TRS Lessee. Borrower shall not cause or permit the TRS Lessee to own any properties or assets other than personal property and lease/contract rights (including under the TRS Lease and the License Agreements) associated with the operation of the Project and that are encumbered by the Amended and Restated Deed of Trust. Borrower shall not cause or permit any Person other than Borrower or TRS Lessee to (i) hold any ownership interests in or to any real or personal property associated with the operation of the Project, or (ii) enter into any Leases, License Agreements, services agreements or any other contractual agreements pursuant to which revenues are derived in connection with the operation of the Project. Borrower shall cause TRS Lessee to comply with all of the covenants and other provisions of the Loan Agreement and the other Loan Documents that relate to the Project or any interest therein held by TRS Lessee, to the same extent as if Borrower owned such interest.
TRS Lessee. With respect to TRS Lessee’s operation of the Properties, Borrower shall cause TRS Lessee to comply with all of the negative covenants set forth in this Agreement and no default hereunder shall be excused by virtue of the fact that such default was caused by a TRS Lessee (by way of example, if any TRS Lessee initiated a zoning change not permitted hereunder, the same shall constitute a violation of Section 6.16).
TRS Lessee. (a) With respect to TRS Lessee’s operation of the Mortgaged Properties, Borrower shall cause TRS Lessee to comply with all of the covenants set forth in this Agreement as if TRS Lessee were the Borrower hereunder.
TRS Lessee. (a) With respect to TRS Lessee’s operation of the Mortgaged Properties, Borrower shall cause Property Owner to cause TRS Lessee to comply with all of the covenants set forth in (i) this Agreement as if TRS Lessee were the Property Owner hereunder and (ii) the Mortgage Loan Agreement as if TRS Lessee were the “Borrower” thereunder. Borrower shall cause each Encumbered Property Owner, promptly upon receipt of any notice of breach or default under any Encumbered Property Indebtedness Documents, to deliver a copy of the same to Lender and to grant access to, and otherwise cooperate with, Lender to permit Lender to cure such default to the same extent, and subject to the same conditions, as the right granted to Lender under Section 7.2(c) to cure an Event of Default with respect to any Mortgaged Property. The costs and expenses incurred by Lender in exercising rights under this paragraph (including reasonable attorneys’ fees), with interest at the Default Rate for the period after notice from Lender that such costs or expenses were incurred to the date of payment to Lender, shall constitute a portion of the Indebtedness, shall be secured by the Pledge Agreement and other Loan Documents and shall be due and payable to Lender upon demand therefor.
TRS Lessee. Each Wholly-Owned Subsidiary of Borrower that is a lessee of a Borrowing Base Property pursuant to an Operating Lease. Each TRS Lessee shall be a Subsidiary Guarantor.
