Rights of Borrower. Until there has been an Event of Default and the Secured Party has elected to accelerate indebtedness, the Borrower shall continue to exercise all rights under the Collateral and shall be entitled to all benefits as the owner of the Collateral with the same force and effect if the Borrower had not pledged the stock and assigned the Proprietary Lease to the Secured Party. The Borrower shall be exclusively responsible for the actions or inaction of the Corporation; and performance of all the terms covenants and conditions of the Proprietary Lease to be performed and the Secured Party shall have no responsibility whatsoever thereunder and shall under no circumstances be deemed the Lessee of the Apartment for any purpose. The Secured Party shall, however, be entitled throughout the term of this Security Agreement to receive directly all distributions of capital, from the corporation, to be applied in reduction of the indebtedness secured hereby.
Rights of Borrower. Until all of the Secured Obligations described in clauses (i) through (vii) of Section 4.2(a) of this Trust Agreement and clauses (i) through (vi) of Section 4.2(b) of this Trust Agreement have been paid and satisfied in full, Borrower shall not have the right to exercise, or be entitled to direct Trustee to exercise, any Remedies or institute any suit, action or proceeding for the enforcement of the Secured Obligations owed to it. Upon payment in full of all amounts owed to the Surety, Backstop Surety and Lender constituting Secured Obligations and receipt by the Trustee of written acknowledgment of the same from the Surety, Backstop Surety and Lender, Trustee shall be entitled to rely upon directions delivered to it by Borrower as to all matters relating to this Trust Agreement. In no event shall the Borrower become a Controlling Party or Non-Controlling Party under this Trust Agreement. Notwithstanding the foregoing or any other provision in this Trust Agreement to the contrary, if a payment default has occurred under the Master Lease and such default remains uncured for a period of thirty (30) days, or if SELCO is otherwise permitted to draw upon the Excluded Collateral in accordance with the terms set forth in the Participation Agreement, SELCO may exercise its remedies under the Excluded Collateral Agreement with respect to the Excluded Collateral.
Rights of Borrower. Anything herein to the contrary notwithstanding, a supplemental indenture under this Article X which adversely affects the rights of the Borrower under this Indenture, the Bond Loan Agreement, the Note, the Regulatory Agreement or the Mortgage shall not become effective unless and until the Borrower and Investor Limited Partner shall have consented (either in writing or by inaction as provided below) to the execution and delivery of such supplemental indenture. In this regard, the Trustee shall cause notice of the proposed execution and delivery of any such supplemental indenture, together with a copy of the proposed supplemental indenture, to be mailed by certified or registered mail to the Borrower and Investor Limited Partner at least fifteen (15) days prior to the proposed date of execution and delivery of any such supplemental indenture. Either of the Borrower or Investor Limited Partner shall be deemed to have consented to the execution and delivery of any such supplemental indenture if the Trustee does not receive a letter signed by an authorized representative of the respective party of protest or objection thereto on or before 5:30 p.m., Central Standard or Central Daylight Time, whichever is then in effect in Dallas, Texas, of the fifteenth day after the mailing of said notice and a copy of the proposed supplemental indenture to the Borrower and Investor Limited Partner unless such fifteenth day falls on a day which is not a Business Day, in which event the letter of objection must be received not later than the next succeeding Business Day.
Rights of Borrower. Borrower may sell, transfer or assign an Affected Property so long as it provides Lender with advance written notice of the sale or assignment
Rights of Borrower. The rights of the Borrower pursuant to the Stock Purchase Agreement shall not be enlarged by this Agreement, which rights of Borrower shall continue to be governed by the Stock Purchase Agreement; provided that the rights of the Agent as a successor of the Borrower shall be subject to the terms of this Agreement.
Rights of Borrower. 72 Section 11.2. Amendments of Financing Documents Not Requiring Consent of Bondholders...................................... 72
Rights of Borrower. Anything herein to the contrary notwithstanding, any Supplemental Indenture under Article X hereof which affects any rights, powers and authority of the Borrower under the Financing Documents or of any subsequent user of the Project or requires a revision of the Financing Documents or subsequent agreement with respect to the Project shall not become effective unless and until the Borrower or such subsequent user, as the case may be, shall have given its written consent signed by its duly Authorized Representative to such Supplemental Indenture.
Rights of Borrower. 5.01 Only the Borrower may draw down Advances under Tranche A.
5.02 Only the Borrower may draw down Advances under Tranche B.
Rights of Borrower. Unless an Event of Default under the Purchase Agreement shall have occurred and be continuing:
(a) Borrower shall be entitled to exercise any and all voting and other consensual rights pertaining to the Pledged Stock or any part thereof for any purpose not inconsistent with the terms of this Agreement or the Loan Agreement; provided, that Borrower shall not exercise or refrain from exercising such right if, in the Purchaser's judgment, such action would have a material adverse effect on the value of the Pledged Common Stock or any part thereof, and provided, further, that Borrower shall give the Purchaser at least five days' prior written notice of the manner in which he intends to exercise, or the reasons for refraining from exercising, any such right.
(b) All dividends and all other distributions in respect of any of the Collateral, whenever paid or made, shall be delivered to the Purchaser and held by it subject to the lien created by this Agreement.
