FC Member definition
Examples of FC Member in a sentence
Borrower, Agent, on behalf of Lenders, New FC Member and NYTC Member have executed this Amendment on the date first above written.
NYTC Member hereby consents to the transfer of interests in FC Member by ING to FC, provided and on condition that any such transfer shall not result in a default by Property Owner, NYTC or NYTC Member under the Project Documents or any default under the documents governing the Construction Loan.
Notwithstanding the foregoing, each of NYTC Member and FC Member shall be solely responsible for its separate legal fees and expenses.
FC Member shall use commercially reasonable efforts to obtain permanent financing for FC Member’s Share of the Construction Loan on a non-recourse basis (other than customary carve-outs to non-recourse provisions then generally being required by institutional permanent mortgage lenders) (the “FC Member Unit Permanent Financing”).
Notwithstanding the foregoing or any other provision of this Agreement, the Members intend that, for federal, state and local tax purposes, each Member, rather than the Company, shall from inception of the Ground Lease, be treated as owning one hundred percent (100%) of the NYTC Member Space, in the case of NYTC Member, and the FC Member Space, in case of FC Member.
The obligation to fund the NYTC Construction Equity shall not limit the obligation of NYTC Member or FC Member to make Capital Contributions otherwise required under the Operating Agreement.
To the extent it is determined that the allocation of costs between the FC Member Space and the NYTC Member Space under any Draw Request was incorrect, then FC Member shall cause such costs to be reallocated in the next succeeding Draw Request pursuant to Section 3.20 of the Loan Agreements.
The taxpayer identification number of (i) Borrower is ▇▇-▇▇▇▇▇▇▇; (ii) FC Member is ▇▇-▇▇▇▇▇▇▇; and (iii) NYTC Member is ▇▇-▇▇▇▇▇▇▇.
To the extent required by Agent, current tax lien, pending litigation, bankruptcy, judgment lien and Uniform Commercial Code searches against Borrower and New FC Member, in such jurisdictions and offices as Agent shall designate.
Each of NYTC Member and FC Member may revoke its appointment of a Manager and appoint a successor Manager in lieu thereof by written notice given to the other Member, said revocation and appointment to be effective only upon receipt by said other Member of notice thereof.