Examples of SBC Loans in a sentence
In connection with any distribution in-kind, sale or other disposition of Contributed SBC Loans held by the Trust, the Trust hereby grants and furnishes to the Buyer a limited power of attorney (the “Power of Attorney”), which Power of Attorney shall be exercisable by the Buyer only after the Trust’s receipt of a Buyer Direction Notice from the Buyer.
Upon receipt of such notice, the Borrowers and the Servicers shall cooperate in transferring the applicable servicing of the SBC Loans to a successor servicer appointed by the Lender in its sole discretion.
Servicer shall follow the instructions of the Lender with respect to the SBC Loans, and shall deliver to the Lender any information with respect to the SBC Loans reasonably requested by the Lender.
Each of the SBC Loans and Participation Interests, as applicable, complies with the representations and warranties listed in Schedule 1-A or Schedule 1-B hereto.
Each Borrower covenants to cause each Servicer of the SBC Loans to service, the SBC Loans in conformity with accepted and prudent servicing practices in the industry for the same type of SBC Loans as the Pledged Assets and in a manner at least equal in quality to the servicing the Borrowers provides for SBC Loans which it owns, including without limitation, those requirements set forth in the applicable Servicing Agreements.
Each Servicer will execute an acknowledgment of the Lender’s rights with respect to the SBC Loans and Participation Interests, as applicable.
The Lender may underwrite such SBC Loans itself or engage a mutually agreed upon third party underwriter to perform such underwriting.
Each Borrower shall cooperate in transferring the servicing or managing, as applicable, of the SBC Loans to a successor servicer or manager, as applicable, appointed by the Lender in its sole discretion.
Each Borrower shall, to the extent practicable, maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing the SBC Loans in the event of the destruction of the originals thereof), and keep and maintain or obtain, as and when required, all documents, books, records and other information reasonably necessary or advisable for the collection of all SBC Loans.
Each Borrower also shall make available to the Lender a knowledgeable financial or accounting officer for the purpose of answering questions respecting the SBC Loan Files and the SBC Loans.