grantor trust under subpart E, part I of subchapter J of the Code (the “Grantor Trust”) for federal income tax purposes. Each Class of Certificates (other than the Class R Certificates) shall represent undivided beneficial interests in the portion of the Grantor Trust consisting of the Specific Grantor Trust Assets with the corresponding alphabetic or alphanumeric designation. In exchange for the Trust Loan and the Uncertificated Lower-Tier Interests, the Trust will issue to the Depositor the Class A, Class X-A, Class X-B, Class B, Class C, Class D, Class E and Class R Certificates (collectively, the “Certificates”), which Certificates in the aggregate will evidence the entire beneficial interest in the Trust Fund. The Trust Fund consists principally of the Note, the Mortgage and the Loan Document...

Companion Loans. Collectively, the Fashion Show Mall Pari Passu Note A-1 Companion Loan, the Mission City Corporate Center B Note and the Regents Square I & II B Note.

Companion Loans. The loan evidenced by the CBA B Note and the loan evidenced by the 17 State Street B Note.