Material Mortgage Loan. Any Loan for which the underlying Related Property consisting of real property owned by the Obligor (i) represents 25% or more (measured by the book value of the three most valuable parcels of real property as of the date of such Loan) of (a) the original commitment for such Loan and (b) the fair value of the underlying Obligor and Related Property as a whole and (ii) is material to the operations of the related business; provided that a Material Mortgage Loan shall not include certain parcels of real property which the Obligor is in the process of disposing.
Material Mortgage Loan means any Loan for which the underlying Collateral consisting of real property owned by the Obligor (a) represents 25% or more (measured by the book value of the three most valuable parcels of real property as of the date of such Loan) of (i) the original commitment for such Loan and (ii) the fair value of the underlying Obligor and Collateral as a whole and (b) is material to the operations of the related business; provided, however, that a Material Mortgage Loan shall not include certain parcels of real property which the Obligor is in the process of disposing.
Material Mortgage Loan. Any Loan for which the underlying Related Property consisting of real property is either (i) material to the operations of the related business or (ii) represents 25% or more (measured by the book value of the three most valuable parcels of real property as of the date of such Mortgage Note) of the original commitment for such Loan.
Examples of Material Mortgage Loan in a sentence
Real estate property taken in the name of the Trust as a ------------ result of foreclosure on a Mortgaged Property securing a Material Mortgage Loan.
In the case of each Material Mortgage Loan, the Servicer shall comply with the Credit and Collection Policy concerning the issuance and maintenance of fire and hazard insurance with extended coverage customary in the area where the Mortgaged Property is located.
Prior to undertaking foreclosure of any material Property of a Material Mortgage Loan, the Servicer must investigate environmental conditions, including, in accordance with the Credit and Collection Policy, the performance of a Phase I and/or Phase II environmental site assessment, to ascertain the actual or potential presence of any hazardous material on or under such property.
More Definitions of Material Mortgage Loan
Material Mortgage Loan. Any Commercial Loan for which the underlying ---------------------- Collateral consisting of real property is either (i) material to the operations of the related business or (ii) 25% or more (measured by the book value of the three most valuable parcels of real property as of the date of such Mortgage) of the original commitment for such Commercial Loan.
Material Mortgage Loan. Any Commercial Loan for which the ---------------------- underlying Collateral consisting of real property owned by the Obligor either (i) is material to the operations of the related business or ------ -- (ii) represents 25% or more (measured by the book value of the three most valuable parcels of such real property as of the date of such Mortgage) of (a) the original commitment for such Commercial Loan and (b) the fair value of --- the underlying Obligor and Collateral as a whole. Notwithstanding the --------------- --- foregoing, parcels of real property that the Obligor is in the process --------- of disposing of in a manner acceptable to the Servicer and/or that the Obligor is otherwise required to dispose of within 90 calendar days from the related Transfer Date in a manner acceptable to the Servicer shall not be included in the determination of whether a Commercial Loan is a Material Mortgage Loan; provided, however, that (x) the Servicer has received a negative pledge from the Obligor with respect to any additional encumbrances on such real property, (y) the Servicer has received, as Collateral for such Commercial Loan, a pledge of at least 50.1% of the voting securities of such Obligor and (z) the Commercial Loan requires that all the net proceeds from the sale of such real property be used either to prepay a portion of such Commercial Loan or be used in the Obligor's business.