Execution and Amendment of Project Documents. Borrower represents and warrants that, as of the date hereof, the documents identified in the definition of “Project Documents” are the only agreements (other than the Loan Documents) relating to the ownership, financing, development or operation of the Facility to which Borrower or Facility Lessee is a party or beneficiary. Borrower shall not enter into any other Project Document, or alter, amend or change in any respect, or terminate or cancel, any Project Document, in each case without obtaining Administrative Agent’s prior written consent. Administrative Agent may require, as a condition to its approval of a Project Document hereafter entered into, the execution by the contracting party of an agreement, in form and substance reasonably acceptable to Administrative Agent, whereby said contracting party (i) acknowledges the provisions of this Section 5.01, (ii) subordinates its claims against Borrower to payment in full of the Obligations and to the rights of Administrative Agent under the Loan Documents and (iii) agrees that upon the occurrence and during the continuance of a Default, Administrative Agent has the right (but not the obligation) to enforce Borrower’s rights under the subject Project Document and/or to terminate the subject Project Document.
Execution and Amendment of Project Documents. Borrower represents and warrants that, as of the date hereof, the only Project Documents in existence are the Property Management Agreement. Borrower shall not enter into any other Project Document or Swap Agreement, or alter, amend or change in any material respect, or terminate or cancel, any Project Document or Swap Agreement, in each case without obtaining Lender’s prior written consent. Lender may require, as a condition to its approval of a Project Document or Swap Agreement, the execution by the contracting party of an agreement, in form and substance acceptable to Lender, whereby said contracting party (i) acknowledges the provisions of this Section 5.03, (ii) subordinates its claims against Borrower to payment in full of the Obligations and to the rights of Lender under the Loan Documents and (iii) agrees that upon the occurrence and during the continuance of a Default, Lender has the right (but not the obligation) to terminate the subject Project Document.
Execution and Amendment of Project Documents. Except as expressly permitted in this Agreement or any other Loan Documents, no Borrower shall enter into any new Project Document or Swap Agreement, or alter, amend or change in any material respect, or terminate or cancel, any Project Document or Swap Agreement, in each case without obtaining Administrative Agent's prior written consent (not to be withheld, conditioned or delayed unreasonably). Administrative Agent may require, as a condition to its approval of such Project Document or Swap Agreement, the execution by the contracting party of an agreement, in form and substance reasonably acceptable to Administrative Agent, whereby said contracting party (i) acknowledges the provisions of this Section 5.03, (ii) subordinates its claims against Borrower to payment in full of the Obligations and to the rights of Administrative Agent under the Loan Documents and (iii) agrees that upon the occurrence and during the continuance of a Default, Administrative Agent has the right (but not the obligation) to terminate the subject Project Document. Notwithstanding anything to the contrary herein or any other Loan Documents, the Borrowers shall have the right to terminate the existing Property Manager, and the Bank approves of any of the following, as Borrower's new Property Manager: (i) CB Xxxxxxx Xxxxx, Inc., a Delaware corporation; (ii) PM Realty Group, L.P.; (iii) Transwestern; (iv) Xxxxx Lang LaSalle; (v) Xxxxxxx Xxxxxx; (vi) Xxxxxxx and Wakefield; and (vii) Xxxxx.
Execution and Amendment of Project Documents. Borrower represents and warrants that, as of the date hereof, the only Project Documents in existence is the Property Management Agreement and there are no Swap Agreements in existence. Borrower shall not enter into any other Project Document or Swap Agreement, or alter, amend or change in any material respect, or terminate or cancel, any Project Document or Swap Agreement, in each case without obtaining Administrative Agent’s prior written consent. Administrative Agent may require, as a condition to its approval of a Project Document or Swap Agreement, the execution by the contracting party of an agreement, in form and substance acceptable to Administrative Agent, whereby said contracting party (i) acknowledges the provisions of this Section 5.03, (ii) subordinates its claims against Borrower to payment in full of the Obligations and to the rights of Administrative Agent under the Loan Documents and (iii) agrees that upon the occurrence and during the continuance of a Default, Administrative Agent has the right (but not the obligation) to terminate the subject Project Document.
Execution and Amendment of Project Documents. Borrower shall not enter into any other Project Document, or materially alter, amend or change, or terminate or cancel, any Project Document, in each case without obtaining Agent’s prior written consent. Agent may require, as a condition to its approval of a Project Document, the execution by the contracting party of an agreement, in form and substance reasonably acceptable to Agent, whereby said contracting party (i) acknowledges the provisions of this Section 8.32, (ii) subordinates its claims against Borrower to payment in full of the obligations under the Loan Documents and to the rights of Agent under the Loan Documents and (iii) agrees that upon the L’Auberge de Sonoma - 45 - Building Loan Agreement/Disbursement Schedule occurrence and during the continuance of an Event of Default, Agent has the right (but not the obligation) to terminate the subject Project Document.
