Examples of Borrower TRS in a sentence
No Loan Party has any Indebtedness other than, with respect to Borrower, Permitted Indebtedness, with respect to Equity Owner, Equity Owner’s Permitted Indebtedness and, with respect to Borrower TRS, Borrower TRS’s Permitted Indebtedness.
For the avoidance of doubt, Borrower TRS shall be permitted to make an election to be treated as a corporation for United States federal income tax purposes.
If at any time any Property is sold or otherwise disposed of (other than, for the avoidance of doubt, to Borrower TRS), then Borrower shall, no later than the close of business on the day on which such Transfer occurs, give notice thereof to Lender and prepay the Debt in the applicable Release Amount with respect to such Property in accordance with Section 2.5.
The grant of the security interest in the Collateral by each Loan Party to Lender, pursuant to the Borrower Security Agreement and the Equity Owner Security Agreement and the Borrower TRS Security Agreement is in the ordinary course of business for each Loan Party and is not subject to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction.
Borrower or Borrower TRS, as applicable, shall, at all times during the term of the Loan, continue to own or lease all equipment, fixtures and personal property which are necessary to operate its Properties.
Other than the Loan Documents, no Loan Party has a material financial obligation (contingent or otherwise) under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which any Loan Party is a party other than, with respect to Borrower or Borrower TRS, the Management Agreement, the Leases or any other agreement into which Borrower or Borrower TRS is permitted to enter pursuant to the terms of the Loan Documents.
Borrower shall cause to be deposited, on the Closing Date, all 66BUSINESS.30586915.9 security deposits of Tenants then currently being held by Borrower, Borrower TRS or the Manager into the Security Deposit Account, the Cash Management Account or the Rent Deposit Account to the extent not already held in the Security Deposit Account.
In the event of any Transfer of any Property (except for any contribution of a Property from Borrower to Borrower TRS permitted under the terms of this Agreement), Borrower or Borrower TRS, as applicable, shall (or shall cause Manager or the closing title company or escrow agent, as applicable, to) deposit directly into the Cash Management Account the Net Transfer Proceeds for allocation in accordance with the terms of this Agreement.
The grant of the security interest in the Collateral by each Loan Party to Lender, pursuant to the Borrower Security Agreement, the Equity Owner Security Agreement 54 BUSINESS.30586915.9 and the Borrower TRS Security Agreement, is in the ordinary course of business for each Loan Party and is not subject to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction.
These funds were created for the purpose of recording specific activities to attain certain objectives in accordance with special regulations, restrictions or limitations.