Individual Material Adverse Effect definition
Individual Material Adverse Effect means, in respect of a Property, any event or condition that has a material adverse effect on the value, use, occupation, leasing or marketability of such Property or results in any material liability to, claim against or obligation of Lender or material liability or obligation on the part of any Loan Party.
Individual Material Adverse Effect means any event or condition that, either singly or in the aggregate, could reasonably be expected to have or result in a material adverse effect upon (a) the business, operations, economic performance, prospects, assets or condition (financial or otherwise) of (i) any Borrower, any Senior Mezzanine Borrower or any Mortgage Borrower, (ii) Guarantor, (iii) any Operating Company, (iv) any Operating Lease or Operating Lease Guaranty or (v) the Collateral, the Senior Mezzanine Collateral or any Individual Property or any Hotel Component or Casino Component thereon; (b) the ability of any Borrower, any Senior Mezzanine Borrower, any Mortgage Borrower or Guarantor to perform, in all material respects, its obligations under each of the Loan Documents, Senior Mezzanine Loan Documents or Mortgage Loan Documents to which it is a party; (c) the ability of any Operating Company to perform, in all material respects, its obligations under its Lease; (d) the enforceability or validity of (i) any Operating Lease or Operating Lease Guaranty, or (ii) any Loan Document, Senior Mezzanine Loan Document, Mortgage Loan Document or the perfection or priority of any Lien created under any Loan Document, Senior Mezzanine Loan Document or Mortgage Loan Document; (e) the value of, or cash flow from, any Individual Property, the Collateral, the Senior Mezzanine Collateral or the operations thereof; or (f) the material rights, interests and remedies of Lender under any of the Loan Documents.
Individual Material Adverse Effect means in respect of an Individual Property, any event or condition that has a material adverse effect on (a) the use, operation, or value of the Individual Property, (b) the business, profits, operations or financial condition of the applicable Borrower, (c) the enforceability, validity, perfection or priority of the lien of the Mortgage or the other Loan Documents, or (d) the ability of the applicable Individual Borrower to satisfy any of its material obligations under the Loan Documents applicable to such Individual Borrower.
Examples of Individual Material Adverse Effect in a sentence
Borrower does not have any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower and reasonably likely to have an Individual Material Adverse Effect on any Individual Property or an Aggregate Material Adverse Effect, except as referred to or reflected in said financial statements.
There has been no material adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading in any material respect or that otherwise have an Individual Material Adverse Effect on any Individual Property or an Aggregate Material Adverse Effect.
Borrower is not a party to any agreement or instrument or, to Borrower’s actual knowledge, subject to any restriction which would have an Individual Material Adverse Effect on any Individual Property or an Aggregate Material Adverse Effect.
Borrower is not in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower or the Property (or any portion thereof) is bound which would have an Individual Material Adverse Effect on any Individual Property or an Aggregate Material Adverse Effect.
Borrower shall give prompt written notice to Lender of any litigation or governmental proceedings pending or threatened in writing against Borrower which might have an Individual Material Adverse Effect on any Individual Property or an Aggregate Material Adverse Effect.
More Definitions of Individual Material Adverse Effect
Individual Material Adverse Effect means any event or condition that, either singly or in the aggregate, could reasonably be expected to have or result in a material adverse effect upon (a) the business, operations, economic performance, prospects, assets or condition (financial or otherwise) of (i) any Borrower, (ii) Guarantor, (iii) any Operating Company, (iv) any Operating Lease or Operating Lease Guaranty or (v) any Individual Property or any Hotel Component or Casino Component thereon; (b) the ability of any Borrower or Guarantor to perform, in all material respects, its obligations under each of the Loan Documents to which it is a party; (c) the ability of any Operating Company to perform, in all material respects, its obligations under its Lease; (d) the enforceability or validity of (i) any Operating Lease or Operating Lease Guaranty, or (ii) any Loan Document or the perfection or priority of any Lien created under any Loan Document; (e) the value of, or cash flow from, any Individual Property or the operations thereof; or (f) the material rights, interests and remedies of Lender under any of the Loan Documents.
Individual Material Adverse Effect means, in respect of an individual Property, any event or condition that has a material adverse effect on the value, use, occupation, leasing or marketability of such Property or results in any liability to, claim against or obligation of any Lender or any materially adverse liability or obligation on the part of any Relevant Party. For the avoidance of doubt, and without any implication to the contrary, any reference to a Property in a Single Plat Development for purposes of an “Individual Material Adverse Effect” shall refer to the individual single family home or one to four unit residential real property and not to the entirety of the Single Plat Development.
Individual Material Adverse Effect means, in respect of an Individual Property and/or any Individual Mortgage Borrower, any event or condition that has a material adverse effect on (a) the use, operation, or value of the Individual Property, the Collateral related thereto and/or the applicable Individual Mortgage Borrower, (b) the business, profits, operations or financial condition of the applicable Individual Mortgage Borrower and/or Borrower, (c) the enforceability, validity, perfection or priority of the lien of the applicable Security Instrument, the Pledge Agreement or the other Loan Documents and/or Mortgage Loan Documents, or (d) the ability of the applicable Individual Borrower to satisfy any of the material obligations under the Loan Documents applicable to such Individual Borrower or the ability of any Individual Mortgage Borrower to satisfy any of the material obligations under the Mortgage Loan Documents applicable to such Individual Mortgage Borrower.
Individual Material Adverse Effect means in respect of an Individual Property, any event or condition that has a material adverse effect on (a) the use, operation, or value of the Individual Property, (b) the business, profits, operations or financial condition of the applicable Borrower, (c) the enforceability, validity, perfection or priority of the lien of the Security Instrument or the other Loan Documents, or (d) the ability of the applicable Borrower to repay the principal and interest of the Allocated Loan Amount as it becomes due or to satisfy any of the applicable Borrower’s other obligations under the Loan Documents.
Individual Material Adverse Effect means in respect of an Individual Property, any event or condition that has a material adverse effect on (a) the use, operation, condition or value of an Individual Property, (b) the business, profits, operations or financial condition of an individual Borrower, (c) the enforceability, validity, perfection or priority of the lien of the applicable Security Instrument or the other Loan Documents, or (d) the ability of Borrower to repay the principal and interest of its Allocated Loan Amount as it becomes due or to perform its obligations under the Security Instruments or the Loan Documents to which it is a party.
Individual Material Adverse Effect means, in Lender’s reasonable judgment, in respect of an Individual Property, any event or condition that has a material adverse effect on the use, operation, or value of such Individual Property.
Individual Material Adverse Effect shall have the meaning ascribed to such term in the Senior Loan Agreement.