Examples of Credit Lease Loan in a sentence
The Master Servicer will inspect or cause the inspection of each Mortgaged Property securing a Credit Lease Loan once every three (3) calendar years if the related Credit Tenant (or guarantor) has a published rating of not less than BBB-, every two (2) years if the related Credit Tenant (or guarantor) has a published rating between BB+ and BB-, and annually if the related Credit Tenant has a published rating of less than BB-.
The Mortgage contains a "due on sale" clause that provides for the acceleration of the payment of the unpaid principal balance of the Credit Lease Loan if, without the prior written consent of the holder (except in certain limited intra-family transfers or certain transfers of less than 49% of the ultimate beneficial ownership of the Mortgagor), the Mortgaged Property subject to the Mortgage, or any interest therein, is directly or indirectly transferred or sold.
In addition, except in the case of a Credit Lease Loan that permits the related Tenant to self-insure, the Mortgage requires the Mortgagor to maintain in respect of the Mortgaged Property comprehensive general liability insurance in amounts generally required by the Seller, and at least six months rental or business interruption insurance, and all such insurance required by the Mortgage to be maintained is in full force and effect.
The proceeds of each Credit Lease Loan have been fully disbursed (except in those cases where the full amount of the Credit Lease Loan has been funded but a portion thereof is being held in escrow pending the satisfaction of certain criteria), and there is no obligation for future advances with respect thereto.
Within 30 days after the Closing Date, the Master Servicer shall notify the insurer under any Lease Enhancement Policy and/or Residual Value Insurance Policy for any Credit Lease Loan that (i) both the Master Servicer and the Special Servicer shall be sent notices under each such policy and (ii) the Trustee for the benefit of the Certificateholders shall be the loss payee under each such policy.
Each Mortgagor is an entity whose organizational documents provide that it is, and at least so long as the Credit Lease Loan is outstanding will continue to be, a single purpose entity.
On each Determination Date, the Master Servicer shall deliver to the Trustee and the Rating Agencies a report stating with respect to each Credit Lease Loan as of a date no earlier than three Business Days prior to such Determination Date: (i) all publicly available ratings of Xxxxx'x and S&P for the related Rated Party as of the Closing Date, the Determination Date in the previous month (if any) and the date of such report; and (ii) whether the related Rated Party has been placed on a "credit watch".
Neither the Representing Party nor any prior holder of any Credit Lease Loan has satisfied, canceled, rescinded or subordinated the Credit Lease Loan in whole or in part, released the Mortgaged Property in whole or in part from the lien of the Mortgage or executed any instrument that would effect any such satisfaction, cancellation, rescission, subordination or release.
Immediately prior to the transfer thereof by Representing Party to the Depositor, the Representing Party had good and marketable title to, and was the sole owner and holder of, such Credit Lease Loan, free and clear of any and all liens, encumbrances and other interests on, in or to such Credit Lease Loan.
The Master Servicer shall notify the Special Servicer of any Credit Lease Loan in respect of which it has made Servicing Advances pursuant to this SECTION 3.25.