Examples of New Owned Real Property in a sentence
Upon the request of the applicable Franchise Entity, and at the direction of the Manager, the Trustee shall execute and deliver a release of mortgage to be held in escrow pending a closing of a sale of any Contributed Owned Real Property or any New Owned Real Property; provided that if such closing shall not occur, such release of mortgage shall be returned by the escrow agent directly to the Trustee.
Upon the request of the applicable Guarantor, and at the direction of the Manager, the Trustee shall execute and deliver a release of mortgage to be held in escrow pending a closing of a sale of any Owned Real Property or New Owned Real Property; provided that if such closing shall not occur, such release of mortgage shall be returned by the escrow agent directly to the Trustee.
Upon the request of Wendy’s Properties, and at the direction of the Manager, the Trustee shall execute and deliver a release of mortgage to be held in escrow pending a closing of a sale of any Contributed Owned Real Property or any New Owned Real Property; provided that if such closing shall not occur, such release of mortgage shall be returned by the escrow agent directly to the Trustee.
Neither the Trustee nor any agent on its behalf shall in any way be liable for any delays in the recordation of any Mortgage, for the rejection of a Mortgage by any recording office or for the failure of any Mortgage to create in favor of the Trustee, for the benefit of the Secured Parties, legal, valid and enforceable first priority Liens on, and security interests in, the Guarantors’ right, title and interest in and to each Owned Real Property and New Owned Real Property, and the Proceeds thereof.
Neither the Trustee nor any agent on its behalf shall in any way be liable for any delays in the recordation of any Mortgage, for the rejection of a Mortgage by any recording office or for the failure of any Mortgage to create in favor of the Trustee, for the benefit of the Secured Parties, legal, valid and enforceable first priority Liens on, and security interests in, the Franchise Entities’ right, title and interest in and to each New Owned Real Property, and the Proceeds thereof.
Notwithstanding the foregoing, no Lien will be granted to the Trustee for the benefit of the Secured Parties on the Contributed Owned Real Property or any New Owned Real Property until such time as the Mortgages are delivered and recorded in accordance with the terms hereof.
Notwithstanding anything to the contrary herein, no Lien granted to the Trustee for the benefit of the Secured Parties on the Existing Owned Real Property or any New Owned Real Property will be perfected until such time as the Mortgages are delivered and recorded in accordance with the terms hereof.
Upon the request of the applicable Franchise Entity, and at the direction of the Manager, the Trustee shall execute and deliver a release of mortgage to be held in escrow pending a closing of a sale of any New Owned Real Property; provided that if such closing shall not occur, such release of mortgage shall be returned by the escrow agent directly to the Trustee.
Upon the request of the applicable Real Estate Holder, and at the direction of the Manager, the Trustee shall execute and deliver a release of mortgage to be held in escrow pending a closing of a sale of any Existing Owned Real Property or any New Owned Real Property; provided that if such closing shall not occur, such release of mortgage shall be returned by the escrow agent directly to the Trustee.
Notwithstanding anything to the contrary herein, no Lien granted to the Trustee for the benefit of the Secured Parties on the Existing Owned Real Property or any New Owned Real Property will be perfected until such time as the Mortgages are delivered and recorded in accordance with the terms of the Base Indenture.