PROHIBITION ON SUBORDINATE FINANCING. Borrower shall not incur or permit the incurring of (i) any financing in addition to the Loan that is secured by a lien, security interest or other encumbrance of any part of the Property or (ii) any pledge or encumbrance of any beneficial interest in Borrower.
PROHIBITION ON SUBORDINATE FINANCING. Except as and to the extent expressly permitted in Section 10.6, Trustor shall not incur or permit the incurring of (i) any financing in addition to the Loan that is secured by a lien, security interest or other encumbrance of any part of the Property or (ii) any pledge or encumbrance of a partnership, member or shareholder or beneficial interest in Trustor.
PROHIBITION ON SUBORDINATE FINANCING. Except as and to the extent expressly permitted in Section 10.4 or Section 10.6, Affiliated Guarantor shall not incur or permit the incurring of (i) any financing in addition to the St. Xxxxxxx Loan and Affiliated Guaranty that is secured by a lien, security interest or other encumbrance of any part of the St. Xxxxxxx Property or (ii) any pledge or encumbrance of a partnership, member or shareholder or beneficial interest in Affiliated Guarantor.
PROHIBITION ON SUBORDINATE FINANCING. Grantor sxxxx not incur or permit the incurring of (i) any financing in addition to the Loan that is secured by a lien, security interest or other encumbrance of any part of the Property or (ii) any pledge or encumbrance of a partnership, member or shareholder or beneficial interest in Grantor ("Secondary Financing").
PROHIBITION ON SUBORDINATE FINANCING. (a) Except as set forth below in this Section, Grantor shall not incur or permit the incurring of (i) any financing (other than equipment leases) in addition to the Loan that is secured by a lien, security interest or other encumbrance of any part of the Property or (ii) any pledge or encumbrance of any constituent who is a controlling member of Grantor of its interest in Grantor.
(b) Notwithstanding the foregoing, Beacon Lender shall be permitted to hold the Subordinate Loan (as such term is defined in that certain Subordination and Standstill Agreement of even date herewith (the “Standstill Agreement”) by and among Grantor, Beneficiary, and Beacon Lender, which is being recorded concurrently herewith), subject to all of the terms and provisions of the Standstill Agreement
PROHIBITION ON SUBORDINATE FINANCING. Borrowers shall not incur or permit the incurring of (a) any financing in addition to the Aggregate Secured Indebtedness that is secured by a lien, security interest or other encumbrance of any part of the Properties or (b) any pledge or encumbrance of a partnership, member or shareholder or beneficial interest in any Borrower (individually or collectively, a "SECONDARY FINANCING").
PROHIBITION ON SUBORDINATE FINANCING. 20 SECTION 10.03
PROHIBITION ON SUBORDINATE FINANCING. Grantor shall not incur or ------------------------------------- permit the incurring of any financing in addition to the Loan that is secured by a lien, security interest or other encumbrance of any part of the Property .
PROHIBITION ON SUBORDINATE FINANCING. (a) Except as specifically set forth in Section 10.02(b) below, Borrower shall not incur or permit the incurring of (i) any financing in addition to the Loan that is secured by a lien, security interest or other encumbrance of any part of the Property or (ii) any pledge or encumbrance of a partnership, member or shareholder or beneficial interest in Borrower.
(b) As used herein “Mezzanine Financing” shall mean any loan to a shareholder, member or partner in Borrower (currently, Wells Chicago Center which is Borrower’s sole member) secured by a pledge of or security interest in such shareholder’s, member’s or partner’s, as applicable, beneficial interest in Borrower. Mezzanine Financing shall be permitted in connection with a permitted Transfer as set forth in Section 10.01(d) if and only if Lender shall have been provided with a first opportunity to offer such Mezzanine Financing and Borrower has otherwise complied with the terms and conditions of this Section 10.02
PROHIBITION ON SUBORDINATE FINANCING. Grantor shall not incur or permit the incurring of (a) any financing in addition to the Loan that is secured by a lien, security interest or other encumbrance of any part of the Property or (b) any pledge or encumbrance of a partnership, member or shareholder or beneficial interest in Grantor. Notwithstanding the foregoing, the Property may be encumbered with the lien of the existing loan to Allied (the "SECONDARY FINANCING"), pursuant to that certain Deed of Trust and Security Agreement "B"
(1) Allied shall continue, at all times, to be the holder of the Secondary Financing; (2) the aggregate indebtedness, including without limitation principal and interest, secured by the Secondary Financing shall not exceed $200,000; and (3) such Secondary Financing shall be subject and subordinate to the Loan in all respects and Allied shall not be permitted to exercise any of its remedies against Grantor, the Liable Parties, the Property or any tenant of the property without the prior written consent of Beneficiary. The Secondary Financing shall be subject to the terms of the Subordination Agreement between Allied and Beneficiary dated as of even date herewith.
