Dear Sir/ Madam,
I’m writing in concern with some issues that people in my area have been facing over the last two weeks when riding the OC Transpo.
I am a full time student attending University of Ottawa and I commute through busing for last three years I’m here in Canada. Till last month, we had...
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Kaur Gurmeet
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Candidate Number:
1
5
9
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Ycomment on the building mortgage
comment on the building mortgage O9E
Dear NRFT,
We only have one comment on the current draft apart from that we are fine with other comments. We propose to delete the concept of additional security and maintain of security value to the amount of loan under paragraph 2 of Clause 5(จ) from both agreements due to the following reasons:
1. We did not previously discuss or agree to provide any additional security. According to the term sheet, we only agree to provide security from assets of BCC II of which we have already provided all assets of BCC II to Lenders as security; thus, there is no other asset of BCC II to be registered as additional security; and
2. In case there is any loss or damage to the mortgaged properties, in practice, there are only 2 scenarios that can occur:
(a) In case there is any loss or damage which occurred from normal usage of mortgaged properties, such loss or damage should not be a ground for Lender to enforce the mortgage or request additional security since (i) the value of mortgaged properties depreciate from normal usage of mortgaged properties and (ii) Lenders' exposure is not equal to the amount of loan throughout the loan life as Lenders' exposure also decrease over the period of time from the Borrower's repayment and development of the Project; and
(b) In case of material loss or damage to the mortgaged properties, such material loss or damage is already covered by insurance. Moreover, if such material loss or damage falls under the scope of Total loss, Lenders can also request Mandatory prepayment under the Credit Facilities Agreement. As Lenders can rely on such mechanic, Lenders should not enforce the mortgage or request additional security.
Please see the snapshot of paragraph 2 of Clause 5(จ) below for your reference.
Dear
NRFT
,
We only
have one comment on the current
draft apart from that we are fine with other comments. We propose to delete the concept of additional
security
and maintain of security
value to the amount of loan under paragraph 2 of Clause 5(จ) from both agreements due to the following reasons:
1. We
did not previously discuss or agree
to provide any additional
security
. According to the term sheet, we only
agree
to provide security
from assets of BCC II of which we have already provided all assets of BCC II to Lenders
as security
; thus
, there is no other asset of BCC II to be registered
as additional
security
; and
2. In case there is any loss
or damage
to the mortgaged properties
, in practice, there are only
2 scenarios that can occur:
(a) In case there is any loss
or damage
which occurred from normal usage of mortgaged properties
, such loss
or damage
should not be a ground for Lender
to enforce the mortgage or request additional
security
since (i) the value of mortgaged properties
depreciate from normal usage of mortgaged properties
and (ii) Lenders' exposure is not equal to the amount of loan throughout the loan life as Lenders' exposure also
decrease over the period of time from the Borrower's repayment and development of the Project; and
(b) In case of material loss
or damage
to the mortgaged properties
, such material loss
or damage
is already covered by insurance. Moreover
, if such material loss
or damage
falls under the scope of Total loss
, Lenders
can also
request Mandatory prepayment under the Credit Facilities Agreement. As Lenders
can rely on such mechanic, Lenders
should not enforce the mortgage or request additional
security.
Please
see
the snapshot of paragraph 2 of Clause 5(จ) below for your reference. Do not write below this line
Official use only
CC
6.0
LR
5.5
GR
6.5
TA
5.5
OVERALL BAND SCORE
6.0
IELTS letter comment on the building mortgage
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NRFT
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