Support Property definition
Examples of Support Property in a sentence
No condemnation proceedings are pending or, to the undersigned’s knowledge, threatened against any Credit Support Property except as disclosed to Agent in writing.
Any ground lease having a remaining unexpired term (exclusive of unexercised extension options) of not less than twenty-five (25) years as of the date of acceptance of the applicable Real Estate as Credit Support Property approved by the Agent pursuant to which Borrower or a Subsidiary Guarantor leases a Credit Support Property.
The Borrower shall not and shall not permit any Subsidiary Guarantor to enter into any Management Agreement for any Credit Support Property with a manager that is not an Affiliate of the Borrower without the prior written consent of the Agent (which shall not be unreasonably withheld), and after such approval, no such Management Agreement shall be modified in any material respect or terminated without the Agent’s prior written approval, such approval not to be unreasonably withheld.
The Borrower (i) has all requisite power to own its property and conduct its business as now conducted and as presently contemplated, and (ii) is in good standing and is duly authorized to do business in the jurisdiction of its organization and where any Credit Support Property directly owned by it is located and in each other jurisdiction where a failure to be so qualified in such other jurisdiction could reasonably be expected to have a Material Adverse Effect.
An agreement pursuant to which a manager of a Credit Support Property subordinates its rights under a Management Agreement to the Loan Documents, such agreement to be in the form and substance reasonably satisfactory to Agent.
All base rent and additional rent, if any, due and payable under each Ground Lease has been paid through the date of acceptance of such Real Estate as a Credit Support Property and neither Borrower nor any Applicable Subsidiary Guarantor is required to pay any deferred or accrued rent after the date of acceptance of such Real Estate as a Credit Support Property under any Ground Lease.
The Borrower shall not pay, and shall not permit any Guarantor to pay, any management fees or other payments under any Management Agreement for any Credit Support Property to any manager that is an Affiliate of the Borrower, in the event that a Default or an Event of Default shall have occurred and be continuing.
The Borrower shall not and shall not permit any Subsidiary Guarantor or any other Subsidiary to increase any management fee payable under a Management Agreement after the date the applicable Real Estate becomes a Credit Support Property without the prior written consent of the Agent.
The Borrower will give notice to the Agent in writing within five (5) Business Days of becoming aware of any material setoff, claims (including, with respect to any Credit Support Property, environmental claims), withholdings or other defenses to which any of the Collateral, or the rights of the Agent or the Lenders with respect to the Collateral, are subject.
Such environmental assessments may include, if necessary, detailed visual inspections of such Credit Support Property and the taking of soil samples, as well as such other investigations or analyses as are reasonably necessary or appropriate for such assessment as described in this section.