Examples of Permitted Mortgage Lender in a sentence
Prior to or on the Commencement Date, (a) Landlord and each Permitted Mortgage Lender shall enter into a subordination, non-disturbance and attornment agreement substantially in the form of Exhibit “P-1” attached hereto and (b) Landlord and each Permitted Mezzanine Lender shall enter into a subordination, non-disturbance and attornment agreement substantially in the form of Exhibit “P-2” attached hereto.
If there is no Trustee or if there is but the Trustee declines to act as a trustee for the disbursement of funds as provided above, then any Casualty Proceeds shall be payable in trust to the Permitted Mortgage Lender with an outstanding Permitted Lease Financing Encumbrance that is still outstanding, and shall be disbursed by such Permitted Mortgage Lender as provided above.
Each officer of the Board is a representative of the Association and should conduct themselves in an appropriate manner, maintaining the good reputation of the Association.
The Permitted Mortgage Lender may disburse the progress payments in accordance with its normal disbursement procedures (e.g. upon receipt of appropriate mechanics lien releases, invoices, etc.) so long as such disbursement procedures are reasonably satisfactory to Landlord and ensure that the proceeds of insurance are applied to the costs of repairing, restoring or replacing the Improvements that were damaged or destroyed.
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Each Lender constitutes a Permitted Mortgage Lender for all purposes under the Sublease; provided, however, that for purposes of Section 9.3(b) and 9.6(b) of the Sublease, the Lenders must exercise their rights collectively, acting through Administrative Agent (e.g., each Lender is not entitled to its own opportunity to cure an Event of Default under the Sublease).
The Public Entities shall accept any such notice from the Senior Permitted Lender without the necessity of further inquiry, and without liability to the Public Entities, Developer or any Permitted Lender, that such Permitted Lender has the right to exercise any cure rights under the Project Implementation Agreement and this Agreement and, in the case of the Senior Permitted Mortgage Lender, enter into a New Agreement as set forth in Section 3.2(b)(iv) of this Annex I.
The term “Permitted Lender” means each Permitted Mortgage Lender and each Permitted Mezzanine Lender, or any one thereof.
Administrative Agent hereby informs the Public Entities that it is the Designated Nominee of the Lenders and each of the Public Entities acknowledges and agrees that Administrative Agent shall be treated for all intents and purposes as the Senior Permitted Lender and the Senior Permitted Mortgage Lender under the Project Implementation Agreement and the provisions of Annex I attached hereto.
Each Lender constitutes a Permitted Mortgage Lender for all purposes under the Project Implementation Agreement and the provisions of Annex I attached hereto; provided, however, that for purposes of Sections 3(b) and 7(b) of Annex I attached hereto, the Lenders must exercise their rights collectively, acting through Administrative Agent (e.g., each Lender is not entitled to its own opportunity to cure an Event of Default under the Project Implementation Agreement).