Common use of Consent to Reorganization Clause in Contracts

Consent to Reorganization. As of the Reorganization, and subject to ET's receipt of consent from ET's lenders as set forth on Exhibit 5.2, ET shall be deemed to consent to the Reorganization as defined herein with respect to the impact thereof on the Facility and shall be deemed to waive any right of ET which may arise upon the Reorganization between ET and GMS. Effective as of the consummation of the Reorganization and conditioned upon the receipt of any necessary lender consents and GHC's execution and delivery to ET of a guaranty of the Lease Agreement substantially in the form of Exhibit H to the Master Agreement, ET shall be deemed to have consented to the release of GHV, as a guarantor of the Lease Agreement, and to the replacement of GHV with GHC, as guarantor of the Lease Agreement.

Appears in 2 contracts

Samples: Conveyance and Transfer Agreement (Eldertrust), Conveyance and Transfer Agreement (Eldertrust)

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Consent to Reorganization. As of the Reorganization, and subject to ET's receipt of consent from ET's lenders as set forth on Exhibit 5.2, ET shall be deemed to consent to the Reorganization as defined herein with respect to the impact thereof on the Facility and shall be deemed to waive any right of ET which may arise upon the Reorganization between ET and GMSGHV of WB. Effective as of the consummation of the Reorganization and conditioned upon the receipt of any necessary lender consents and GHC's execution and delivery to ET of a guaranty of the Lease Agreement substantially in the form of Exhibit H to the Master Agreement, ET shall be deemed to have consented to the release of GHV, as a guarantor of the Lease Agreement, and to the replacement of GHV with GHC, as guarantor of the Lease Agreement.

Appears in 1 contract

Samples: Conveyance and Transfer Agreement (Eldertrust)

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Consent to Reorganization. As of the Reorganization, and subject to ET's receipt of consent from ET's lenders as set forth on Exhibit 5.2, ET shall be deemed to consent to the Reorganization as defined herein with respect to the impact thereof on the Facility and shall be deemed to waive any right of ET which may arise upon the Reorganization between ET and GMSMHCC. Effective as of the consummation of the Reorganization and conditioned upon the receipt of any necessary lender consents and GHC's execution and delivery to ET of a guaranty of the Lease Agreement substantially in the form of Exhibit H to the Master Agreement, ET shall be deemed to have consented to the release of GHV, as a guarantor of the Lease Agreement, and to the replacement of GHV with GHC, as guarantor of the Lease Agreement.

Appears in 1 contract

Samples: Conveyance and Transfer Agreement (Eldertrust)

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