MMG Property definition
Examples of MMG Property in a sentence
Where the Recipient enters into a sub-contract for the provision of any part of the Grant Obligations, the Recipient shall ensure that a term is included in the sub-contract which requires the Recipient to pay all sums due to the sub-contractor within a specified period not exceeding thirty (30) Days from the date of receipt of a valid invoice as defined by the terms of that sub-contract.
The Secured Party and Debtor acknowledge that the MMC Guarantee, the MMG Guarantee and a second mortgage over the MMG Property secure all present and future Obligations.
Until the Closing, the Vendor shall cause MMG and MMC to permit the Purchaser and its employees, agents, counsel and accountants or other representatives to have access during normal business hours to the MMG Property, and to the Assets, the Books and Records and the employees of each of MMG and MMC, on condition that no Person given access interferes with the ordinary conduct of the Business of MMG and MMC.
To the Knowledge of the Vendor, without independent inquiry, all public roads and streets necessary for the service of an access to the MMG Property, both legal and physical, for the current or contemplated use thereof have been completed.
There are no encroachments affecting the MMG Property which could affect the ability of MMG or MMC to carry on operations of the Business as they have been carried on in the past.
Subject to Section 4.1(r)(e) to the Knowledge of the Vendor, there are no outstanding work orders, permits or similar authorizations from or required by any municipality, police department, fire department, sanitation, health or safety authorities or from any other Person or Governmental Authority and there are no matters under discussion with or by any Vendor, MMG or MMC relating to any work orders, permits or similar authorizations in respect of the MMG Property.
Neither MMG nor MMC own any real or immovable property, nor is it the beneficial owner of any real property or entitled to become the registered or beneficial owner pursuant to any agreement other than the MMG Property owned by MMG.
The Vendor agrees that the Purchaser may conduct such environmental investigations and tests on the MMG Property, as the Purchaser considers necessary, at the Purchaser’s expense.
The Purchaser will have the option to repay the principal amount of the Secured Loan at any time during the mortgage term, without penalty or additional interest, as complete payment towards the acquisition of the MMG Property (each of the Secured Loan and mortgage documents to be substantially in the form attached as Schedule 2.3(d) with commercial terms to be agreed upon by the Purchaser and the Vendor prior to Closing). The MMG Property Loan will continue to be an obligation of MMG post-Closing.