Examples of Released Loan in a sentence
Notwithstanding anything herein to the contrary, a Loan Party (the “Released Loan Party”) shall be automatically released from its obligations under this Agreement in the event that all or any portion of the Equity Interests of the Released Loan Party shall be sold, transferred or otherwise disposed as permitted by Section 7.02(c), and the parties hereby acknowledge and agree that each reference to a “Loan Party” or the “Loan Parties” in this Agreement shall not include such Released Loan Party.
Buyer acknowledges that with respect to any Servicing Released Loan, Guarantor retains legal title to the Mortgage Loans constituting the Purchased Assets and legal title to the Servicing Rights in respect of the Mortgage Loans constituting the Purchased Assets, and that the sale of the Participation Interest in the Servicing Rights does not sever the Servicing Rights from the Servicing Released Loans.
With respect to any Servicing Released Loan, Buyer shall have no right to terminate Guarantor or Servicer, as applicable, as the interim servicer other than upon the occurrence of an Event of Default or a Servicer Termination Event, subject to Seller’s appointment right set forth in the first sentence of Section 6.2(m).
Any such designation, change or cancellation must be on a form provided for that purpose by the Company and shall not be effective until received by the Company.
Notwithstanding the amendment and restatement of the Existing Credit Agreement by this Agreement, the Obligations of the Loan Parties (other than the Released Loan Parties) outstanding under the Existing Credit Agreement and the other Loan Documents as of the Closing Date shall remain outstanding and shall constitute continuing Obligations without novation and shall continue as such to be secured by the Collateral.