Crossed Loan definition

Crossed Loan. A Mortgage Loan that is cross-collateralized and cross-defaulted with one or more other Mortgage Loans.

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Crossed Loan. As defined in Section 2.03(a). The Mortgage Loans comprising a Loan Combination shall not be deemed to be Crossed Loans for purposes of this Agreement.

Crossed Loan means the loan in the amount of $7,740,000 made by Mortgagee to the Mortgagor, and evidenced and secured by the Crossed Note, the Crossed Mortgage and the Crossed Loan Documents.

Examples of Crossed Loan in a sentence

• The Seller shall be responsible for the cost of any Appraisal required to be obtained by the Master Servicer to determine if the Crossed Loan Repurchase Criteria have been satisfied, so long as the scope and cost of such Appraisal has been approved by the Seller (such approval not to be unreasonably withheld).

• In the event that the remaining Crossed Loans satisfy the aforementioned criteria, the Seller may elect either to repurchase or substitute for only the affected Crossed Loan as to which the related Breach or Document Defect exists or to repurchase or substitute for all of the Crossed Loans in the related Crossed Group.

• For purposes of reference, the Mortgaged Property that relates or corresponds to any of the Mortgage Loans in a Crossed Loan Group shall be the property identified in the Mortgage Loan Schedule as corresponding thereto.

• In addition, if there exists with respect to any Crossed Loan Group only one original of any document referred to in the definition of "Mortgage File" in this Agreement and covering all the Mortgage Loans in such Crossed Loan Group, the inclusion of the original of such document in the Mortgage File for any of the Mortgage Loans in such Crossed Loan Group shall be deemed an inclusion of such original in the Mortgage File for each such Mortgage Loan.

• Each Crossed Loan Group is identified on the Mortgage Loan Schedule.

More Definitions of Crossed Loan

Crossed Loan. As defined in Section 2.03.

Crossed Loan. As defined in Section 2.03(a). The Great Mall Trust Mortgage Loan and the Great Mall B-Note Loan will not be deemed to be Crossed Loans for purposes of this Agreement.

Crossed Loan the "Crossed Debt", the "Crossed Note", the "Crossed Mortgage", the "Crossed Loan Documents" and the "Crossed Property" shall be deemed of no further force or effect. In addition to and without limiting the foregoing, Mortgagor hereby agrees to fully cooperate with Mortgagee if Mortgagee is considering the termination of the cross collateralization and cross default of this Mortgage with the Crossed Loan, including, but not limited to (x) amending this Mortgage and the other Loan Documents as may be required by Mortgagee to effectuate such termination of the cross collateralization and cross default provisions thereof, (y) updating and/or endorsing the title insurance policies (at Mortgagee's cost as to additional premium charges, if any) to reflect the continuation of the first priority lien of this Mortgage, and (z) forming a special-purpose bankruptcy remote entity, which shall be an affiliate of Mortgagor, to be the borrower (the "Successor Borrower") under the Crossed Loan, assigning the Crossed Loan Documents from Mortgagor to the Successor Borrower, transferring the collateral for the Crossed Loan to the Successor Borrower, and obtaining such legal opinions as may be reasonable required by Mortgagee. Notwithstanding the foregoing, Mortgagor shall not be compelled to take any action under this Section 65 which would impose an out of pocket cost on Mortgagor in excess of $1,000, unless Mortgagee undertakes to pay such cost.

Crossed Loan. As defined in Section 4(e).

Crossed Loan. Groups: Loan Group 1 and Loan Group 2. Custodian: Initially, the Trustee and thereafter any custodian appointed by the Trustee pursuant to Section 9.12. A Custodian may (but need not) be the Trustee or any Person directly or indirectly controlling or controlled by or under common control of either of them. None of the Master Servicers, any Servicer or the Depositor, or any Person directly or indirectly controlling or controlled by or under common control with any such Person may be appointed Custodian.

Crossed Loan. Groups: Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group 5 and Loan Group 6. Custodian: Initially, U.S. Bank National Association; thereafter any Custodian appointed by the Trustee pursuant to Section 9.12.

Crossed Loan. Groups: Loan Group 1, Loan Group 2, Loan Group 3 and Loan Group 4.