Provisions Relating to Securitization Sample Clauses

Provisions Relating to Securitization. (a) For so long as an Initial Note Holder or its Affiliate (an “Initial Note Holder Entity”) is the owner of its Note(s), such Initial Note Holder Entity shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Borrower to execute amended and restated notes or additional notes (in either case “New Notes”) reallocating the principal of its Note(s) or severing its Note(s) into one or more further “component” notes in the aggregate principal amount equal to the then-outstanding principal balance of its Note(s), provided that (i) the aggregate principal balance of the New Notes following such amendments is no greater than the principal balance of the related original Note(s) prior to such amendments, (ii) all New Notes continue to have the same weighted average interest rate as the original Note(s) prior to such amendments, (iii) all New Notes pay pro rata and on a pari passu basis and such reallocated or component notes shall be automatically subject to the terms of this Agreement and (iv) the Initial Note Holder Entity holding the New Notes shall notify the other Holders (or, for any Note that has been contributed to a Securitization, to the trustee and the applicable master servicer of such Securitization) in writing of such modified allocations and principal amounts. In connection with the foregoing, (1) the Master Servicer is hereby authorized to execute amendments to the Loan Agreement and this Agreement (or to amend and restate the Loan Agreement and this Agreement) on behalf of any or all of the Holders solely for the purpose of reflecting such reallocation of principal or such severing of Note(s), (2) if a Note is severed into “component” notes, such component notes shall each have their same rights as the respective original Note (except if such original Note is Note A-1, then the applicable Initial Note Holder shall designate one of the New Notes to take the place of Note A-1 in the definitions of “Directing Holder”, “Lead Note”, “Lead Securitization”, “Non-Directing Holder” and “Servicing Agreement”), and (3) the definition of the term “Securitization” and all of the related defined terms may be amended (and new terms added, as necessary) to reflect the New Notes. Rating Agency Confirmation shall not be required for any amendments to this Agreement required to facilitate the terms of this paragraph 18(a).
Sample 1Sample 2Sample 3See All (190)
AutoNDA by SimpleDocs
Provisions Relating to Securitization. The Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and the Note A-5 Holder shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Borrower to execute amended and restated notes or additional notes (in each case, the “New A-2 Notes”, the “New A-3 Notes”, the “New A-4 Notes” and the “New A-5 Notes”) reallocating the principal of Note A-2 among other New A-2 Notes, the principal of Note A-3 among other New A-3 Notes, the principal of Note A-4 among other New A-4 Notes and the principal of Note A-5 among other New A-5 Notes, respectively; reducing the Interest Rates of such New A-2 Notes, New A-3 Notes, New A-4 Notes and New A-5 Notes or severing Note A-2, Note A-3, Note A-4 and Note A-5 into one or more further “component” notes in the aggregate principal amount equal to the then outstanding principal balance of Note A-2, Note A-3, Note A-4 and Note A-5, respectively, provided that (i) the aggregate principal balance of the New A-2 Notes, New A-3 Notes, New A-4 Notes and New A-5 Notes following such amendments are no greater than the principal balance of the original Note A-2, Note A-3, Note A-4 and Note A-5, respectively, prior to such amendments, (ii) all New A-2 Notes, New A-3 Notes, New A-4 Notes and New A-5 Notes continue to have the same interest rate as the original Note A-2 Note, the original Note A-3, the original Note A-4 and the original Note A-5, respectively, prior to such amendments, (iii) all New A-2 Notes, New A-3 Notes, New A-4 Notes and New A-5 Notes pay pro rata and on a pari passu basis and such reallocated or component notes shall be automatically subject to the terms of this Agreement and (iv) the entity holding the New A-2 Notes, the New A-3 Notes, the New A-4 Notes and/or the New A-5 Notes shall notify the parties to the Servicing Agreement and the Non-Lead Servicing Agreements in writing of such modified allocations and principal amounts. In connection with the foregoing, (1) the Master Servicer is hereby authorized to execute amendments to the Loan Agreement and this Agreement (or to amend and restate the Loan Agreement and this Agreement) on behalf of either of the Holders solely for the purpose of reflecting such reallocation of principal or such severing of Note A-2, Note A-3, Note A-4 and/or Note A-5 (2) if Note A-2, Note A-3, Note A-4 or Note A-5 are severed into “component” notes, such component notes shall each have their same rights as the respective original Note and (3) the defini...
Sample 1Sample 2See All (7)
Provisions Relating to Securitization. (a) For so long as Note A-1 is not in a securitization, the Note A-1 Holder shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Borrower to execute amended and restated notes or additional notes (in either case “New A-1 Notes”) reallocating the principal of Note A-1 among other New A-1 Notes; reducing the Interest Rates of such New A-1 Notes or severing the Note A-1 into one or more further “component” notes in the aggregate principal amount equal to the then outstanding principal balance of Note A-1, provided that (i) the aggregate principal balance of the New A-1 Notes following such amendments is no greater than the principal balance of Note A-1 prior to such amendments, (ii) all New A-1 Notes continue to have the same or a lower interest rate as the Note A-1 prior to such amendments, (iii) all New A-1 Notes pay pro rata and
Sample 1Sample 2See All (6)
Provisions Relating to Securitization. (a) For so long as the Note A-1-2 Holder, the Note A-1-3 Holder, the Note A-2-2 Holder, the Note A-2-3 Holder or an Affiliate of the Note A-1-2 Holder, the Note A-1-3 Holder, the Note A-2-2 Holder, the Note A-2-3 Holder, as applicable, is the owner of Note A-1-2, Note A-1-3, Note A-2-2 or Note A-2-3, as applicable, the Note A-1-2 Holder, the Note A-1-3 Holder, the Note A-2-2 Holder, the Note A-2-3 Holder, as applicable shall have the right, subject to the terms of the Mortgage Loan Documents, to cause the Borrower to execute amended and restated notes or additional notes (in either case “New A-1-2 Notes” , “New A-1-3 Notes”, “New A-2-2 Notes” or “New A-2-3 Notes”, as applicable) reallocating the principal of Note A-1-2, Note A-1-3, Note A-2-2 or Note A-2-3, as applicable, among other New A-1-2 Notes, New A-1-3 Notes, New A-2-2 Notes or New A-2-3 Notes, as applicable; reducing the Interest Rates of such New A-1-2 Notes, New A-1-3 Notes, New A-2-2 Notes or New A-2-3 Notes, as applicable, or severing the Note A-1-2, the Note A-1-3, the Note A-2-2 or the Note A-2-3, as applicable, into one or more further “component” notes in the aggregate principal amount equal to the then outstanding principal balance of Note A-1-2, Note A-1-3, Note A-2-2 or Note A-2-3, as applicable, provided that (i) the aggregate principal balance of the New A-1-2 Notes, New A-1-3 Notes, New A-2-2 Notes or New A-2-3 Notes, as applicable, following such amendments is no greater than the principal balance of Note A-1-2, Note A-1-3, Note A-2-2 or Note A-2-3, as applicable, prior to such amendments, (ii) all New A-1-2 Notes, New A-1-3 Notes, New A-2-2 Notes or New A-2-3 Notes, as applicable, continue to have the same or a lower interest rate as Note A-1-2, Note A-1-3, Note A-2-2 or Note A-2-3, as applicable, prior to such amendments, (iii) all New A-1-2 Notes, New A-1-3 Notes, New A-2-2 Notes or New A-2-3 Notes pay pro rata and on a pari passu basis and such reallocated or component notes shall be automatically subject to the terms of this Agreement and (iv) the Note A-1-2 Holder, the Note A-1-3 Holder, the Note A-2-2 Holder or the Note A-2-3 Holder, as applicable, holding the New A-1-2 Notes, New A-1-3 Notes, New A-2-2 Notes or New A-2-3 Notes, as applicable, shall notify the parties to the Note A-1-1/A-2-1 PSA in writing of such modified allocations and principal amounts. In connection with the foregoing, (1) the Master Servicer is hereby authorized to execute amendments to the Loan Agreeme...
Sample 1
Provisions Relating to Securitization 
Sample 1Sample 2Sample 3See All (356)

Related to Provisions Relating to Securitization

  • Special Provisions Relating to Euro Each obligation hereunder of any party hereto that is denominated in the National Currency of a state that is not a Participating Member State on the date hereof shall, effective from the date on which such state becomes a Participating Member State, be redenominated in Euro in accordance with the legislation of the European Union applicable to the European Monetary Union; provided that, if and to the extent that any such legislation provides that any such obligation of any such party payable within such Participating Member State by crediting an account of the creditor can be paid by the debtor either in Euros or such National Currency, such party shall be entitled to pay or repay such amount either in Euros or in such National Currency. If the basis of accrual of interest or fees expressed in this Agreement with respect to an Agreed Foreign Currency of any country that becomes a Participating Member State after the date on which such currency becomes an Agreed Foreign Currency shall be inconsistent with any convention or practice in the interbank market for the basis of accrual of interest or fees in respect of the Euro, such convention or practice shall replace such expressed basis effective as of and from the date on which such state becomes a Participating Member State; provided that, with respect to any Borrowing denominated in such currency that is outstanding immediately prior to such date, such replacement shall take effect at the end of the Interest Period therefor. Without prejudice to the respective liabilities of the Borrower to the Lenders and the Lenders to the Borrower under or pursuant to this Agreement, each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time, in consultation with the Borrower, reasonably specify to be necessary or appropriate to reflect the introduction or changeover to the Euro in any country that becomes a Participating Member State after the date hereof; provided that the Administrative Agent shall provide the Borrower and the Lenders with prior notice of the proposed change with an explanation of such change in sufficient time to permit the Borrower and the Lenders an opportunity to respond to such proposed change.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!