LESS THAN $15,000,000.
(III)
THE SELLER SHALL NOT PERMIT THE RATIO OF TOTAL INDEBTEDNESS TO
TANGIBLE NET WORTH TO EXCEED 4:1.
O)
RESTRICTED PAYMENTS.
THE SELLER SHALL NOT MAKE ANY RESTRICTED
PAYMENTS FOLLOWING AN EVENT OF DEFAULT.
P)
SERVICING TRANSMISSION.
THE SELLER SHALL PROVIDE TO THE AGENT TWO
(2) BUSINESS DAYS PRIOR TO EACH REPURCHASE DATE (I) THE SERVICING TRANSMISSION,
WITH RESPECT TO THE MORTGAGED PROPERTIES SERVICED UNDER THE CUSTODY AND
SERVICING AGREEMENT BY THE SERVICER WHICH WERE A PART OF THE PURCHASED ASSETS
PRIOR TO THE FIRST DAY OF THE CURRENT MONTH, SUMMARIZING THE SERVICER'S
DELINQUENCY AND LOSS EXPERIENCE WITH RESPECT TO MORTGAGED PROPERTIES SERVICED BY
THE SERVICER (INCLUDING, IN THE CASE OF THE MORTGAGED PROPERTIES AND,
SPECIFICALLY, THE TRIPLE NET LEASES THEREOF, THE FOLLOWING CATEGORIES:
CURRENT,
30-59, 60-89, 90-119, 120-149 AND 150+ DAYS DELINQUENT) AND (II) ANY OTHER
INFORMATION REASONABLY REQUESTED BY THE AGENT WITH RESPECT TO THE MORTGAGED
PROPERTIES. THE SERVICER SHALL ALSO INCLUDE IN THE SERVICING TRANSMISSION SUCH
INFORMATION RELATING TO THE SERVICING OF THE PURCHASED ASSETS AS MAY BE REQUIRED
BY THE AGENT UNDER THE CUSTODY AND SERVICING AGREEMENT.
Q)
NO AMENDMENT OR WAIVER.
WITHOUT THE CONSENT OF THE AGENT, THE
SELLER WILL NOT, NOR WILL IT PERMIT OR ALLOW OTHERS TO AMEND, MODIFY, TERMINATE
OR WAIVE ANY PROVISION OF ANY MASTER LOAN AGREEMENT, NOTE OR OTHER LOAN DOCUMENT
RELATED TO A PURCHASED ASSET IN ANY MANNER WHICH SHALL REASONABLY BE EXPECTED TO
MATERIALLY AND ADVERSELY AFFECT THE VALUE OF SUCH PURCHASED ASSET AS COLLATERAL.
35
R)
MAINTENANCE OF PROPERTY; INSURANCE.
THE SELLER SHALL KEEP OR
CAUSE THE RELATED OPERATOR OF THE MORTGAGED PROPERTIES TO KEEP THE RELATED
MORTGAGED PROPERTY IN GOOD WORKING ORDER AND CONDITION.
THE SELLER SHALL
MAINTAIN OR CAUSE THE RELATED NET LEASE BORROWER, OR THE RELATED TENANT UNDER A
TRIPLE NET LEASE AS OPERATOR OF THE MORTGAGED PROPERTY, TO MAINTAIN THE
INSURANCE IN FORM AND AMOUNT AS REQUIRED UNDER THE RELATED TRIPLE NET LEASE AND
SHALL NOT REDUCE SUCH COVERAGE WITHOUT THE WRITTEN CONSENT OF THE AGENT, AND
SHALL ALSO MAINTAIN OR CAUSE
THE RELATED NET LEASE BORROWER OR THE RELATED
TENANT TO MAINTAIN SUCH INSURANCE WITH FINANCIALLY SOUND AND REPUTABLE INSURANCE
COMPANIES, AND WITH RESPECT TO PROPERTY AND RISKS OF A CHARACTER USUALLY
MAINTAINED BY ENTITIES ENGAGED IN THE SAME OR SIMILAR BUSINESS SIMILARLY
SITUATED, AGAINST LOSS, DAMAGE AND LIABILITY OF THE KINDS AND IN THE AMOUNTS
CUSTOMARILY MAINTAINED BY SUCH ENTITIES.
SELLER SHALL DELIVER TO THE AGENT
MONTHLY OR UPON REASONABLE REQUEST A REPORT IN A FORM SATISFACTORY TO THE AGENT
WHICH SHALL SET FORTH THE INSURANCE IN EFFECT AT THE TIME OF DELIVERY THEREOF.
S)
FURTHER IDENTIFICATION OF COLLATERAL.
THE SELLER WILL FURNISH TO
THE AGENT FROM TIME TO TIME STATEMENTS AND SCHEDULES FURTHER IDENTIFYING AND
DESCRIBING THE PURCHASED ASSETS AND SUCH OTHER REPORTS IN CONNECTION WITH THE
PURCHASED ASSETS AS THE AGENT MAY REASONABLY REQUEST, ALL IN REASONABLE DETAIL.
T)
PURCHASED ASSET DETERMINED TO BE DEFECTIVE.
UPON DISCOVERY BY
THE SELLER OF ANY BREACH OF ANY