Common use of Repo Market Clause in Contracts

Repo Market. None of the following shall have occurred and/or be continuing: (A) an event or events shall have occurred in the good faith determination of Buyer resulting in the effective absence of a “repo market” or comparable “lending market” for financing debt obligations secured by securities or commercial mortgage loans or an event or events shall have occurred resulting in Buyer not being able to finance Commercial Mortgage Loans through the “repo market” or “lending market” with traditional counterparties at rates which would have been reasonable prior to the occurrence of such event or events; or (B) an event or events shall have occurred resulting in the effective absence of a “securities market” for securities backed by Commercial Mortgage Loans or an event or events shall have occurred resulting in Buyer not being able to sell securities backed by Commercial Mortgage Loans at prices which would have been reasonable prior to such event or events; or (C) there shall have occurred a material adverse change in the financial condition of Buyer which affects (or can reasonably be expected to affect) materially and adversely the ability of Buyer to fund its obligations under this Agreement.

Repo Market. None of the following shall have occurred and/or be continuing: (Aa) an event or events shall have occurred in the good faith determination of Buyer resulting in the effective absence of a “repo market” or comparable “lending market” for financing debt obligations secured by securities or commercial mortgage loans or an event or events shall have occurred resulting in Buyer not being able to finance Commercial Mortgage Loans through the “repo market” or “lending market” with traditional counterparties at rates which would have been reasonable prior to the occurrence of such event or events; or (Bb) an event or events shall have occurred resulting in the effective absence of a “securities market” for securities backed by Commercial Mortgage Loans or an event or events shall have occurred resulting in Buyer not being able to sell securities backed by Commercial Mortgage Loans at prices which would have been reasonable prior to such event or events; or (Cc) there shall have occurred a material adverse change in the financial condition of Buyer which affects (or can reasonably be expected to affect) materially and adversely the ability of Buyer to fund its obligations under this Agreement.