Montvale Property definition
Examples of Montvale Property in a sentence
No Credit Party shall engage in any sale-leaseback, synthetic lease or similar transaction involving any of its assets other than a sale-leaseback of the Montvale Property on terms and conditions acceptable to the Agent.
To Agent, on or prior to 9:00 a.m. (New York time) on each Monday, a detailed status report setting forth the Borrower’s efforts to refinance in full in cash the First Lien Indebtedness and sell the Montvale Property, and such other information as may be reasonably requested by Agent, in each case in form and substance reasonably satisfactory to Agent.
Except as set forth on Disclosure Schedule 6.6, No Credit Party shall create, incur, assume or permit to exist any Guaranteed Indebtedness except (a) by endorsement of instruments or items of payment for deposit to the general account of any Credit Party, (b) for Guaranteed Indebtedness incurred for the benefit of any other Credit Party if the primary obligation is expressly permitted by this Agreement, and (c) the guaranty of the mortgage on the Montvale Property, which guaranty shall be unsecured.
Agent shall have received an appraisal in form and substance acceptable to Agent of the Montvale Property from an appraiser acceptable to Agent which shows a fair market value for such property of at least $10,000,000.
As of the Closing Date, none of the properties and assets of any Credit Party are subject to any Liens other than the Montvale Property Mortgage and as set forth on Disclosure Schedule 3.6 and other than Permitted Encumbrances, and there are no facts, circumstances or conditions known to any Credit Party that may result in any Liens (including Liens arising under Environmental Laws) other than as set forth on Disclosure Schedule 3.6 and other than Permitted Encumbrances.
Borrower shall utilize the proceeds of the Term Loan B to repay $19,500,000 of First Lien Indebtedness and $2,000,000 to cash collateralize the letter of credit that provides credit support for the Montvale Property Mortgage Loan (the “Montvale Property Letter of Credit”) and to pay any related transaction expenses.
To Agent, on or prior to 9:00 a.m. (New York time) on each Monday following the first Monday after the Closing Date, a detailed status report setting forth the Borrower’s efforts to refinance in full in cash the Obligations and sell the Montvale Property, and such other information as may be reasonably requested by Agent, in each case in form and substance reasonably satisfactory to Agent.
Borrower has requested that notwithstanding the restrictions of Section 1.3(b)(ii) of the Credit Agreement, Agent and Requisite Lenders consent to the Montvale Property Sale.
No Credit Party shall create, incur, assume or permit to exist any Guaranteed Indebtedness except (a) by endorsement of instruments or items of payment for deposit to the general account of any Credit Party, (b) for Guaranteed Indebtedness incurred for the benefit of any other Credit Party if the primary obligation is expressly permitted by this Agreement, and (c) the guaranty of the mortgage on the Montvale Property, which guaranty shall be unsecured.
On or prior to November 30, 2006, Borrower shall have obtained and delivered to Agent a copy of a fully executed letter of intent, reasonably satisfactory in form and substance to Agent, relating to the sale of the Montvale Property.