Examples of Underlying Project in a sentence
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 set forth on Schedule 3.17, none of the Company, any of its Subsidiaries or, to the Knowledge of the Company, any of the Underlying Project is subject to any Order, and none of the Company, any of its Subsidiaries or, to the Knowledge of the Company, any of the Underlying Projects is in breach or violation of any Order, which would reasonably be expected to result in a claim for damages against the Company in excess of $250,000 individually or $500,000 in the aggregate.
None of the current employees of the Company or any of its Subsidiaries (“Employees”) is represented in his or her capacity as an employee of the Company or any of its Subsidiaries by any labor organization, other than with respect to a foreign Underlying Project or any Law of the jurisdiction in which employees of such Underlying Project are located that functions as a labor agreement or provides protection for groups of individuals under common employment.
The term “Underlying Project Plans” means, in connection with the construction and development of an Underlying Project at a Mortgaged Property, those certain plans, specifications and designs prepared by a licensed architect, engineer, or other design professional on behalf of the Account Debtor which owns such Mortgaged Property, as approved by Borrower pursuant to the Underwriting Guidelines, together with all amendments, updates, and replacements thereto or thereof.