Lender’s Representation Sample Clauses

Lender’s Representation. Lender acknowledges that Borrower does not have a formal Board of Directors, but rather that the Members operate collectively by consensus. Nonetheless, Lender shall be entitled to have a representative attend all meetings of the Members (whether held telephonically or in person) and to participate therein to the same extent as if the representative were an outside director. Once Reorganized Borrower has been formed, Lender shall be entitled to designate one member of Reorganized Borrower's Board of Directors.

Lender’s Representation. Lender hereby represents to Borrower that: (a) Lender is the holder of the Note, the Mortgage and the other Loan Documents; (b) prior to the execution hereof, the Loan Documents were the only documents evidencing, securing or directly related to the Loan; (c) the maturity of the Note has not been accelerated and to Lender’s knowledge, no Event of Default (as defined in the Mortgage) currently exists, nor, to Lender’s knowledge does any circumstance currently exist to which, with the giving of notice or the passage of time, or both, would constitute an Event of Default; (d) there is no indebtedness owing to Lender or any related parties that is secured by the Mortgage other than the indebtedness secured by the Note; and (e) Lender currently holds the following escrows in connection with the Loan: (i) a tax escrow in the amount of $1,100,006.36 and (ii) furnitures, fixtures and equipment escrow in the amount of $151,785.58. Notwithstanding anything contained herein to the contrary, Lender has been advised that neither Behringer Harvard Opportunity REIT I, Inc., a Maryland corporation (“Behringer”) nor Behringer Harvard Opportunity OP I LP, a Texas limited partnership (“BH Opportunity”) is a special purpose entity, and Lender hereby confirms that the Loan Documents do not require that either Behringer or BH Opportunity be a special purpose entity. Further, Lender agrees that, subject to compliance with Section 2.25 of the Mortgage, the transfer of shares of Behringer shall be permitted under the Loan Documents and shall not constitute an Event of Default.

Lender’s Representation. In connection with a Conversion, Lender agrees to execute and deliver to Borrower, Borrower's standard ▇▇▇▇ ▇f subscription agreement, which wi▇▇ ▇▇▇▇▇in ▇▇▇▇▇▇▇ntations and warranties from Lender, including, without limitation, representations to confirm Lender's status as an "accredited investor" (as defined in the Securities Act of 1933, as amended).