Common use of NBA Membership Clause in Contracts

NBA Membership. (a) The Borrower beneficially owns and holds a Membership in the NBA to operate in New York City. All of the material rights, properties and assets necessary in connection with owning and operating a Membership (excluding any Non-Core Collateral) are owned by the Borrower. (b) The Membership of the Borrower is in full force and effect, and the Borrower is in material compliance with all requirements imposed by the NBA on the operation and status of such Membership pursuant to the Membership Documents and the NBA Constitution, except for any noncompliance that would not reasonably be expected to have a Material Adverse Effect. (c) All of the provisions of the NBA Constitution (other than the NBA Agreements), including any amendments thereto adopted from time to time, all operative NBA or NBA Board of Governors resolutions and such other rules, policies or interpretations as the NBA Board of Governors or the Commissioner may issue from time to time that are within the issuing party’s jurisdiction, are, to the extent permitted by applicable law, unless the same by their terms are not applicable to the Borrower, binding and enforceable against the Borrower in the operation of its Membership, subject to bankruptcy, insolvency, moratorium or other laws affecting creditors’ rights generally and to general principles of equity.

NBA Membership. (a) The Borrower beneficially owns and holds a Membership in the NBA to operate in New York City. All of the material rights, properties and assets necessary in connection with owning and operating a Membership (excluding any Non-Core Collateral) are owned by the Borrower. (b) The Membership of the Borrower is in full force and effect, and the Borrower is in material compliance with all requirements imposed by the NBA on the operation and status of such Membership pursuant to the Membership Documents and the NBA Constitution, except for any noncompliance that would not reasonably be expected to have a Material Adverse Effect. (c) All of the provisions of the NBA Constitution (other than the NBA Agreements), including any amendments thereto adopted from time to time, all operative NBA or NBA Board of Governors resolutions and such other rules, policies or interpretations as the NBA Board of Governors or the Commissioner may issue from time to time that are within the issuing party’s jurisdiction, are, to the extent permitted by applicable lawlawLaw, unless the same by their terms are not applicable to the Borrower, binding and enforceable against the Borrower in the operation of its Membership, subject to bankruptcy, insolvency, moratorium or other laws lawsLaws affecting creditors’ rights generally and to general principles of equity.