Named Principals definition
Examples of Named Principals in a sentence
It is understood and agreed that the references to the Named Principals in the following provisions of the Loan Documents shall be of no further force or effect: the definitions of "Immaterial Subsidiary," "Permitted Public REIT" and "Principals," and Sections 9.03(a)(iii), 9.03(b), 9.03(c), 9.04(e), 9.04(f), 9.04(g), 9.15 and 12.01(s).
As used herein, “Qualified Successor Entity” shall mean either (I) so long as the provisions of Section 9.03(c) are not violated, an entity (other than a REIT, its Operating Partnership or any Subsidiary of such REIT), majority-owned, directly or indirectly, by (A) the Borrower and/or (B) the Borrower’s Member and/or (C) at least two (2) of the Named Principals, so long as at least one of the Named Principals is either ▇▇▇ ▇.