Prohibited Encumbrances. The Borrower agrees that neither the Borrower nor any other member of the Consolidated Group shall (i) create a Lien against any Project other than a single first-priority mortgage or deed of trust, (ii) create a Lien on any Capital Stock or other ownership interests in any member of the Consolidated Group or any Investment Affiliate or (iii) enter into or be subject to any agreement governing any Indebtedness which constitutes a Negative Pledge (other than restrictions on further subordinate Liens on Projects already encumbered by a first-priority mortgage or deed of trust).
Prohibited Encumbrances. Borrower agrees that neither Borrower nor any other member of the Consolidated Group shall (i) create a Lien against any Project other than a single first-priority mortgage or deed of trust, (ii) create a Lien on any Capital Stock or other ownership interests in any member of the Consolidated Group or any Investment Affiliate (other than (A) Liens securing the Facility Obligations as provided herein or (B) Liens against the Capital Stock or other ownership interests in any Subsidiary which owns only one or more Projects encumbered by a Lien permitted under clause (i) of this Section 6.25 in favor of the holder of the Lien against such Project), or (iii) enter into or be subject to any agreement governing any Indebtedness which constitutes a Negative Pledge (other than restrictions on further subordinate Liens on Projects or ownership interests therein permitted to be encumbered under clauses (i) or (ii) of this Section 6.25).
Prohibited Encumbrances. The Borrower agrees that neither the Borrower nor any other members of the Consolidated Group shall (i) create or permit a Lien against any Project other than a single first-priority mortgage, deed to secure debt or deed of trust, (ii) create or permit a Lien on any Capital Stock or other ownership interests in any member of the Consolidated Group or any Investment Affiliate or (iii) enter into or be subject to any agreement governing any Indebtedness which constitutes a “negative pledge”, an unencumbered asset covenant or other similar covenant or restriction which prohibits or limits the ability of Borrower or any other member of the Consolidated Group to sell or create Liens against any Projects (other than restrictions on further subordinate Liens on Projects already encumbered by a first-priority mortgage, deed to secure debt or deed of trust).
Prohibited Encumbrances. The Borrower agrees that neither the Borrower nor any other members of the Consolidated Group shall (i) create or permit a Lien against any Project other than a single first-priority mortgage, deed to secure debt or deed of trust, (ii) create or permit a Lien on any Capital Stock or other ownership interests in any member of the Consolidated Group or any Investment Affiliate (other than the Liens against the Collateral created under the Loan Documents) or (iii) enter into or be subject to any agreement governing any Indebtedness which constitutes a “negative pledge”, an unencumbered asset covenant or other similar covenant or restriction which prohibits or limits the ability of Borrower or any other member of the Consolidated Group to sell or create Liens against any Projects (other than restrictions on further subordinate Liens on Projects already encumbered by a first-priority mortgage, deed to secure debt or deed of trust).
Prohibited Encumbrances. Except as permitted in Section 0 below, Master Tenant shall not:
Prohibited Encumbrances. The Borrower agrees that neither the Borrower nor any other member of the Consolidated Group shall (i) create a Lien against any Project other than a single first-priority mortgage or deed of trust, (ii) create a Lien on any Capital Stock or other ownership interests in any member of the Consolidated Group or any Investment Affiliate or (iii) enter into or be subject to any agreement governing any Indebtedness which constitutes a "negative pledge", an unencumbered asset covenant or other similar covenant or restriction which prohibits or limits the ability of Borrower or any member of the Consolidated Group to sell or create Liens against any Projects (other than restrictions on further subordinate Liens on Projects already encumbered by a first-priority mortgage or deed of trust). DEFAULTS The occurrence of any one or more of the following events shall constitute a Default: Nonpayment of any principal payment on any Note when due. Nonpayment of interest upon any Note or of any facility fee or other payment Obligations under any of the Loan Documents within five (5) Business Days after the same becomes due. The breach of any of the terms or provisions of Sections 6.2 through 6.21 and 6.23 through 6.26. Any representation or warranty made or deemed made by or on behalf of the Borrower or any of its Subsidiaries to the Lenders or the Administrative Agent under or in connection with this Agreement, any Loan, or any material certificate or information delivered in connection with this Agreement or any other Loan Document shall be materially false on the date as of which made. The breach by the Borrower (other than a breach which constitutes a Default under Section 7.1, 7.2, 7.3 or 7.4) of any of the terms or provisions of this Agreement which is not remedied within five (5) days after written notice from the Administrative Agent or any Lender. Failure of the Borrower or any of its Subsidiaries to pay when due any Recourse Indebtedness,regardless of amount, or any other such Indebtedness in excess of $5,000,000 in the aggregate (collectively, "Material Indebtedness"); or the default by the Borrower or any of its Subsidiaries in the performance of any term, provision or condition contained in any agreement, or any other event shall occur or condition exist, which causes or permits any such Material Indebtedness to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the stated maturity thereof (provided that the fai...
Prohibited Encumbrances. Lessee shall not place, or allow to be placed, any lien or other encumbrances on this Lease, the Leased Premises, or the Development.
Prohibited Encumbrances. Borrower agrees that neither Borrower nor any other member of the Consolidated Group shall (i) create a Lien against any Project other than a single first-priority mortgage or deed of trust, (ii) create a Lien on any Capital Stock or other ownership interests in any member of the Consolidated Group or any Investment Affiliate (other than (A) Liens securing the Facility Obligations as provided herein or (B) Liens against the Capital Stock or other ownership interests in any Subsidiary which owns only one or more Projects encumbered by a Lien permitted under clause (i) of this Section 6.25 in favor of the holder of the Lien against such Project), or (iii) enter into or be subject to any agreement governing any Indebtedness which constitutes a Negative Pledge (other than restrictions on further subordinate Liens on Projects or ownership interests therein permitted to be encumbered under clauses (i) or (ii) of this Section 6.25). Notwithstanding clause (ii) of the preceding sentence, Borrower shall be permitted to grant such Liens on its ownership interests in the two members of the Consolidated Group that own two Projects located in Miami, Florida, located on 00xx Xxxxxx and on 60th Avenue, even though the secured party thereunder does not also hold a first mortgage on such Projects.
Prohibited Encumbrances. Prohibited Encumbrances" means, and is limited to, Liens encumbering the Leased Property that are asserted (1) other than as contemplated by this Lease or the Purchase Documents by Landlord itself, (2) by third parties lawfully claiming through or under Landlord (which for purposes of this Lease shall include any judgment lien established against the Leased Property because of a judgment rendered against Landlord and shall also include any lien established against the Leased Property to secure past due Excluded Taxes), or (3) by third parties claiming under a deed or other instrument duly executed by Landlord; provided, however, Prohibited Encumbrances shall not include (A) any Permitted Encumbrances (regardless of whether claimed through or under Landlord), (B) this Lease, the Purchase Documents or any other document executed by Landlord contemporaneously with the execution of this Lease, (C) Liens which are neither lawfully claimed through or under Landlord (as described above) nor claimed under a deed or other instrument duly executed by Landlord, (D) Liens claimed by, through or under Tenant, (E) Liens arising because of Landlord's compliance or good faith attempt to comply with Applicable Law, the Existing Agreement, subparagraph 9.(b) below or any request made by Tenant, (F) Liens securing the payment of property taxes or other amounts assessed against the Leased Property by any governmental authority, other than to secure the payment of Excluded Taxes which Landlord owes but has failed to pay or damages caused by (and attributed by any applicable principles of comparative fault to) Landlord's own Misconduct, or (G) Liens arising because of any breach by Tenant of this Lease or the Purchase Documents.
Prohibited Encumbrances. Section 6.25 of the Credit Agreement shall be amended as of the Amendment Effective Date by adding the following sentence at the end thereof: “Notwithstanding clause (ii) of the preceding sentence, Borrower shall be permitted to grant such Liens on its ownership interests in the two members of the Consolidated Group that own two Projects located in Miami, Florida, located on 00xx Xxxxxx and on 60th Avenue, even though the secured party thereunder does not also hold a first mortgage on such Projects.”
