CREIT definition
Examples of CREIT in a sentence
During the preceding five (5) years, none of Seller, Pledgor, Originator or Guarantor has been known by or done business under any other name, corporate or fictitious, except for Pledgor, who was formerly known as “FS CREIT Originator LLC”, and none of Seller, Pledgor, Originator or Guarantor has filed or had filed against it any bankruptcy receivership or similar petitions or made any assignments for the benefit of creditors.
FS CREIT agrees that it will take any or all reasonable steps that Agent requests in order for Agent to obtain control in accordance with Sections 9-104, 9-105, 9-106, and 9-107 of the Code with respect to the Distribution Account.
If an Event of Default has occurred and is continuing, FS CREIT covenants and agrees that it will not transfer any funds in the Capital Contribution Account or the Distribution Account to any other Deposit Account or Securities Account or otherwise dispose of any such funds without Agent’s prior written consent.
The execution, delivery, and performance of this Agreement and the other Loan Documents to which it is a party by FS CREIT have been duly authorized by the board of directors of FS CREIT and all necessary organizational action in respect thereof has been taken, and the execution, delivery, and performance thereof do not require any consent or approval of any other manager or shareholder of FS CREIT that has not been obtained.
Furthermore, FS CREIT shall take all reasonable actions to avoid Bad REIT Income with respect to its assets or additional taxes under Sections 857 or 4981 of the Internal Revenue Code.
As soon as possible, and in any event within five (5) Business Days of deposit in or credit to any account that is an Unencumbered Asset of any cash, Cash Equivalents or other assets that do not constitute Unencumbered Assets, FS CREIT shall transfer such cash, Cash Equivalents or assets into the Distribution Account.
FS CREIT will take all reasonable action that will cause it to qualify and maintain the status as a “real estate investment trust” as defined in the Internal Revenue Code (a “REIT”).
Each Borrower hereby irrevocably appoints FS CREIT to act as the borrowing agent and attorney-in-fact for all Borrowers (the “Administrative Borrower”), which appointment shall remain in full force and effect unless and until Agent shall have received prior written notice signed by each Borrower that such appointment has been revoked and that another Borrower has been appointed Administrative Borrower.
To improve, develop, sell, assign, transfer, lease, mortgage, pledge or otherwise dispose of or turn to account or deal with all or any part of the property of the corporation and from time to time to vary any investment or employment of capital of the corporation.
Notwithstanding anything to the contrary, other than after the occurrence and during the continuance of an Event of Default under Sections 7.1(a), (d) or (e), FS CREIT shall be permitted at all times to make, pay or declare any dividend or distribution as necessary in the ordinary course and as provided in its Governing Documents to ensure that FS CREIT continues to qualify as a “real estate investment trust” as defined in the Internal Revenue Code.