Eligible Mortgage Receivable definition

Eligible Mortgage Receivable as of any date, payments due under a commercial mortgage owned by the Borrower, a Subsidiary of the Borrower or a DownREIT which qualifies as “real estate asset” under Section 856(c)(5)(B) of the Code as of such date, provided that on such date (i) there are no past due payments outstanding under such mortgage, and (ii) no other uncured default exists with respect to such mortgage; and “Eligible Mortgage Receivables” shall mean all such payments on such date, collectively.

Eligible Mortgage Receivable means a Mortgage Receivable with respect to real property which is not owned by any Eligible Property Owner but is instead mortgaged to an Eligible Mortgage Owner pursuant to a first priority mortgage, first priority deed of trust or first priority deed to secure debt lien pledged to the Administrative Agent pursuant to the Mortgage Receivables Pledge Agreement, which Mortgage Receivable meets the following requirements: (a) the Company grants the Secured Parties a security interest in each such Mortgage Receivable pursuant to the Mortgage Receivables Pledge Agreement which security interest will be perfected and a first priority interest upon Administrative Agent’s receipt of the original mortgage and note evidencing such Mortgage Receivable, (b) all of the representations and warranties set forth in the Mortgage Receivables Pledge Agreement with respect to such Mortgage Receivable are true and correct; (c) such Mortgage Receivable was acquired by the Eligible Mortgage Owner (1) except for any Mortgage Receivable proposed to be included as a Borrowing Base Asset within ninety (90) days after the Closing Date, within three months of the date such Mortgage Receivable is proposed to be included as a Borrowing Base Asset; (2) in accordance with the terms of the Acquisition, Credit and Collection Policy; and (3) in the ordinary course of the Company’s business through a mortgage transaction; (d) such Mortgage Receivable has been included in calculations of the Borrowing Base for less than 12 months; and (e) the Mortgage Receivable Property would have met all of the requirements of an Eligible Property were it owned by, rather than mortgaged to, the Eligible Mortgage Owner.

Eligible Mortgage Receivable means a Mortgage Receivable with respect to real property which is not owned by any Eligible Property Owner but is instead mortgaged to an Eligible Mortgage Owner pursuant to a first priority mortgage, first priority deed of trust or first priority deed to secure debt, which Mortgage Receivable meets the following requirements: (a) such Mortgage Receivable was acquired by the Eligible Mortgage Owner within three months of the date such Mortgage Receivable is proposed to be included as a Borrowing Base Asset; (2) in accordance with the terms of the Acquisition, Credit and Collection Policy; and (3) in the ordinary course of the Company’s business through a mortgage transaction; (b) the Mortgage Receivable Property would have met all of the requirements of an Eligible Property were it owned by, rather than mortgaged to, the Eligible Mortgage Owner and (c) 100% of the membership or other equity interests of such Eligible Mortgage Owner have been pledged pursuant to the Equity Pledge Agreement.

Examples of Eligible Mortgage Receivable in a sentence

• From time to time the Borrowers may request, upon not less than five (5) Domestic Business Days prior written notice to the Administrative Agent, that an Eligible Property or an Eligible Mortgage Receivable be no longer considered a Borrowing Base Asset and, if such Borrowing Base Asset is being refinanced pursuant to a Long Term Limited Recourse Mortgage Loan, that the related guarantee by the Borrowing Base Asset Owner and pledge of the equity interests in said Borrowing Base Asset Owner be released.

• In the Grand Duchy, this issue is governed inter alia by the Law of 13 January 1997 on Control of the Use and Release of Genetically Modified Organisms.

• The Commission finds that it is more appropriate to direct Mt. Carmel to provide a new cost of service study to the Manager of the Commission’s Rate Department within 60 days of a new large customer taking service from Mt. Carmel, and for Mt. Carmel and Staff to determine what appropriate further action is needed, if any.

More Definitions of Eligible Mortgage Receivable

Eligible Mortgage Receivable in Section 1.1 of the Existing Loan Agreement is hereby amended by inserting the following language at the end thereof: “Notwithstanding anything herein or in any other Loan Document to the contrary: