Assignment of Leases - Borrower definition

Assignment of Leases - Borrower means, with respect to the Facility, ------------------------------- a first priority Assignment of Leases and Rents, in form and substance satisfactory to Lender in Lender's reasonable discretion, dated as of the Closing Date from Borrower, as assignor, to Lender, as assignee, assigning to Lender Borrower's interest in and to the Leases (as defined in the Mortgage) and the Rents (as defined in the Mortgage) with respect to the Facility as security for the Loan, as the same may thereafter from time to time be supplemented, amended, modified or extended by one or more written agreements supplemental thereto.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Assignment of Leases - Borrower means an assignment of leases, rents and ------------------------------- security deposits executed by the Borrower or any Guarantor to secure the Obligations, each substantially in the form of Exhibit C with such modifications as may be necessary and appropriate in the opinion of counsel to the Agents to comply with the state law of the filing jurisdiction and as may be reasonably satisfactory to the Agents (provided any such modification does not materially and adversely affect the rights and benefits to be accorded to the Administrative Agent for the benefit of the Banks), as the same may be amended or terminated in accordance with their terms.

Assignment of Leases - Borrower means, (i) with respect to each Non-Leased Facility and Leased Facility, a first priority Assignment of Leases and Rents, in form and substance satisfactory to Lender, dated as of the Closing Date from Borrower, as assignor, to Lender, as assignee, assigning to Lender all of Borrower's right, title and interest in and to the Leases and the Rents with respect to such Facility as security for the Loan, (ii) with respect to

Examples of Assignment of Leases - Borrower in a sentence

• Borrower shall have executed and --------------------- delivered to Lender the Assignment of Leases - Borrower and Operator shall have executed and delivered to Lender the Assignment of Leases - Operator and the Assignments of Leases shall have been filed of record in the appropriate filing offices in the jurisdiction in which the Facility is located or irrevocably delivered to a title agent for such recordation.

• The Mortgage, the Assignment of Leases ---------------------- (Borrower), the Assignment of Leases (Participating Lessee) and the Participating Lessee Estoppel, shall each have been recorded in the Official Public Records of Real Property of the County in which the Hotel Property is located with all filing fees and applicable mortgage or intangible taxes paid by Borrower.

• Borrower shall have executed and delivered to Lender the Assignment of Leases - Borrower and Operator shall have executed and delivered to Lender the Assignment of Leases - Operator and the Assignments of Leases shall have been filed of record in the appropriate filing offices in the jurisdiction in which the Facility is located or irrevocably delivered to a title agent for such recordation.

• Borrower shall have ------------------------------- executed and delivered to Mezzanine Lender the Mezzanine Assignment of Leases - Borrower and Operator shall have executed and delivered to Mezzanine Lender the Mezzanine Assignment of Leases - Operator and the Mezzanine Assignments of Leases shall have been filed of record in the appropriate filing offices in the jurisdiction in which the Facility is located or irrevocably delivered to a title agent for such recordation.

More Definitions of Assignment of Leases - Borrower

Assignment of Leases - Borrower means, (i) with respect to each Non-Leased Facility and Leased Facility, a first priority Assignment of Leases and Rents, in form and substance satisfactory to Lender, dated as of the Closing Date from Borrower, as assignor, to Lender, as assignee, assigning to Lender all of Borrower's right, title and interest in and to the Leases and the Rents with respect to such Facility as security for the Loan, and (ii) with respect to the Joint Venture Facility, subsequent to Borrower acquiring the fee interest in the Joint Venture Facility, a first priority Assignment of Leases and Rents, in form and substance satisfactory to Lender in Lender's discretion assigning to Lender all of Borrower's right, title and interest in and to the Leases and the Rents with respect to such Facility as security for the Loan, as the same may thereafter from time to time be supplemented, amended, modified or extended by one or more written agreements supplemental thereto and "Assignments of Leases" means all such instruments collectively.