Liquidating REIT definition
Examples of Liquidating REIT in a sentence
In the event that any such Event of Default has been waived and no Event of Default is continuing, the Bank shall give written notice thereof to the Borrower and any subsequent cash dividends payable in respect of the Liquidating REIT Stock pledged as Collateral shall be paid to the Borrower in accordance with Section 3.2(a).
If any cash dividends payable in respect of the Liquidating REIT Stock pledged as Collateral are paid to the Borrower during the continuance of any Event of Default, the Borrower shall promptly deliver to the Bank any such cash dividends as may be received by it in the form received, together with any necessary endorsements or assignments.
For purposes of the foregoing sentence, the term "cash equivalents" shall include amounts available under lines of credit (which lines of credit shall in no event exceed $30,000,000 in the aggregate), and the term "other assets acceptable to the Lender in its sole discretion" shall include the unencumbered common stock of CRI Liquidating REIT, Inc.
Nothing in this Section shall prohibit the liquidation of CRI Liquidating REIT, Inc.
The Borrower agrees to furnish promptly the Bank with such irrevocable proxies and other documents as may be necessary or appropriate to enable the Bank to vote such Liquidating REIT Stock.
By: /s/ ▇▇▇▇-▇▇▇▇▇▇ Canfin ------------------------------ ▇▇▇▇-▇▇▇▇▇▇ Canfin Managing Director SCHEDULE 1 SUBSIDIARIES Name Jurisdiction of Incorporation or Formation ----- ------------------------------------------- CRI Liquidating REIT, Inc.
The Borrower hereby acknowledges and agrees that it is a commercially reasonable action by the Bank to liquidate the Liquidating REIT Stock in this manner rather than by disposition of such Collateral.