Qualified Institutional Lender

Qualified Institutional Lender. (i) any of the Initial Lenders; or (ii) any of the following: (a) a real estate investment trust, bank, savings and loan association, investment bank, insurance company, trust company, commercial credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan, provided that any such Person referred to in this clause (a) satisfies the Eligibility Requirements; (b) an investment company, money management firm or "qualified institutional buyer"... within the meaning of Rule 144A under the Securities Act of 1933, as amended, or an institutional "accredited investor" within the meaning of Regulation D under the Securities Act of 1933, as amended, provided that any such Person referred to in this clause (b) satisfies the Eligibility Requirements; (c) an institution substantially similar to any of the foregoing entities described in clauses (a) or (b) that satisfies the Eligibility Requirements; (d) any entity Controlled by any of the entities described in clauses (a), (b), or (c) above; (e) a Qualified Trustee in connection with the creation of mortgage pass-through certificates backed by, or other securitization of (or portion of), the applicable promissory note (or any participation therein) (any such securitization, "CMBS") or the creation of collateralized debt obligations ("CDO") secured by or financing through an "owner trust" of (or portion of) the applicable promissory note (or any participation therein) (collectively, "Securitization Vehicles"), so long as with respect to any CMBS securitization, the special servicer is a Qualified Servicer or with respect to any CDO, such CDO is rated by two or more nationally recognized statistical rating organizations; provided that, in the case of a CDO, the operative documents of the related Securitization Vehicle require that the "equity interest" in such CDO is owned by one or more entities that are Qualified Institutional Lenders under clauses (a), (b), (c) or (d) of this definition; or (f) an investment fund, limited liability company, limited partnership or general partnership where a Permitted Fund Manager or an entity that is otherwise a Qualified Institutional Lender under clauses (a), (b), (c) or (d) of this definition investing through a fund with committed capital of at least $250,000,000 acts as the general partner, managing member or fund manager and at least 50% of the equity interests in such investment vehicle are owned, directly or indirectly, by one or more entities that are otherwise Qualified Institutional Lenders under clauses (a), (b), (c) or (d) of this definition. For purposes of this definition only, "Control" means the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership interests of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise, and "Controlled" and "Controlling" have the meaning correlative thereto. View More