Common use of Primary Lease Clause in Contracts

Primary Lease. The Primary Lease is in full force and effect; no default by Borrower has occurred under the Primary Lease; and there is no existing condition which, but for the passage of time or the giving of notice, would result in a default by Borrower or, to Borrower's knowledge, by Lessee under the terms of the Primary Lease. Borr▇▇▇▇'▇ ▇nterest in the Property is assignable to Lender without the consent of, or notice to, Lessee.

Primary Lease. The Primary Lease is in full force and effect; no default by Borrower Lessee has occurred under the Primary Lease; and there is no existing condition which, but for the passage of time or the giving of notice, would result in a default by Borrower Lessee or, to Borrower's knowledgethe knowledge of Lessee, by Lessee Borrower under the terms of the Primary Lease. Borr▇▇▇▇'▇ ▇nterest Lessee's interest in the Property is assignable to Lender without the consent of, or notice to, LesseeBorrower (or any such consent or notice that is required has been given).