Examples of BRT Member in a sentence
The TL Member shall be responsible for any costs and expenses incurred by the Company and/or the BRT Member in connection with their cooperation under this Section 8.07.
Within ten (10) Business Days following the Effective Date, the TL Member shall contribute $40,000 to the capital of the Company and the BRT Member shall contribute $10,000 to the capital of the Company.
Facsimile number: (000) 000 0000 if to the BRT Member: BRT Torch Member LLC c/o BRT Realty Trust 00 Xxxxxx Xxxx Xxxx, Xxxxx 000 Great Neck, New York 11021 Attn: Xxxxxxx X.
In addition, the BRT Member shall advise the TL Member in advance prior to the Company proceeding with any alternative arrangement to avoid a Prohibited Action.
The TL Member acknowledges that the BRT Member is a qualified REIT subsidiary and that BRT is a REIT and that as such the Company may not be able to engage in certain activities prohibited by the applicable provisions of the Code (a “Prohibited Action”).
If the BRT Member fails to confirm within such five (5) Business Day of period, the TL Member shall have no obligation to transfer such loan to the Company.
The BRT Member agrees that it shall be responsible for any costs and expenses incurred by the Company or the TL Member due to the Company seeking alternative arrangements to avoid a Prohibited Action.
Servicer shall provide Lender, the TL Member, the BRT Member and their respective accountants or other representatives with free and unlimited access during normal business hours at Servicer’s offices upon reasonable prior notice to Servicer to, and the ability to make copies of, all books and records relating to the Mortgage Loans.
The Company shall reimburse the Original Lender or its applicable Affiliate for Loan Origination Expenses that are in excess of the corresponding Loan Origination Deposits with respect to any Company Loan Investment acquired by the Company, provided that the BRT Member has submitted to the TL Member an estimate of such excess expenses prior such Loan being acquired by the Company (the “Approved Excess Expenses”).
In the event that it is determined that the BRT Member and REIT Management have received an amount which exceeds the amount to which they are entitled as the Promote Interest through such Annual Clawback Determination Date, the BRT Member will be required to pay on behalf of itself and REIT Management the Net Clawback Amount to the TL Member or, in the TL Member’s discretion, to the Company for distribution to the TL Member, as of such Annual Clawback Determination Date.