Examples of Underlying Project in a sentence
As soon as practicable and in any event within two (2) Business Days after Borrower’s knowledge thereof, Borrower shall provide the Administrative Agent and the other Lenders notice of (a) the occurrence of any Event of Default or Unmatured Event of Default and/or, after receiving notice thereof, any default or event of default under any Underlying Project Loan, or (b) the occurrence of any Borrower Material Adverse Effect.
Borrower shall instruct each Project Borrower to clearly identify the Underlying Project Loan as to which each payment is being made.
Project Development Objective: Improve Economic Opportunities for Jordanians and Syrian refugees in JordanRating for progress towards achievement of objective:SatisfactoryRating for overall implementation progress:Moderately SatisfactoryBrief Summary of Underlying Project Implementation Status:The PforR is a US$400 million project, whose development objective is to improve economic opportunities for Jordanians and Syrian refugees in Jordan.
To the Knowledge of the Company, except as would not, individually or in the aggregate, be expected to have a Material Adverse Effect, none of the Underlying Projects is in default under any Underlying Project Real Property Lease, and, to the Knowledge of the Company, no event has occurred and no circumstance exists which, if not remedied, and whether with or without notice or the passage of time or both, would result in such a default.
SatisfactoryRating for overall implementation progress:SatisfactoryBrief Summary of Underlying Project Implementation Status:The overall implementation status is very positive.
The ABS Scheme is proposed to be set up to issue asset-backed securities backed by the Underlying Project.
For purposes of this Section 3.9, any Underlying Project that is also a Subsidiary shall be treated as a Subsidiary.
The term “Underlying Project” means, with respect to any Mortgaged Property, any construction or renovations at such Mortgaged Property, by or on behalf of the related Account Debtor, in each case (x) according to the Underlying Project Documents, and (y) as approved by Borrower pursuant to the Underwriting Guidelines.
To the Knowledge of the Company, the Underlying Projects do not have any Indebtedness or Liabilities other than those incurred in the Ordinary Course of Business of such applicable Underlying Project, those paid that have been discharged or paid in full prior to the date hereof, those that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or those set forth on Schedule 3.8.
Except as would not, individually or in the aggregate, be expected to have a Material Adverse Effect, to the Knowledge of the Company, each of the Underlying Projects, as applicable, has a valid, binding and enforceable leasehold interest under each of the Underlying Project Real Property Leases under which it is a lessee, free and clear of all Liens other than Permitted Exceptions.