Individual Borrower definition

Individual Borrower shall have the meaning set forth in the introductory paragraph hereto, together with its successors and permitted assigns.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Individual Borrower or “Borrower” as used herein shall include any new or successor corporation, association, partnership (general or limited), limited liability company, joint venture, trust, statutory trust or other individual or organization formed as a result of any merger, reorganization, sale, transfer, devise, gift or bequest of Borrower or any Individual Borrower or any interest in Borrower or any Individual Borrower.

Individual Borrower means a borrower who is a natural person

Examples of Individual Borrower in a sentence

In order to provide for a fair and equitable contribution among Individual Borrowers in the event that any Contribution is made by an Individual Borrower (a “Funding Borrower”), such Funding Borrower shall be entitled to a reimbursement Contribution (“Reimbursement Contribution”) from all other Individual Borrowers for all payments, damages and expenses incurred by such Funding Borrower in discharging any of the Debt, in the manner and to the extent set forth in this Section 10.25.
Each Individual Borrower will benefit, directly and indirectly, from each Individual Borrower’s obligation to pay the Debt and perform its obligations under the Loan Documents.
Nothing contained in this Section 10.25 shall limit or affect the Debt of any Individual Borrower to Lender under the Note or any other Loan Documents.
For purposes hereof, the “Benefit Amount” of any Individual Borrower as of any date of determination shall be the net value of the benefits to such Individual Borrower and its Affiliates from extensions of credit made by Lender to (1) such Individual Borrower and (2) the other Individual Borrowers hereunder and the other Loan Document.
If at any time any Individual Borrower pays an amount hereunder in excess of the amount calculated pursuant to this Section 10.25, such Individual Borrower shall be deemed to be a Funding Borrower to the extent of such excess and shall be entitled to a Reimbursement Contribution from the other Individual Borrowers in accordance with the provisions of this Section.

More Definitions of Individual Borrower

Individual Borrower shall have the meaning set forth in the Recitals hereto.

Individual Borrower shall have the meaning set forth in the first paragraph of this Agreement.

Individual Borrower means, individually, each of CNL Southwest, CNL West, CNL North, CNL Midwest and CNL Mideast.

Individual Borrower means a borrower who is a natural person borrowing for personal, household or family purposes.

Individual Borrower means any single company, public corporation, firm, association of persons

Individual Borrower as used herein (including within the definition of “Borrower Party”, as applicable) shall include any new or successor corporation, association, partnership (general or limited), joint venture, trust or other individual or organization formed as a result of any merger, reorganization, sale, transfer, devise, gift or bequest of Borrower. The term “Mezzanine 1 Borrower” as used herein (including within the definition of “Borrower Party”, as applicable) shall include any new or successor corporation, association, partnership (general or limited), joint venture, trust or other individual or organization formed as a result of any merger, reorganization, sale, transfer, devise, gift or bequest of Mezzanine 1 Borrower. The term “Mortgage Loan Borrower” and “Maryland Owner” as used herein (including within the definition of “Borrower Party”, as applicable) shall include any new or successor corporation, association, partnership (general or limited), joint venture, trust or other individual or organization formed as a result of any merger, reorganization, sale, transfer, devise, gift or bequest of Mortgage Loan Borrower or Maryland Owner.

Individual Borrower means “each Individual Borrower” and any subsequent owner or owners of the Property or any part thereof or any interest therein, and shall be deemed to refer to each and every Person comprising an Borrower from time to time, jointly and severally, and to include the successors and assigns of each such Person, the term “Borrower” shall be deemed to refer to each and every Person comprising a Borrower from time to time, jointly and severally, and to include the successors and assigns of each such Person, the term “other Borrower” shall mean “each other Borrower and any subsequent maker or makers of the Note,” jointly and severally, and to include the successors and assigns of each such Person, the term “Agent” shall be deemed to refer to Agent and its permitted successors and assigns, the word “Lender” shall mean “Lender and any subsequent holder of the Note,” the word “Note” shall mean “the Note and any other evidence of indebtedness secured by this Security Instrument,” the word “Property” shall include any portion of the Property and any interest therein, and the phrases “attorneys’ fees”, “legal fees” and “counsel fees” shall include any and all reasonable attorneys’, paralegal and law clerk fees and disbursements of outside counsel, including, but not limited to, fees and disbursements at the pre-trial, trial and appellate levels incurred or paid by Agent in protecting its interest in the Property, the Leases and the Rents and enforcing its rights hereunder.