Examples of Subordinate Mortgage Loan in a sentence
Except for Subordinate Mortgage Loan Interests, pari passu notes, pari passu participation interests and subordinate participation interests, in the case of each Mortgage Loan, the related Mortgage Note is not secured by any collateral that secures a Mortgage Loan that will not be held by the Issuer after giving effect to the transfer to the Issuer and each crossed Mortgage Loan is cross-collateralized only with other Mortgage Loans sold pursuant to the Seller Transfer Agreement.
Without limiting the foregoing, the Subordinate Mortgagee agrees that all rights of the Subordinate Mortgagee to the Subordinate Mortgage Indebtedness and under the Subordinate Mortgage Loan Documents shall be expressly subject and subordinate: (x) to the rights of the First Mortgagee to the First Mortgage Indebtedness and under the First Mortgage Loan Documents; and (y) to any and all Protective Advances made and other expenses incurred under the First Mortgage Loan Documents.
In respect of any Subordinate Mortgage Loan Interest evidenced by a subordinate note, Seller has delivered to Issuer or its designee the original promissory note, certificate or other similar indicia of ownership of such subordinate note, however denominated, together with an original assignment thereof, executed by Seller in blank.
In the event of any conflict between the provisions of this Agreement and the provisions of any of the First Mortgage Loan Documents and the Subordinate Mortgage Loan Documents, the provisions of this Agreement shall control.
If the Issuer, as holder of a Mortgage Loan Interest, Mezzanine Loan Interest or a Subordinate Mortgage Loan Interest, has the right pursuant to the related Underlying Instruments to purchase any related Commercial Mortgage Loan or senior participation interest, the Issuer shall, if directed by a Majority of the Preferred Shares (the “Majority Preferred Shareholder”), exercise such right, on behalf of the Majority Preferred Shareholder.