Common use of Updates to Opinions of Counsel Clause in Contracts

Updates to Opinions of Counsel. Shall use reasonable efforts to cause to be rendered such customary updates or customary modifications to the opinions of counsel delivered at the closing of the Loan as may be reasonably requested by the holder of the Note or the Rating Agencies in connection with the Mezzanine Loan Securitization (it being agreed that in no event shall Borrower be obligated to deliver an opinion of counsel with respect to “true sale”, “ or no fraudulent conveyance” matters). Borrowers’ failure to use reasonable efforts to deliver or cause to be delivered the opinion updates or modifications required hereby within twenty (20) Business Days after written request therefor shall constitute an “Event of Default” hereunder.

Appears in 2 contracts

Samples: First Mezzanine Loan Agreement (Strategic Hotel Capital Inc), Second Mezzanine Loan Agreement (Strategic Hotel Capital Inc)

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Updates to Opinions of Counsel. Shall use reasonable efforts to cause to be rendered such customary updates or customary modifications to the opinions of counsel delivered at the closing of the Loan as may be reasonably requested by the holder of the Note or the Rating Agencies in connection with the Mezzanine Loan Securitization (it being agreed that in no event shall Borrower or Operating Lessee be obligated to deliver an opinion of counsel with respect to “true sale”, “ or no fraudulent conveyance” matters). Borrowers’ or Operating Lessees’ failure to use reasonable efforts to deliver or cause to be delivered the opinion updates or modifications required hereby within twenty (20) Business Days after written request therefor shall constitute an “Event of Default” hereunder.

Appears in 1 contract

Samples: Loan Agreement (Strategic Hotel Capital Inc)

Updates to Opinions of Counsel. Shall use reasonable efforts to cause to be rendered such customary updates or customary modifications to the opinions of counsel delivered at the closing of the Loan as may be reasonably requested by the holder of the Note or the Rating Agencies in connection with the Mezzanine Loan Securitization (it being agreed that in no event shall Borrower or Operating Lessee be obligated to deliver an opinion of counsel with respect to "true sale", " or no fraudulent conveyance" matters). Borrowers' or Operating Lessees' failure to use reasonable efforts to deliver or cause to be delivered the opinion updates or modifications required hereby within twenty (20) Business Days after written request therefor shall constitute an "Event of Default" hereunder.

Appears in 1 contract

Samples: Loan Agreement (Strategic Hotel Capital Inc)

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Updates to Opinions of Counsel. Shall use reasonable efforts to cause to be rendered such customary updates or customary modifications to the opinions of counsel delivered at the closing of the Loan Notes as may be reasonably requested by the holder of the Note or the Rating Agencies in connection with the Mezzanine Loan Securitization (it being agreed that in no event shall Borrower Issuer or Operating Lessee be obligated to deliver an opinion of counsel with respect to "true sale", " or no fraudulent conveyance" matters). Borrowers’ Issuers' or Operating Lessees' failure to use reasonable efforts to deliver or cause to be delivered the opinion updates or modifications required hereby within twenty (20) Business Days after written request therefor shall constitute an "Event of Default" hereunder.

Appears in 1 contract

Samples: Indenture (Strategic Hotel Capital Inc)

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