Eligible Substitute Tax Lien definition
Eligible Substitute Tax Lien. One or more tax liens to be sold in exchange for one or more Deleted Tax Liens pursuant to the terms of Section 3.01(c) hereof that have the following characteristics: (a) the Redemptive Value with respect to such Tax Lien (or the aggregate thereof with respect to more than one such Tax Lien) shall be no greater than the Redemptive Value with respect to such Deleted Tax Lien (or the aggregate thereof with respect to more than one such Deleted Tax Lien); (b) the Property related to such Tax Lien or Liens shall be of like property tax class as the Property related to the Deleted Tax Lien or Liens (except that liens on Class 1 properties may be substituted for liens on Class 2 or Class 4 properties); (c) the Lien-to-Value Ratio with respect to such Tax Lien (or the weighted average thereof with respect to more than one such Tax Lien) shall not be greater than the Lien-to-Value Ratio of such Deleted Tax Lien (or the weighted average thereof with respect to more than one such Deleted Tax Lien) (A) if foreclosure proceedings have commenced with respect to such Deleted Tax Lien, as of the date such Deleted Tax Lien was acquired by the Trust and (B) otherwise as of the Substitution Date;
Eligible Substitute Tax Lien. One or more tax liens to be sold in exchange for one or more Deleted Tax Liens pursuant to the terms of Section 3.01(c) of the related Purchase Agreement that have the following characteristics: (a) the Redemptive Value with respect to such Tax Lien (or the aggregate thereof with respect to more than one such Tax Lien) shall be no greater than the Redemptive Value with respect to such Deleted Tax Lien (or the aggregate thereof with respect to more than one such Deleted Tax Lien); (b) the Property related to such Tax Lien or Liens shall be of like property tax class as the Property related to the Deleted Tax Lien or Liens (except that liens on Class 1 properties may be substituted for liens on Class 2 or Class 4 properties); (c) the Lien-to-Value Ratio with respect to such Tax Lien (or the weighted average thereof with respect to more than one such Tax Lien) shall not be greater than the Lien- to-Value Ratio of such Deleted Tax Lien (or the weighted average thereof with respect to more than one such Deleted Tax Lien) (A) if foreclosure proceedings have commenced with respect to such Deleted Tax Lien, as of the date such Deleted Tax Lien was acquired by the Issuer and (B) otherwise as of the Substitution Date; (d) the age of such Tax Lien (or the weighted average thereof with respect to more than one such Tax Lien) shall be equal to or less than the age of the Deleted Tax Lien (or the weighted average thereof with respect to more than one such Deleted Tax Lien) (except that there shall be no age limit if liens on Class 1 properties are being substituted for Class 2 or Class 4 properties); (e) such Tax Lien shall be in conformity with all representations and warranties set forth in the Purchase Agreement pursuant to which the Deleted Tax Lien was acquired by the Issuer; and (f) with respect to such Tax Lien, foreclosure proceedings related thereto shall be able to be commenced no later than three years prior to December 31, 2028.
Eligible Substitute Tax Lien. As defined in the Servicing Agreements.
Examples of Eligible Substitute Tax Lien in a sentence
In the event that the Issuer substitutes an Eligible Substitute Tax Lien pursuant to Section 2.04(d)(iii)(C) of the Indenture or Section 3.01(c)(iii)(C) of the applicable Purchase Agreement, as a result of a Tax Lien having become a Defective Tax Lien, then the resulting Substitution Amount shall be subtracted from the aggregate outstanding Incentive Fee Tax Lien Principal Balance of the Tax Liens being serviced hereunder.
More Definitions of Eligible Substitute Tax Lien
Eligible Substitute Tax Lien. One or more tax liens to be sold in exchange for one or more Deleted Tax Liens pursuant to the terms of Section 3.01(c) of the related Purchase Agreement or Section 2.04(d) of the Indenture, as applicable, that have the following characteristics: (a) the Redemptive Value with respect to such Tax Lien (or the aggregate thereof with respect to more than one such Tax Lien) shall be no greater than the Redemptive Value with respect to such Deleted Tax Lien (or the aggregate thereof with respect to more than one such Deleted Tax Lien);