Senior Borrowers definition
Examples of Senior Borrowers in a sentence
Borrower shall continue to engage in the ownership of the indirect limited liability company interests and limited partnership interests in the Individual Senior Borrowers, as applicable, and Senior Borrower shall, taking into account the transactions contemplated to be effectuated in connection with the Distribution, continue 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.
Any payments by the Senior Borrowers or any Operating Company Entity to the other parties to the Purchase/Option Agreements, and other Senior Permitted Encumbrances for tenant improvements, infrastructure, or land development have been made to the extent then required.
Subject to the right of Borrower and the Senior Borrowers to pursue a Good Faith Contest, the Administrative Agent, on behalf of the Borrower, may pay, but shall not be obligated to pay, any delinquent Impositions and Other Charges which are attributable to or affect the Mortgaged Property, the Borrower or Senior Borrowers directly to the applicable taxing authority with respect thereto, and the Borrower agrees to reimburse the Administrative Agent for such payments promptly on demand.
There are no material defaults under the Purchase/Option Agreements and Senior Permitted Encumbrances by Senior Borrowers or their Subsidiary Entities, or to the Borrower’s Knowledge any other Person, and to the Borrower’s Knowledge there are no conditions that, with the passage of time or the giving of notice, or both, would constitute material defaults thereunder.
All construction and other obligations of a material nature to be performed by the Senior Borrowers and the Operating Company Entities under the Purchase/Option Agreements, and other Senior Permitted Encumbrances either have been satisfied or are reasonably capable of being satisfied without undue expense in accordance with the provisions of the subject Purchase/Option Agreement, or Permitted Encumbrance.
All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid by any Person with respect to the transfer of the Individual Properties to their respective Individual Senior Borrowers under applicable Legal Requirements have been paid (or will be paid at or prior to the Closing Date).
There has been no prior sale, transfer or assignment, hypothecation or pledge by the Senior Borrowers or any Operating Company Entity of any Purchase/Option Agreement or of any Rents payable pursuant thereto, which will be outstanding following the funding of the Loan, other than those being assigned to the Administrative Agent concurrently herewith.
In the event the Senior Loan is paid in full, the provisions of Section 5.5 of the Senior Loan Agreement as in effect on the date hereof shall apply herein and the Senior Borrowers shall have the same obligations to the Administrative Agent and Administrative Agent shall have the same rights, including but not limited to, with respect to the Proceeds from such insurance, claims adjustments and the restoration of the Mortgaged Property, as provided therein to Senior Administrative Agent.
The Borrower shall not (and shall not permit or suffer AssetCo or Senior Borrowers to) enter into any contract with, purchase goods or services from, or otherwise enter into any transaction with any other Loan Party or any Person which is a Related Party of Borrower or any other Loan Party without the prior written consent of Mezzanine Lender.
Notwithstanding the preceding sentence, in no event shall the period for cure applicable to the Subordinated Agent and the Subordinated Lenders expire prior to the period for cure applicable to the Senior Borrowers.