Common use of Collateral Substitutions Clause in Contracts

Collateral Substitutions. ‌ (a) If the related Mortgage Documents permit the Borrower to substitute a lien on one or more Multifamily Properties or other Supplemental Collateral for the collateral then securing a Mortgage Loan or MALA, the Master Servicer (or, if permitted by the Servicing Contract, the Primary Servicer) may allow the substitution in accordance with such Mortgage Documents. (b) To the extent that the related Mortgage Documents permit collateral substitutions but do not provide conditions for substitution, the following criteria will apply to any such substitution of collateral:‌ (i) after substitution, the Mortgage Loan will have a debt service coverage ratio not less than the lesser of (A) the underwritten debt service coverage ratio of the Mortgage Loan determined at the time the Mortgage Loan was originated or (B) the debt service coverage ratio of the Mortgage Loan immediately before the substitution; (ii) after substitution, the Mortgage Loan will have a loan-to-value ratio not greater than the greater of (A) the underwritten loan-to-value ratio of the Mortgage Loan determined at the time the Mortgage Loan was originated or (B) the loan-to-value ratio of the Mortgage Loan immediately before the substitution; (iii) no material default has occurred and is continuing under the related Mortgage Documents which default would not be cured by the substitution and any concurrent payment required to be made in connection with such substitution; and (iv) partial prepayments will be permitted in connection with a substitution of collateral for a Mortgage Loan only to the extent permitted in the related Mortgage Documents.

Collateral Substitutions. ‌ (a) If the related Mortgage Documents permit the Borrower to substitute a lien on one or more Multifamily Properties or other Supplemental Collateral for the collateral then securing a Mortgage Loan or MALA, the Master Servicer (or, if permitted by the Servicing Contract, the Primary Servicer) may allow the substitution in accordance with such Mortgage Documents. (b) To the extent that the related Mortgage Documents permit collateral substitutions but do not provide conditions for substitution, the following criteria will apply to any such substitution of collateral:‌collateral: (i) after substitution, the Mortgage Loan will have a debt service coverage ratio not less than the lesser of (A) the underwritten debt service coverage ratio of the Mortgage Loan determined at the time the Mortgage Loan was originated or (B) the debt service coverage ratio of the Mortgage Loan immediately before the substitution; (ii) after substitution, the Mortgage Loan will have a loan-to-value ratio not greater than the greater of (A) the underwritten loan-to-value ratio of the Mortgage Loan determined at the time the Mortgage Loan was originated or (B) the loan-to-value ratio of the Mortgage Loan immediately before the substitution; (iii) no material default has occurred and is continuing under the related Mortgage Documents which default would not be cured by the substitution and any concurrent payment required to be made in connection with such substitution; and (iv) partial prepayments will be permitted in connection with a substitution of collateral for a Mortgage Loan only to the extent permitted in the related Mortgage Documents.

Collateral Substitutions. ‌ (a) If the related Mortgage Documents permit the Borrower to substitute a lien on one or more Multifamily Properties or other Supplemental Collateral for the collateral then securing a Mortgage Loan or MALA, the Master Servicer (or, if permitted by the Servicing Contract, the Primary Servicer) may allow the substitution in accordance with such Mortgage Documents. (b) To the extent that the related Mortgage Documents permit collateral substitutions but do not provide conditions for substitution, the following criteria will apply to any such substitution of collateral:‌collateral: (i) after substitution, the Mortgage Loan will have a debt service coverage ratio not less than the lesser of (A) the underwritten debt service coverage ratio of the Mortgage Loan determined at the time the Mortgage Loan was originated or (B) the debt service coverage ratio of the Mortgage Loan immediately before the substitution; (ii) after substitution, the Mortgage Loan will have a loan-to-value ratio not greater than the greater of (A) the underwritten loan-to-value ratio of the Mortgage Loan determined at the time the Mortgage Loan was originated or (B) the loan-to-value ratio of the Mortgage Loan immediately before the substitution; (iii) no material default has occurred and is continuing under the related Mortgage Documents which default would not be cured by the substitution and any concurrent payment required to be made in connection with such substitution; and (iv) partial prepayments will be permitted in connection with a substitution of collateral for a Mortgage Loan only to the extent permitted in the related Mortgage Documents.