Common use of Other Borrowings Clause in Contracts

Other Borrowings. Incur, except for unsecured trade payables ---------------- incurred in the ordinary course of business relating to the ownership and operation of the Facility which do not exceed, at any time, a maximum amount of one percent (1%) of the Loan Amount and are paid within ninety (90) days of the date incurred, create, assume, become or be liable in any manner with respect to Other Borrowings. Notwithstanding the foregoing, Operator may in good faith contest Operator's obligation to pay such trade payables in a manner satisfactory to Lender (which may include Lender's requirement that Operator post security with respect to the contested trade payable (such security not to exceed one hundred and twenty-five percent (125%) of the amount of the claim being contested)).

Appears in 2 contracts

Sources: Loan Agreement (Brookdale Living Communities Inc), Loan Agreement (Brookdale Living Communities Inc)

Other Borrowings. Incur, except for unsecured trade payables ---------------- incurred in the ordinary course of business relating to the ownership and operation of the Facility which do not exceed, at any time, a maximum amount of one percent (1%) of the Loan Amount and are paid within ninety (90) days of the date incurred, create, assume, become or be liable in any manner with respect to Other Borrowings. Notwithstanding the foregoing, Operator may in good faith contest Operator's obligation to pay such trade payables in a manner satisfactory to Lender (which may include Lender's requirement that Operator post security with respect to the contested trade payable (such security not to exceed one hundred and twenty-five percent (125%) of the amount of the claim being contested)).

Appears in 1 contract

Sources: Loan Agreement (Brookdale Living Communities Inc)