Common use of Recitals; Representations; Reaffirmation of Loan Clause in Contracts

Recitals; Representations; Reaffirmation of Loan. The foregoing recitals are true and correct and are incorporated herein by this reference. As of the Effective Date (as defined in Section 6 below), each Borrower hereby represents and warrants to Agent and the Lenders that, no Event of Default has occurred and is continuing and to Borrower's knowledge, no condition has occurred and is continuing that, with notice or the passage of time or both, would constitute an Event of Default. Each Borrower hereby reaffirms all of its obligations under the Loan Documents and relating to any Swap Contracts, and acknowledges that it has no claims, offsets or defenses with respect to the payment of sums due under the Loan Agreement, the Notes or under any Swap Contracts. Without limiting the foregoing, each Borrower reaffirms Agent's right, following the occurrence and during the continuance of any Event of Default, to apply any and all payments made by Borrower or otherwise received by Agent or the Lenders with respect to the Loan and any Swap Contracts between a Borrower and any one or more Lenders, including without limitation all proceeds received from the sale or liquidation of any collateral, to the obligations owing by Borrower under the Loan Documents and Swap Contracts in such order and manner deemed appropriate by Agent in Agent's sole discretion (subject to any consent rights of the Lenders set forth in Section 1.14 of the Loan Agreement), and each Borrower acknowledges that it shall have no right to direct Agent as to such application or designate the portion of the obligation to be satisfied.

Appears in 2 contracts

Samples: Second Modification and Additional Advance Agreement (KBS Real Estate Investment Trust III, Inc.), First Modification Agreement (KBS Real Estate Investment Trust III, Inc.)

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Recitals; Representations; Reaffirmation of Loan. The parties hereto acknowledge and agree that the foregoing recitals are true and correct and are incorporated herein by this reference. As of the Effective Date (as defined in Section 6 below), each Borrower Borrowers hereby represents represent and warrants warrant to Agent and the Lenders that, except as otherwise disclosed to Agent in writing, (a) no Event of Default has occurred and is continuing and to Borrower's knowledge, no condition has occurred and is continuing that, with notice or the passage of time or both, would constitute an Event of Default, and (b) all representations and warranties of Borrowers in this Agreement and the other Loan Documents (as amended by this Agreement) are true and correct in all material respects and shall survive the execution of this Agreement. Each Borrower hereby reaffirms Borrowers reaffirm all of its their obligations under the Loan Documents and relating to any Swap Contracts, and acknowledges Borrowers acknowledge that it has they have no claims, offsets or defenses with respect to the payment of sums due under the Loan Agreement, the Notes Note or under any Swap Contracts. Without limiting the foregoing, each Borrower reaffirms Borrowers reaffirm Agent's ’s right, following the occurrence and during the continuance of any Event of Default, to apply any and all payments made by Borrower Borrowers or otherwise received by Agent or the Lenders with respect to the Loan and any Swap Contracts between a Borrower and any one or more Borrowers and Lenders, including without limitation all proceeds received from the sale or liquidation of any collateral, to the obligations owing by Borrower Borrowers under the Loan Documents and Swap Contracts in such order and manner deemed appropriate by Agent in Agent's ’s sole discretion (subject to any consent rights of the Lenders set forth in Section 1.14 of the Loan Agreement)discretion, and each Borrower acknowledges Borrowers acknowledge that it they shall have no right to direct Agent as to such application or designate the portion of the obligation to be satisfied.

Appears in 2 contracts

Samples: Third Modification and Additional Advance Agreement, And Additional Advance Agreement (KBS Real Estate Investment Trust III, Inc.)

Recitals; Representations; Reaffirmation of Loan. The foregoing recitals are true and correct and are incorporated herein by this reference. As of the Effective Date (as defined in Section 6 below), each Borrower hereby represents and warrants to Agent and the Lenders that, no Event of Default has occurred and is continuing and to Borrower's knowledge, no condition has occurred and is continuing that, with notice or the passage of time or both, would constitute an Event of Default. Each Borrower hereby reaffirms all of its obligations under the Loan Documents and relating to any Lender-Provided Swap ContractsTransactions, and acknowledges that it has no claims, offsets or defenses with respect to the payment of sums due under the Loan Agreement, the Notes or under any Lender-Provided Swap ContractsTransactions. Without limiting the foregoing, each Borrower reaffirms Agent's right, following the occurrence and during the continuance of any Event of Default, to apply any and all payments made by Borrower or otherwise received by Agent or the Lenders with respect to the Loan and any Lender-Provided Swap Contracts between a Borrower and any one or more LendersTransaction, including without limitation all proceeds received from the sale or liquidation of any collateral, to the obligations owing by Borrower under the Loan Documents and Lender-Provided Swap Contracts Transactions in such order and manner deemed appropriate by Agent in Agent's sole discretion (subject to any consent rights of the Lenders set forth in Section 1.14 of the Loan Agreement)discretion, and each Borrower acknowledges that it shall have no right to direct Agent as to such application or designate the portion of the obligation to be satisfied.

Appears in 1 contract

Samples: Modification and Additional Advance Agreement (KBS Real Estate Investment Trust III, Inc.)

Recitals; Representations; Reaffirmation of Loan. The foregoing recitals are true and correct and are incorporated herein by this reference. As of the Effective Date (as defined in Section 6 7 below), each Borrower hereby represents and warrants to Agent and the Lenders that, no Event of Default has occurred and is continuing and to Borrower's ’s knowledge, no condition has occurred and is continuing that, with notice or the passage of time or both, would constitute an Event of Default. Each Borrower hereby reaffirms all of its obligations under the Loan Documents and relating to any Lender-Provided Swap ContractsTransactions, and acknowledges that it has no claims, offsets or defenses with respect to the payment of sums due under the Loan Agreement, the Notes or under any Lender-Provided Swap ContractsTransactions. Without limiting the foregoing, each Borrower Xxxxxxxx reaffirms Agent's ’s right, following the occurrence and during the continuance of any Event of Default, to apply any and all payments made by Borrower or otherwise received by Agent or the Lenders with respect to the Loan and any Lender-Provided Swap Contracts between a Borrower and any one or more LendersTransaction, including without limitation all proceeds received from the sale or liquidation of any collateral, to the obligations owing by Borrower under the Loan Documents and Lender-Provided Swap Contracts Transactions in such order and manner deemed appropriate by Agent in Agent's ’s sole discretion (subject to any consent rights of the Lenders set forth in Section 1.14 of the Loan Agreement)discretion, and each Borrower Xxxxxxxx acknowledges that it shall have no right to direct Agent as to such application or designate the portion of the obligation to be satisfied.

Appears in 1 contract

Samples: Second Modification Agreement (KBS Real Estate Investment Trust III, Inc.)

Recitals; Representations; Reaffirmation of Loan. The foregoing recitals are true and correct and are incorporated herein by this reference. As of the Effective Date (as defined in Section 6 7 below), each Borrower hereby represents and warrants to Agent and the Lenders that, no Event of Default has occurred and is continuing and to such Borrower's knowledge, no condition has occurred and is continuing that, with notice or the passage of time or both, would constitute an Event of Default. Each Borrower hereby reaffirms all of its obligations under the Loan Documents and relating to any Lender- Provided Swap ContractsTransactions, and acknowledges that it has no claims, offsets or defenses with respect to the payment of sums due under the Loan Agreement, the Notes or under any Lender-Provided Swap ContractsTransactions. Without limiting the foregoing, each Borrower reaffirms Agent's right, following the occurrence and during the continuance of any Event of Default, to apply any and all payments made by a Borrower or otherwise received by Agent or the Lenders with respect to the Loan and any Lender- Provided Swap Contracts between a Borrower and any one or more LendersTransaction, including without limitation all proceeds received from the sale or liquidation of any collateral, to the obligations owing by a Borrower under the Loan Documents and Lender-Provided Swap Contracts Transactions in such order and manner deemed appropriate by Agent in Agent's sole discretion (subject to any consent rights of the Lenders set forth in Section 1.14 of the Loan Agreement)discretion, and each Borrower acknowledges that it shall have no right to direct Agent as to such application or designate the portion of the obligation to be satisfied.

Appears in 1 contract

Samples: Second Modification Agreement (KBS Real Estate Investment Trust III, Inc.)

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Recitals; Representations; Reaffirmation of Loan. The parties hereto acknowledge and agree that the foregoing recitals are true and correct and are incorporated herein by this reference. As of the Effective Date (as defined in Section 6 below), each Borrower Borrowers hereby represents represent and warrants warrant to Agent and the Lenders that, except as otherwise disclosed to Agent in writing, (a) no Event of Default has occurred and is continuing and to Borrower's knowledge, no condition has occurred and is continuing that, with notice or the passage of time or both, would constitute an Event of Default, and (b) all representations and warranties of Borrowers in this Agreement and the other Loan Documents (as amended by this Agreement) are true and correct in all material respects and shall survive the execution of this Agreement. Each Borrower hereby reaffirms Borrowers reaffirm all of its their obligations under the Loan Documents and relating to any Swap Contracts, and acknowledges Borrowers acknowledge that it has they have no claims, offsets or defenses with respect to the payment of sums due under the Loan Agreement, the Notes Note or under any Swap Contracts. Without limiting the foregoing, each Borrower reaffirms Borrowers reaffirm Agent's right, following the occurrence and during the continuance of any Event of Default, to apply any and all payments made by Borrower Borrowers or otherwise received by Agent or the Lenders with respect to the Loan and any Swap Contracts between a Borrower and any one or more Borrowers and Lenders, including without limitation all proceeds received from the sale or liquidation of any collateral, to the obligations owing by Borrower Borrowers under the Loan Documents and Swap Contracts in such order and manner deemed appropriate by Agent in Agent's sole discretion (subject to any consent rights of the Lenders set forth in Section 1.14 of the Loan Agreement)discretion, and each Borrower acknowledges Borrowers acknowledge that it they shall have no right to direct Agent as to such application or designate the portion of the obligation to be satisfied.

Appears in 1 contract

Samples: Additional Advance and Modification Agreement (KBS Real Estate Investment Trust III, Inc.)

Recitals; Representations; Reaffirmation of Loan. The foregoing recitals are true and correct and are incorporated herein by this reference. As of the Effective Date (as defined in Section 6 7 below), each Borrower hereby represents and warrants to Agent and the Lenders that, no Event of Default has occurred and is continuing and to Borrower's knowledge, no condition has occurred and is continuing that, with notice or the passage of time or both, would constitute an Event of Default. Each Borrower hereby reaffirms all of its obligations under the Loan Documents and relating to any Lender-Provided Swap ContractsTransactions, and acknowledges that it has no claims, offsets or defenses with respect to the payment of sums due under the Loan Agreement, the Notes or under any Lender-Provided Swap ContractsTransactions. Without limiting the foregoing, each Borrower reaffirms Agent's right, following the occurrence and during the continuance of any Event of Default, to apply any and all payments made by Borrower or otherwise received by Agent or the Lenders with respect to the Loan and any Lender-Provided Swap Contracts between a Borrower and any one or more LendersTransaction, including without limitation all proceeds received from the sale or liquidation of any collateral, to the obligations owing by Borrower under the Loan Documents and Lender-Provided Swap Contracts Transactions in such order and manner deemed appropriate by Agent in Agent's sole discretion (subject to any consent rights of the Lenders set forth in Section 1.14 of the Loan Agreement)discretion, and each Borrower Xxxxxxxx acknowledges that it shall have no right to direct Agent as to such application or designate the portion of the obligation to be satisfied.

Appears in 1 contract

Samples: First Modification Agreement (KBS Real Estate Investment Trust III, Inc.)

Recitals; Representations; Reaffirmation of Loan. The foregoing recitals are true and correct and are incorporated herein by this reference. As of the Effective Date (as defined in Section 6 below), each Borrower hereby represents and warrants to Agent and the Lenders that, no Event of Default has occurred and is continuing and to such Borrower's ’s knowledge, no condition has occurred and is continuing that, with notice or the passage of time or both, would constitute an Event of Default, except for facts and circumstances of which Administrative Agent has actual knowledge as of the date of this Agreement. Each Borrower hereby reaffirms all of its obligations under the Loan Documents and relating to any Lender-Provided Swap ContractsTransactions, and acknowledges that it has no claims, offsets or defenses with respect to the payment of sums due under the Loan Agreement, the Notes or under any Lender- 0YWK-279636 Provided Swap ContractsTransactions. Without limiting the foregoing, each Borrower reaffirms Agent's ’s right, following the occurrence and during the continuance of any Event of Default, to apply any and all payments made by a Borrower or otherwise received by Agent or the Lenders with respect to the Loan and any Lender-Provided Swap Contracts between a Borrower and any one or more LendersTransaction, including without limitation all proceeds received from the sale or liquidation of any collateral, to the obligations owing by a Borrower under the Loan Documents and Lender-Provided Swap Contracts Transactions in such order and manner deemed appropriate by Agent in Agent's ’s sole discretion (subject to any consent rights of the Lenders set forth in Section 1.14 of the Loan Agreement)discretion, and each Borrower acknowledges that it shall have no right to direct Agent as to such application or designate the portion of the obligation to be satisfied.

Appears in 1 contract

Samples: Advance and Third Modification Agreement (KBS Real Estate Investment Trust III, Inc.)

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