Borrower Sole Member definition
Examples of Borrower Sole Member in a sentence
All of the outstanding Equity Interests in the Borrower have been validly issued, are fully paid and nonassessable and are directly owned by the Borrower Sole Member.
Each of the Borrower, and, unless the Parent is the Borrower Sole Member, the Borrower Sole Member is disregarded as an entity separate from the Parent for U.S. federal income tax purposes, and the Parent is a “domestic corporation” within the meaning of Section 7701(a)(30) of the Code.
Borrower shall furnish to Lender, within ten (10) Business Days after request, such further detailed information with respect to the operation of the Property and the financial affairs of Borrower, Sole Member or Manager as may be reasonably requested by Lender or any applicable Rating Agency.
Lender shall have no obligation to Borrower, Sole Member, Owner or any other party to make any such payment or performance.
Neither Borrower, Sole Member or Owner or any Affiliate of any of them shall acquire or agree to acquire the Senior Loan, or any portion thereof or any interest therein, or any direct or indirect ownership interest in the holder of the Senior Loan, via purchase, transfer, exchange or otherwise, and any breach or attempted breach of this provision shall constitute an Event of Default hereunder.
To Borrower’s Knowledge, there are no actions, suits or other proceedings at law or in equity by or before any Governmental Authority now pending or threatened against or affecting Borrower, Sole Member, or the Property, which, if adversely determined, might have a Material Adverse Effect.
Without Lender’s prior written consent, Borrower shall not create, incur, assume, permit or suffer to exist any Lien on all or any portion of the Collateral or the Property or any direct or indirect legal or beneficial ownership interest in Borrower, Sole Member or Owner, except Liens in favor of Lender and Permitted Encumbrances, unless with respect to a Lien on the Property, such Lien is bonded or discharged within thirty (30) days after Borrower or Owner first receives notice of such Lien.
Borrower shall furnish (or shall cause Owner to furnish) to Lender, within ten (10) Business Days after request, such further detailed information with respect to the operation of the Property and the financial affairs of Borrower, Sole Member, Owner, Manager or the REIT as may be reasonably requested by Lender or any applicable Rating Agency.
To Borrower’s Knowledge, there are no actions, suits or other proceedings at law or in equity by or before any Governmental Authority now pending or threatened against or affecting Borrower, Sole Member, Owner, or the Property, which, if adversely determined, might have a Material Adverse Effect.
There is no action, suit, proceeding or investigation pending or, to Borrower’s knowledge, threatened against either Borrower, Sole Member, Master Tenant, Guarantor, Manager or the Property in any court or by or before any other Governmental Authority which, if adversely determined, could reasonably be expected to have a Material Adverse Effect.