Majority Controlled definition
Majority Controlled and “Majority Controlling” shall have corresponding meanings.
Majority Controlled and “Majority Controlling” each have the meanings correlative thereto), which power to direct or cause the direction of the management and policies of such entity may be subject to the rights of partners or constituent owners to vote on customary major decisions. Notwithstanding anything herein to the contrary, issuances and transfers of interests in Parkway Inc., Sponsor, TIAA, CPP and Parkway Properties LP shall be permitted without consent and without prior notice, so long as, after giving effect thereto, Borrower is Majority Controlled by one or more Qualified Equityholders. No fee shall be payable in connection with any transfer, so long as after giving effect to such transfer, Borrower is Majority Controlled by Parkway Inc., Sponsor, TIAA and/or CPP. Pledges of interest in TIAA, CPP, Parkway, Inc, Parkway Properties General Partners, Inc, Parkway Properties LP, Sponsor and Sponsor’s direct and indirect subsidiaries (including in the JV entity but not including the Borrower or any mezzanine borrower) shall be permitted to Parkway Inc.’s, Sponsor’s and/or TIAA’s and/or CPP’s applicable general corporate/term and revolving credit facility lenders, provided that, to the extent any indirect interests in the Borrower (other than interests in TIAA, CPP, Parkway, Inc, Parkway Properties General Partners, Inc, Parkway Properties LP Sponsor) are pledged (it being agreed that a pledge of direct interests in Borrower are not permitted), each such facility (i) is not in the nature of a so-called mezzanine loan (i.e secured solely by the equity interest in one or more of the Borrowers) as determined pursuant to rating agency criteria, (ii) is either unsecured or, if secured, are secured by direct or indirect interests in other real estate assets of such Person in addition to the Property and (iii) is between an institutional lenders, as lender, and one or more of Parkway Inc., Parkway Properties General Partners, Inc., Parkway Properties LP, Sponsor, TIAA and/or CPP, as Borrower.
Examples of Majority Controlled in a sentence
KHL and KPL are subsidiaries of a Majority Controlled Company of ▇▇.
As a condition to any transfer that would result in Borrower ceasing to be Majority Controlled by Sponsor and/or TIAA and/or CPP , and each subsequent transfer that again changes the identity of the Qualified Equityholder(s) that Majority Controls Borrower, Borrower shall pay to Lender a transfer fee equal to 0.25% of the outstanding principal balance of the Loan.