Key Entity definition
Examples of Key Entity in a sentence
There has not been committed by any Key Entity or to Borrower’s knowledge, any other Person in occupancy of or involved with the operation or use of the Properties or the Mezzanine Assets any act or omission affording the federal government or any other Governmental Authority the right of forfeiture as against any of the Individual Properties or the Mezzanine Assets or any part thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents.
Each Key Entity and each of the Properties and the Mezzanine Assets and the use thereof comply in all material respects with all applicable Legal Requirements, including, without limitation, all Environmental Laws, building and zoning ordinances and codes.
All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower or any Key Entity shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf.
Each Key Entity, to the extent the owner of a property, has obtained and shall keep and maintain all material certifications, permits, licenses and approvals, including without limitation, certificates of completion and occupancy permits required for the legal use, occupancy and operation of each Individual Property, Mezzanine Asset and Encumbered Property by the applicable Key Entity as student housing and other appurtenant and related uses.
All information submitted by Borrower or any other Key Entity to Lender and in all financial statements, rent rolls, reports, certificates and other documents submitted in connection with the Loan or in satisfaction of the terms thereof are, as of the date hereof, accurate, complete and correct in all material respects.
Borrower and Key Entity will continue in all material respects to engage in the businesses presently conducted by it as and to the extent the same are necessary for the ownership, maintenance, management and operation of the Properties, the Mezzanine Assets and the Encumbered Properties.
Each Key Entity shall use its best efforts to cause no other Person in occupancy of or involved with the operation or use of the Properties, the Mezzanine Assets and Encumbered Properties to perform any act or omission affording the federal government or any State or local government the right of forfeiture against any Individual Property, Mezzanine Asset or Encumbered Property or any part thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents.
Each of the Key Entities has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Loan Documents to the extent such Key Entity is a party thereto.
Borrower has not failed to disclose any material fact that is reasonably likely to have a material adverse effect on the financial condition of Borrower or any Key Entity or the condition or ownership of any Individual Property, Mezzanine Asset or Encumbered Property.
Borrower shall cause each Key Entity to remain in good standing under the laws of each jurisdiction to the extent required to continue to conduct its business as the same is conducted on the date hereof, except to the extent the failure to do so would not reasonably be expected to have a material adverse affect on the financial condition or business of such Key Entity or the condition or ownership of any Individual Property, Mezzanine Asset or Encumbered Property.