Replacement Key Principal Sample Clauses

Replacement Key Principal. ‌ Upon the expiration of the Operating Deficit Guaranty Period (as defined in the Operating Agreement), DMA RBJ II, LLC, a Texas limited liability company (Special Member of the Borrower) (or an affiliate thereof acceptable to Permanent Lender in its sole discretion) hereby agrees to be bound as Key Principal under this Agreement and the other Permanent Loan Documents, and DMA Development Company, LLC, in its role as Key Principal hereunder and thereunder, shall be released from this Agreement and the other Permanent Loan Documents, and its obligations hereunder and thereunder shall terminate; provided, however, the foregoing shall not release DMA Development Company, LLC from any of its obligations as Key Principal that accrued under this Agreement and/or the other Permanent Loan Documents prior to the expiration of the Operating Deficit Guaranty Period, nor from any obligations arising from its fraud or intentional misconduct.
Sample 1
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Related to Replacement Key Principal

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